You Can Now Withdraw Crypto Directly to a Visa Debit Card & Avoid Using A CEX. Here Is How!
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- Опубликовано: 21 авг 2024
- On ramps and off ramps for crypto have been difficult for many people in recent years.
Withdrawing cryptocurrencies into fiat currencies (USD, GBP, Euro etc.) using centralised exchanges has also proven challenging due to many factors including regulation and banks blocking cryptocurrency transactions.
However, Visa has now partnered with a Web3 payment infrastructure provider that is registered in the U.S., UK, Poland, India and the UAE to allow people in 145 countries to move crypto straight to a Visa debit card.
Through wallets such as MetaMask, Trust Wallet, Ledger etc.
Mastercard may also follow suit soon.
Find out more in this video.
It has never been more important to educate yourself financially.
Contact me here if you are interested in working with me:
/ jameskaylive
/ jameskay99
Disclaimer:
The information contained in this video is for informational purposes only. Nothing shall be construed as financial advice. The content is solely the opinions of the speaker who is not a licensed financial advisor. The speaker does not guarantee any particular outcome.
#crypto
#centralized
#cryptoexchange
![[TF2] The Russian Bear Trap](http://i.ytimg.com/vi/YFNSwz2_rOA/mqdefault.jpg)
Visa’s smart. Crypto is where the money is. Instead of fighting it they need to hop on board.
That's because Visa is not the government
@@MikeCharles81visa teamed up with Coinbase years ago. I’ve had the card in my wallet for a few years now I know!
They just want to control and track it, and us. 😔
visa the company doesn't care about that. It's govmts and their puppet masters@@Mystic-Seer
They just want their piece of the pie. @@Mystic-Seer
KYC is a main problem.
Is definitely centralised.
ultimo and metagensis dont report.
Not sure if it would help but I just came across Palau creating a Digital Residency physical and digital ID specifically for blockchain people are using for KYC. (Not a true residency)
It’s on Palaus government website and they did a press conference about it.
Search KYC Palau.
@@user-dy2qq5wh4b Who runs metagenesis? Where are they based? I could not find any information on them and as such can't trust them. I don't even see how it all works. As for Ultimo, I did not find any information on that company. Do you have any links I can check? Thanks.
The idea of using Bitcoin is to avoid the traditional fiat infrastructure altogether. Bolt Card is a card that when tapped on a compatible NFC reader, sends a transaction over the Lightning Network directly to the merchant. No fiat rails nor KYC needed.
Hi,greetings to you,how are you doing today?
Thanks. Good to know.
Thanks for the video, James.
This is the biggest announcement I have heard that can help bring crypto to the mainstream because, as it stands now, most people would have no idea, or interest, in going through the tiresome routine of what we have to do to convert crypto to fiat currencies, let alone the pain of having to buy crypto to begin with!
The greatest long-range investment profits are never obtained by investing in marginal companies. Investors desiring maximum gains over the years had best stay away from low profit-margin or marginal companies
Hello i'm new to the market how can I get a trade section with your Dfm?
Thanks for the recommendation I just contacted and she attends to me nicely❤
Or the pain of paying taxes on it when you sell it. Makes VISA's idea a little less appealing.
@@basicforge What do you mean? You’ll be liable for taxes regardless of how you sell.
and then they rip you off with 5% transaction fee....
Yeah that’s a lot
That's pretty good when you need a reliable broker that won't mess around.
From atm, but what about usual payment in restaurant ?
What about fees converting crypto to fiat and withdraw to bank than cash out there ???
Who cares 🎉
This would allow regulators to identify the owners of the wallets if they transact directly from the wallet. I would still prefer to transfer my cryptos to an exchange that provides a visa/mastercard debit cards.
Exactly
Wich exchange does that ?
if you are buying or selling on KYC then assume they know who you are and the government can audit that info at will assuming they don't already have direct access.
Did you look at the fees? They are excessive !!!! 100 ADA value $56.12 fees $4.22 that is 7.5%
usdt trc20 valued US$59 fees approx US$7
ATM convenience, ATM fees.
