Got my new Spend card in the mail today and took it for a test run. In honor of @rickymac and Taco Tuesday I decided to go for some tacos. Got this nice little family run mexican restraunt down the street that has a great deal on street tacos every Tuesday. I feel like I might look back on this like the bitcoin pizza story but either way this was really cool.
Tacos! Awesome!
Now I am going to be thinking “When Tacos?” all day tomorrow, I need a good taco so I guess i will be visiting the local Mexican Restaurant soon, mmmm taco’s…
He mentions spend card. https://www.spend.com/cards/ It’s a VISA compatible card that converts your cryptocurrency into fiat at the moment of transaction.
There’s the “reserve now” button in the link when you scroll down. Haven’t tried it myself yet, wanted to know if there are any fees in getting the card.
Ok, now that I see that this is a VISA branded thing, my question is how does this work for the vendor and the customer? I see that you are spending ADA, but to where? It would need to be an address that VISA has and they set the conversion rate for the app and the vendor? Is that the same rate, and if not, who is being charged, the vendor or customer. Inquiring minds want to know.
They (VISA) don’t get any of your ADA wallet info, or do they give you an address to send ADA you can spend, or?
Not sure if it’s directly connected to visa. It could be a separate middle man company just using visa payment system. They may just also be reselling the crypto back into the market but I haven’t done any research so don’t quote me on that.
How much did that first bitcoin pizza cost in fees? Here at least we can see the ADA total and figure to local fiat at current rates. Four tacos, about $10, seems about right, so fees must be in some reasonable range.
You sir, are a pioneer. We are well on our way to mass adoption now!! And this is like the bitcoin pizza story, I love it.
@joshuaunitus in which country were you able to get these tacos with Ada? I see from the people’s conversations above that the Spend card is somehow related to Visa. I have been anticipating something like this, good to see it actually happening.
Spend is a fairly new company and they basically act as a third party payment processor. I am given the exchange rate at the time of purchase and I believe they exchange it into fiat the moment of purchase but I’m not positive (maybe their bullish on Cardano and saving it for their stake pool ) So far it’s been a pretty cool experience and it really didn’t cost me much to setup. It’s a one time membership fee of $25 and after I was verified the card got to me pretty quick. The card looks and acts like your normal credit card with a CC#, strip and chip. Apparently there are restrictions like others mentioned. I think I can also use it like an ATM card and pull cash out of any ATM but I haven’t tested this out yet.
The app has some cool functionality too, I can swap cryptocurrencies instantly and send and receive easily. It’s more of a custodial service though like Coinbase where you don’t have the private keys.
One thing I am curious about and should find out the answer to soon is what happens when I leave a tip. I tipped a few bucks at the restaurant and am not sure if that $2 will be at the current exchange rate or the most recent exchange rate at the time the tip was added on. I’ll update here when I know more.
I also just filled up a growler at the bar and paid again in crypto. The funny thing is neither place had any idea that I essentially paid with crypto.