Pre-registration for the BitTube Debit Card is now open

Sep 4, 2018 | Announcements

Everything you need to know before pre-registering for your personal BitTube debit card.

Apply for pre-registration here: https://coin.bit.tube/pre-registration/Shipping information will become available closer to the official KYC process.

As we promised a month ago, we have been working on the issuing of a debit card. This will allow you to spend your BitTube wallet funds conveniently in any store with a POS (Point-Of-Sale) system or withdrawing local currency from an ATM.

New frontiers.

The BitTube monetization model benefits all users of the platform: viewers, publishers, miners and last but not least the investors. The debit card will complete the circle for the TUBE cryptocurrency ecosystem, providing a seamless user experience and cost efficiency from bypassing exchange fees. The BitTube debit card will offer content creators full control of their earnings and true freedom — something that the digital age was supposed to bring from the beginning.

How did we pull this off?

Many have asked us how we managed to attract a card issuer so easily, while other, much bigger cryptocurrencies such as Litecoin have failed to achieve this up to this point. The answer is simple. BitTube is a company with a front door and accountable leadership. It is not a ‘crypto project’. With our joint stock company BitTube International SE located in Berlin, we are able to secure many such business relations without a problem.

Why we need to conduct a pre-registration process.

Transferring any kind of wealth is regulated by the governments of the residing country. We collect personal data solely to whitelist the candidates and to ensure we are eligible to do so. Please note: the actual registration and KYC processes will be organized by the card issuer. After the cards are shipped, the data will be of no longer use and will be destroyed.

Prerequisites.

In order to take part in the pre-registration process, you need to be at least 18 years of age and, of course, have registered a BitTube account.

Get the card, go Pro!

Owners of the BitTube card will get the BitTube Pro membership for free. With this membership users can enjoy the benefits of advanced features like 4K resolution uploads, multi-bitrate streaming, stream recording and more. The debit card and Pro features are designed to complement each other, as only Pro members have the option to publish Premium videos. The card will provide easy management for professional content creators and will lay the groundwork for attracting media labels to use the BitTube platform to showcase their productions.

How it works.

To obtain the card, you are required to stake 5000 TUBEs in the web wallet. Since users have full control over their private keys, in order to lock the amount, it will be transferred to a custodial wallet address. The staked coins will become available again if the user chooses to deactivate the card. Over time, the staking amount can be adjusted down according to a higher TUBE price. When that happens, it will be possible to withdraw the difference.

To purchase TUBEs, you can use any bank card to top up your web wallet balance, which is directly linked to the debit card. When spending TUBEs with the card, we will convert it on the fly to fiat currency, so you can go shopping with the BitTube debit card wherever Mastercard is accepted. A prepaid option, allowing you to hold a fiat balance on the card itself, will be explored later next year. Note: the card does not extend credit.

As a starting point, this BitTube debit card will have a monthly withdrawal limit equivalent to 1000 US dollars. As we increase our liquidity, we plan to have more cards with higher limits and additional perks in the near future.

Payment process.

Purchases and withdrawals will be processed on our side, not the card issuer. The buying and selling volume will go through our internal liquidity pool, comprised of TUBEs and the equivalent in Euros. The size of this liquidity pool will be maintained automatically through exchanging coins on Bittrex, a large open exchange for cryptocurrencies.

When performing a payment with the card, a PIN number is required. The system will check your wallet balance and withdraw the appropriate amount of TUBEs. This amount will be based on the exchange rate on Bittrex plus fees. We have discussed options to smooth out price volatility, but for now we want to see how the market responds with the simplest approach. After the transaction is confirmed (this takes a few seconds, not the typical 2-minute confirmation time), the TUBEs are transferred to the liquidity pool and your payment will proceed.

BitTube will not charge any transaction fees. The only applicable fees are the ones set by the card issuer. The estimated service fee will be around 1.8%.

In case the card is lost, stolen or damaged.

When the card is no longer in your possession or damaged, you will need to call us to block it, and we will swiftly send a new card your way.

Apply for pre-registration now!

Visit https://coin.bit.tube/pre-registration/ to apply for pre-registration now. Shipping information will become available closer to the official KYC process.

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