In the UK, it’s almost impossible to purchase crypto on Binance.
I had to go down the p2p trading route, the fee was around 8% to purchase.
You’re now looking at 16% fees for On/Off ramping, then 40-50% CG Tax on any gains.
The system is now fully rigged.
Worth it for now
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is result of hard work and hustle over time. I pray that anyone who reads this will be successful in life.
Thanks so much for this. An absolute game changer for us Brits (considering the amount of exchanges not allowing deposits).
What's the catch tho? Massive fees/spread?
@@137dylan I had a play around and to get £300 of usdt on bsc into my MetaMask was £2.99. I didn’t go through with the transaction though.
FCF soon to be rebranded ZYPTO have the same service, low fees as well.
No KYC
is this just for small amounts? Can you put large amounts on a card then buy property for example through your card?
Appreciate you keeping us UK boys up to date - keep doing what you’re doing.
Limits of $1500 per transaction | $14,000 daily | $28,000 monthly | $100,000 yearly
KYC required with address proof, ID document scan, and a selfie
Minimum is $30.00 equivalent per transaction
Transak processing fee: 3.5% for EUR & GBP, 5.5% for other currencies. What a Joke!!!! No wonder no one is talking about it!!
Basically you get all the hassles, take all the risks and wait until governments change laws so they can go after you when you sign up. You also invite third parties to either look into your finances or give them access to your private information that they can sell to others... hmmmm Not that positive if you ask me!
Until the US Congress is convinced to change the tax code this is not very feasible in the USA as you create a taxable event every time you buy something.
LOVED IT!
Nice to hear someone talking truth.
They're days are limited. They have to know it
KYC required. Defeats one of he major reasons for using crypto - PRIVACY!
Nah.. it means too many fees Visa and MasterCard will rip us off! I haven't used any credit card neither debit card for years already but mobile banking and cash withdrawal at non-atm 24/7 open local counters we have here in Indonesia.
Get visa involved get the thieves involved.
Some banks are fairly flexible, and some in the UK have a blanket ban on crypto on and off ramps. A total pain. I just hope in the coming years it becomes much easier and safer.
As a revolut account holder, it sounds like I/they have been ahead of this curve. For BTC, I abandoned Binance about 8 months ago. The purchase/sale charges are still pretty steep with Revolut, but on balance better than including Binance in the food chain.
I've just started using Revolut and love how easy it is to combine my fiat and crypto but the fees are excessive and the only USDT option right now is Ethereum which costs a fortune to transfer!
and a whole lot of banks reporting to irs and hmrc, no thanks
all,..they need to report,..it is law
@@janeznovak2408 says the woman that works for the f****g government
Brilliantly done James 👌
As soon as HMRC created a crypto assets tax page online it was only a matter of time ….remember heading towards 2025 agenda 👍
Thanks, glad it was useful
Simple - VISA will start out charging small fees at first (for transferring crypto to VISA debit)... then the exchanges will also charge transfer fees.... then foist ever increasing fees...
KYC!!! NO
P2p is much safer..and cheaper ,visa wil definitely charge huge fees..govt wil charge u tax ..p2p is safe.
Thanks for the update. Interesting, it's great to have more options - but I wonder what the fees will be ...
Defeats the purpose of getting away from fiat
Metacard is coming out very soon this will be a game changer
no kiding,..same swift fiat BS
Whoever uses cryptos does not want the system to know what transactions it makes, it would be an incredible snitch, so no thanks
Not necessarily. Crypto has a cult following. Some people love using crypto for the sake of it.
Like most on/off ramps the true net transaction cost is seemingly invisible. Transak says that they charge a 1% fee. Does Visa also make a transaction charge?
So, overall cost of taking some ETH (e.g.) off Metamask could exceed 5%. Way more than my bank is willing to give me as a deposit rate. P2P tends to be 1-2%. I would have expected this service to be competitive. Am I wrong? Please sort me out.
