NanoCard Crypto-Debit Card Aims to be Bitcoin’s Killer App
The NanoCard is a collaboration between Danish bitcoin exchange CCEDK and forex platform Bit-x, which aims to show how virtual currencies are finally coming of age.
Using the platforms and expertise offered by both CCEDK and Bit-X, the Nanocard provides an effective way to bridge the online world of digital money and the existing infrastructure of traditional card payments. ‘We have combined the strengths of digital currencies pioneered by bitcoin with the universal acceptance of major credit cards,’ says CCEDK’s CEO, Ronny Boesing. ‘In the process, we have eliminated most of the biggest drawbacks of both systems.’
The NanoCard is the First True Crypto-debit Card
Whilst there are several problems to overcome if bitcoin is to succeed as a global payment system – including security and volatility – it is the challenge of converting bitcoin to fiat at the moment of use (rather than using it to load a pre-paid card) that brings the greatest advantages.
Because bitcoin has no central authority, transactions cannot be reversed or restricted – a property that has attracted new interest amid the backdrop of the capital controls recently introduced in Greece. Along with their partner, Bit-x, CCEDK is the first and currently only organisation to offer this: the decentralised independence of bitcoin plus the universal acceptance of major credit cards.
‘We are extremely proud to have partnered with Bit-x after just a year in business,’ says Boesing. ‘The result is perhaps the world’s first true crypto-debit card. No one can tell you how to use your own money and thanks to Bit-x this will be accepted everywhere.’
Security and Stability
CCEDK is also implementing new security measures with software developers Cryptonomex. These will use the blockchain to enable transparent auditing of the exchange. ‘They will provide the technology that will enable us to become an exchange, bitcoin wallet and vault, all in one. You won’t have to worry about our exchange being hacked or whether it is honest or solvent,’ explains Boesing.
‘Everything about our new accounts will be an open book and you will control the keys to your own funds, even while they are on our exchange.’
Lastly, a new generation of 2.0 coins is being used to address the volatility issue. BitShares’ SmartCoins will be available as funding options for the NanoCard in the coming months, meaning that customer balances can be safely stored as crypto coins pegged to USD, EUR, CNY or even gold and silver, and converted only at the time of use.
‘It’s the combination of technologies that makes the NanoCard so powerful,’ says Boesing. ‘Bit-x, CCEDK, Cryptonomex, BitShares: each provides a part of the puzzle and the result is bitcoin’s killer app.’