Even as Bitcoin goes mainstream in Singapore with BitcoinATMs, there are still many less tech-savvy people wondering how to be part of the action, yet have a reasonable assurance that the exchanges they are buying from will honour agreements. Worse still, the collapse of MTGox has not done any favours to the impression of Bitcoin among the public.
Now, Singapore-based startup 8pip — a CoinPip affiliated company — will attempt to allay these fears by introducing the world’s first Bitcoin prepaid cards tomorrow, at Singapore’s first BOOST:Bitcoin event.
8pip’s new prepaid cards allow customers to purchase Bitcoin off the shelf, in the form of physical cards. These are then redeemed online on the website CardToCoin, with a value equivalent to the purchased amount. Once the customer details are entered into the website, the purchased Bitcoins are promptly transferred to the customer’s Bitcoin wallet.
For greater convenience, 8pip will also be offering a SMS redemption service in the near future, where customers can redeem the prepaid Bitcoin cards using a simple SMS command, with the Bitcoins similarly transferred straight to their Bitcoin wallet.
Anson Zeall, Co-founder of CoinPip and 8pip, believes that CardToCoin will make Bitcoin more easily accessible to the general public, which will reduce much of the mystique and uncertainty surrounding it.
“At the moment, Bitcoin or cryptocurrency exchanges are the most common ways to get Bitcoins,” he said, “The problem is, unless you’re a seasoned stock trader, the process to get Bitcoin is still very complicated and intimidating. With CardToCoin, for example, you can simply buy a card with S$20 worth of Bitcoin and then redeem it online with your tablet, phone or PC.”