A couple of worked examples would go a long way to explain this. E.g. 1) 100 USDT to a USD-based Visa Card. How much do I get? 2) Similarly, to a GBP-based card. and 3) 100 worth of ETH to same.
Thank you, in anticipation.
Please use swiss money is much better and less fee
The complicating factor is is this transaction would be classed as disposing of an asset and therefore has capital gains tax consequences.
How is that accounted for?
Nothing beats CASH
Cash has lost 8% of it's purchasing power every year on average since we dropped of the gold standard in 1971.
@@sang3Eta Cash is "printed freedom" and ultimate privacy for a free society - no bank nor government freezes it, no one can really track it, identifying every move you make. CBDC and even normal bank deposits will geht stolen one or the other day - while trying to save people spreading "misinformation' (when history proves every CT came true ;)
Or the square wheel,eh?
@@sang3Etanot cash,.,.currencys,..cash as method of payment will remain and with time will prevail,..not all people like and want CBDC banks gestapo card system
Good to know as I have crypto holdings in my business, some of which I will hold (a la Microstrategy), and some I will sell in the future. I was able to on-ramp using Transak (from Lloyds Business Banking). So it's not been an issue for me. I'm based in the UK.
It’s a great start, it will open the door for further options in the future.
Hi,greetings to you,how are you doing today?
Been doing this for the last 6 months on Uphold. Visa in , Visa out.
hello mate... Is that Revolut accepts from Uphold? I was bit worried that uphold can block me!!
True is such an obvious trap, but it works so everyone will jump on it.
Could you do a walkthrough video to show how its done (cant find instructions on RUclips) say from Metamask to Visa ! Oh and Thanks for the info
Incredible amount of valuable crypto information in just this one video. Thanks!
Thanks, glad it was informative!
Hi,greetings to you,how are you doing today?
That will be why some banks have moved over to mastercard.
Not surprised, the Coinbase debt card is Visa. The big players are coming in slowly. I would like to use a credit card to buy crypto.
verry bad idea
This is the first I come across your video and I love it. Weldone. Already subscribed
Thank you, really appreciate it!
How does Visa report taxes on the transfers? What countries can these visa accounts be set up in. Can a citizen of the US transfer to a foreign owned visa account?
@officialadmin602I’m not sure what you’re saying?
HIS POINT EXACTLY !
I've had a Mastercard with Uphold for over a year, really easy to use, and nominate which crypto currency from my portfolio I want to spend from. Mastercard is accepted in as many retailers as visa. So the title of this video made me watch to see whats actually a new thing.
Adoption at its finest! One more step towards freedom from the banks!!!
Hmmm, hopefully / maybe...
How the fuk Is that a step away from banks ?
I believe that support for cbdcs will create a backlash from the people that are against it. Just my opinion
Same kind of thing PayPal did and ended not making sense. I mean visa and Mastercard are only useful if cash exists apart from that it's not needed for the future with Ai and Blockchain integration. Why would anyone connect his open online statement to the oldschool closed system.
Sounds really useful, except that withdrawing and taking profits means that you have to pay taxes on it, at least in the US. Bitcoin at the very least should be treated like a currency by the tax laws, but oh well I'm not holding my breath.
I think you should readjust your camera frame to include your hands. Hand gestures are an important way for humans to interact, and it would improve the overall delivery of your content.
Thanks for the feedback
It can be very irritating to have hands exclaim everything that is said. One often just listens and not watch content while doing other stuff so hands waving wont matter in any case.
I disagree. Humans are wired to see a person's hand. It's a threat vector, so when we can physically see a person's hands, it instill trust. The common handshake was born out of humans shaking hands to show they weren't carrying a weapon. Look at all the popular RUclipsrs such as Ali Abdaal, MrWhoseTheBoss, Stephan Graham etc.; they all have their torso and hands in the frame. @@sanetvanart
The video looks fine to me. I find hand gestures can look contrived and silly sometimes.
So funny but he's absolutely right 😂😂, dude just took a RUclips course.
And then the IRS, HMRC have got full sight of you, buyer beware
Thanks for the video man
Visa is going to be using Solana for blockchain payments, XRP for the derivatives market.
