Bitcoin coming to credit/debit cards

UK and US Bitcoin digital currency exchange BitInstant has started a sign up process for what is thought to be the first Bitcoin-funded debit and credit card.

The word on the web is that the prepaid card will be available within the next eight weeks and will likely be accepted anywhere credit cards such as MasterCard already are.

BitInstant is an exchange for the digital currency that enables users to move funds between various payment networks and Bitcoin exchanges as well as for getting money in or out of the Bitcoin ecosystem.

In order to speed up the process, the exchange holds reserves, so that when a payment is made on one side, it will release funds to the other within a matter of a few minutes, instead of the extended period a transfer usually takes.

The BitInstant credit card will have a transfer limit of $1000 and will feature a one per cent levy on any transaction.

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