Thanks for the video and I suppose its an alternative way. The fee is too high and i would prefer to go with the exchange p2p route.
I think real integration will be when most transactions between stable coins and normal fiat happens in the background - most people will be transfering it it without even realising.
A new EU law will require proof of ownership for any crypto deposit/withdrawal of more than 999€
That not the point of bitcoin...shut out visa, mastercard
Visa and mastercard are a necessary evil to transact irl in 2024. Otherwise you're stuck using fiat cash and traditional banks, and thus working with usd. I'd love to see more retailers accept crypto, but it's just not that common. Having a prepaid visa debit card would be handy even if direct crypto payments is best. Especially if we're talking about using 100% crypto with no usd holdings.
The main problem withdrawing crypto is kyc rules. Kyc rules are being used as a scam so the exchanges can keep our coins. Every place i try to get verified, i am denied no matter what documents i produce. Visa has not soled the kyc problem, so it is still a scam
If its not attached to Ethereum, I don't trust it.
SOL has gone down 11 times so far. ETH has never gone down.
Woodnt xrp be the better option?
@@Eternalxrp no. Xrp is an edge case and STILL has zero partners. Do your research. All the big partners have moved or are moving to ETH and it's eco system.
Oh yes it has!
XRP your kidding, it's over 13 year old, no innovation there, founders got rid of there Devs and just forked uniswap 😂, pulse chain is where it's at, new Ethereum fork with a full state copy of your coins, your welcome 👍.
@@X11GAM Richard Heart...?! Bro are you a noob or what..? Heart is a friggin scammer.
Where is the list of countries that will allow this?
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10k in a meme coin from just a few months ago and now they are multimillionaire.,.,.,.,.
Can only imagine the bad sale price when you ‘withdraw’ your crypto to the card 😂
Don’t do it. Fees will be astronomical
Personally, I would like to see us move away from fiat, which I think was Satoshi's vision in the first place- Peer to peer. So that's a NO THANKS from me.
Ledger already has this with the CL card
Thnx James for this update. It seems slowly fight against high street banks providing opportunities for alternative solutions along with DeFi wallets which is a great news. However, the main challenge is how much fees Transak and Visa changes.... to be within affordable range
Thanks for the info James. However either I'm doing something wrong or this is a joke? I just tried selling 1 Eth from MM to my bank through Transak and they were charging over $75 fee!!
ETH is really expensive to move or sell regardless.
Isn’t that going more down the centralisation route, using a company like visa??
who cares if you can off ramp your crypto to fiat more easily
Yes, I think I mention that in the video. It's an option though for those who need/choose to withdraw to fiat
@@torqueofthedevil8145 you will when your tax bill comes. The police may even knock on your door asking where you got the money from.
The major weakness of Bitcoin is you buy it with fiat currency. See the problem? Those nice people at VISA will be glad to help you back to fiat for a tidy fee! 🤣
We've been doing this?????we use spritz finance....its called an OFF RAMP
If Transak handles all the KYC and regulated in the U.S & UK, does that not make them a CEX ... like your title suggests we're avoiding?
His video makes it sound like you provide pull access to your wallet for these companies. With no exchange functionality... And it's still kyc. So worse than a cex. Your wallet becomes insecure and you still have kyc.
@@Otome_chan311 What do you mean under " pull (full?) access to your wallet"? As gar as I know I have to agree to transfer of a particular amount of crypto from my Ledger by pushing two buttons. No one can get any amount of crypto from my wallet without my consent?
I've been doing exactly that for three + years with the square cash app card, piece of cake
Thank you for this valuable information. Liked an subscribed. 😃
I don’t like it. Giving the funds you own back to a bank, along with their bs charges. Don’t fall into this scam
Visa is more like a clearing house than a bank
About time, thx!
You lost me at KYC required.
what about IRS control with any transactions to or off cards
Then the bank knows your transaction and then the government ask you to pay tax no ill stick to exchanges
yes, of course
get ready for a new tax form every time you buy french fries... capital gains & KYC makes this unusable
Yes exactly, this is the government throwing the net out there and many will be hit with HMRC in their inbox, this is the worst idea ever
The video is very informative, educative and liberating. Thank you so much for wonderful video.
Thanks for the content ❤
Ok 👍 😅…like a hasty school kid I asked before I watched lol 😅…..great guns 💪
The problem is it costs 5%
Where did you find the fee schedule? I think, by avoiding exchanges and extra transfer fees, it might actually be cheaper for some. This should also offer many conveniences over the current methods, making it a better solution overall.
Exchanging crypto for FIAT via paypal for quite some time..
Id prefer buying crypto instead of selling (atm)
So what are the tax implications of this, could some anonymous user send Eth to my debit card as GBP? How does this fit in with HMRC? For example if I gave my mate £100 cash in the pub and he sent me £100 worth of eth to my visa as GBP do I have any crypto tax liability? Are both parties KYC'd or is there a limit under which the sender isn't? I'm sure you can guess what i'm thinking but they have worked so damn hard to deny us any way to offramp crypto to fiat in the UK especially without all parties being KYC'd and treated like criminals if allowed to at all i'm trying to understand if this Visa being greedy and getting round the rules or this is the next step of their plan and anyone who uses this will be insta audited etc
Good question
This is the worst thing anyone can do
No hiding from taxes if you use this method 😅
Fees are going to be over the clouds!!!
This is a key step in global crypto adoption. Very exciting. Thanks.
nope it is a key step to CBDC adoption
Banks invest in crypto but in which ones? I'm guessing not all bitcoin. I know that VISA cooperates with HBAR. And there are positive rumours about XRP still
all, all this whales are banks,..
It depends on your bank . I know BOA let's me purchase and convert back to my bank account. My chase bank won't at all.
Some claims are Chase will close your bank account with no explanation if you purchase Crypto
@@raresouls9897 They refused to perform my wire transfer to the Coinbase. I closed my account with Chase after that!
Depending on the person these interest rates may be cheaper than paying taxes, or being audited or even being investigated, mabey not all of your crypto but some
Whilst this sounds good I am not sure it offers myself any advantage over using the Bisq decentralised exchange network?
Hi,greetings to you,how are you doing today?
Sequentially. @@christbenson6004
Your videos are always so helpful. Thank you.
Hi,greetings to you,how are you doing today?
The danger is ones you have the account, you face EU jurisdiction.
This becomes a major burden.
Check this out before considering an EU account.
Good video thanks straight talk
Thanks for the update, nice to have some positive news regarding on/off ramps between Tradfi and Defi.
Hi,greetings to you,how are you doing today?
You can also make History by giving the Crypto a Unique Good Name.
a. By offering some Crypto coins without fluctuations, so that they Only Increase in VALUE. (with quota standard)
b. Offering Crypto loans without Interest
REGARDS,
It makes sense that BTC and crypto are of helping to regulate, rather than pretend it won't ever happen. The big institutions getting In is the catalyst that will laugh us made they grow used to it becomes a non-issue usually because of their fears never materialize. And benefits they were unaware of before turn out to be more beneficial
Hi,greetings to you,how are you doing today?
i have been cashing out from coinbase to my visa for years how is this new?
The difference here is that the coins you sell to VISA are directly from your own wallet where you hold all the admin keys, as opposed to a centralized exchange that could freeze your assets whenever they choose because you do not own the keys to the wallets on said exchanges
Yeah well how much of the charging for transaction fees is the question...
This then means you would now be using BTC as a currency as you will be buying products via Visa. So how the hell do you pay Capital Gains Tax CGT then. It's just ridiculous!
So who’s doing the selling to fiat then? How much fees? How much slippage? KYC … naah, bad option like it is now
@officialadmin602 WHY?? Go get scammed? Nice trick 👌👎
Thanks for the update and I found it very helpful
Thanks, glad it was helpful!
thank you, subbed!
Thank you!
There are no similarities between fiat credit system and Bitcoin’s monetary incentive system. This is a very short lived attempt.