Bit Store Card

Bit.Store Visa/Mastercard Prepaid Card: Crypto-to-Fiat Spending Solution

Basic Information

Bit.Store Card bridges digital assets with everyday spending, enabling users to convert cryptocurrencies into spendable fiat balances. The card functions as a traditional prepaid debit card that requires users to convert crypto to fiat (USD or EUR) before spending. Once loaded, the card can be used for purchases at any merchant accepting Visa or Mastercard and for ATM withdrawals with the physical card option.

Rewards and Benefits

Cashback Program

The Bit.Store physical card offers "Unlimited Cryptoback on Every Purchase." While the exact percentage isn't publicly disclosed, user reports suggest it's approximately 0.5-1% of purchase value. These rewards appear to be paid in $STORE token, which is Bit.Store's native cryptocurrency.

Key aspects of the rewards program:

• Available only to physical card holders (KYC-verified accounts)
• No staking requirements to earn rewards
• No apparent tiers or spending thresholds to increase reward rates
• No caps on total rewards earned

Additional Benefits

• Referral Program: $1 USDT reward for both referrer and referee when a friend successfully applies for a TON Virtual Card via Telegram bot
• Promotional Offers: Occasional airdrops, giveaways, and special promotions with partner tokens like TrueUSD
• Multiple Card Management: Ability to create and manage multiple virtual cards with different numbers for different purposes
• Privacy Option: No-KYC virtual card for users prioritizing privacy

Fees and Limits

The 2.5% conversion fee applies whenever cryptocurrency is loaded onto the card and converted to fiat (USD or EUR). This fee is occasionally waived during promotional periods. There are no additional transaction fees for purchases made in the card's base currency, though foreign currency transactions likely incur standard FX fees of approximately 1-2%.

Card Tiers and Options

The Bit.Store card system offers two distinct tiers catering to different user needs. The virtual card provides a privacy-focused option with no identity verification requirements, while the physical card offers higher spending limits and additional benefits like cryptoback rewards for users willing to complete KYC verification.

Both card types require users to convert cryptocurrency to fiat before spending, with the virtual card being USD-denominated and the physical card EUR-denominated. The physical card includes standard security features like EMV chip technology, PIN protection, and contactless payment capabilities.

Top-Up Methods

Users top up the Bit.Store Card by transferring one of 40+ supported cryptocurrencies (including BTC, ETH, USDT, USDC, TUSD, and BRC-20 tokens) from an external wallet or exchange into their Bit.Store account via the web app or Telegram bot. Upon deposit, the crypto is immediately converted to fiat (USD for virtual cards, EUR for physical cards) with a 2.5% conversion fee and credited to the prepaid card balance, typically within minutes after blockchain confirmation. A minimum top-up of $15 (USD equivalent) is required, and the process requires moving funds from self-custody to Bit.Store's custodial wallet, transferring control to the provider. There are strict monthly top-up limits: $10,000 for virtual cards (no-KYC) and €100,000 for physical cards (KYC-verified); funds must be pre-loaded before spending, as on-demand deduction is not supported. Users should note that operational issues have sometimes led to extended delays or frozen funds, and the card is fully custodial, meaning Bit.Store holds all loaded funds until spent.

Self-Custody Custodial

Bit.Store Card uses a fully custodial model, meaning that once users load their crypto onto the card, Bit.Store holds and controls those funds on their behalf. Users must transfer their cryptocurrency to the platform, where it is immediately converted to fiat (USD or EUR) and managed by Bit.Store until spent. This setup allows for easy card use and broad merchant acceptance, but users do not retain access to their private keys or direct control over their assets once deposited. If the provider were to cease operations, users would be unable to independently recover their funds, as access is entirely dependent on Bit.Store's platform. The custodial approach makes spending straightforward but comes with the risk of service outages or frozen funds, as reported by some users, and limits self-sovereign control. It's important for users to only load amounts they're comfortable potentially losing access to, especially given recent reliability concerns.

Supported Currencies and Conversion

Supported Cryptocurrencies

Bit.Store supports over 40 cryptocurrencies for card funding, including:

• Major Coins: Bitcoin (BTC), Ethereum (ETH)
• Stablecoins: USDT, USDC, TrueUSD (TUSD), USDD
• Altcoins: $STORE (Bit.Store's native token), $KONO (Konomi)
• Token Standards: BRC-20 tokens (Bitcoin ordinals)

The platform supports multiple blockchain networks for deposits, allowing users flexibility in how they fund their cards.

Supported Fiat Currencies

• Virtual Card: USD-denominated
• Physical Card: EUR-denominated

While the cards are denominated in either USD or EUR, they can be used for purchases in any local currency with automatic conversion at Visa/Mastercard's exchange rates.

Conversion Process

The Bit.Store card operates on a pre-conversion model:

1. User deposits cryptocurrency to their Bit.Store account
2. Crypto is immediately converted to fiat (USD or EUR) at the prevailing exchange rate plus 2.5% fee
3. Converted fiat is loaded onto the card and available for spending
4. Card loads typically complete within minutes after blockchain confirmations
5. Minimum load amount is $15 USD equivalent in cryptocurrency

The platform does not support holding cryptocurrency on the card itself - all crypto must be converted to fiat before it can be spent. The exchange rate source is not explicitly stated, but likely uses market rates plus the 2.5% conversion fee.

Geographic Availability

Bit.Store Card is available in over 150 countries worldwide, with notable regional coverage including:

Europe

All EEA countries (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden), United Kingdom, Switzerland

Americas

Canada, Argentina, Brazil, Mexico, Chile, Colombia, Peru (United States notably excluded)

Asia-Pacific

Hong Kong, Singapore, Indonesia, Malaysia, Philippines, Thailand, Vietnam, India, Bangladesh, Australia, New Zealand

Africa/Middle East

Egypt, Nigeria, Kenya, South Africa, UAE, Saudi Arabia

Restricted Countries

• United States (despite Bit.Store holding a US MSB license)
• Mainland China (crypto card use effectively illegal)
• Sanctioned jurisdictions: North Korea, Iran, Syria, Cuba
• Russia and Belarus (restricted due to sanctions)

Users must be 18+ and reside in an approved country. The service may be withdrawn if a user's country becomes prohibited due to changing regulations.

Compliance and Security

Regulatory Framework

Bit.Store operates under multiple regulatory licenses to provide global card services:

• European Electronic Money Institution (EMI) license in Lithuania (Bitstore Europe UAB, #306465386)
• Hong Kong Money Service Operator (MSO) license
• U.S. Money Services Business (MSB) registration
• Canadian MSB license
• Indonesia trade license
• Additional regulatory coverage through partnership with Alchemy Pay

Identity Verification

• Virtual Card: No KYC required - privacy-focused option
• Physical Card: Full KYC required (identity document, selfie, possibly proof of address)

Custody Model

Bit.Store uses a fully custodial model, meaning the company holds and controls user funds after deposit. No specific insurance coverage is mentioned for crypto deposits, which represents a potential risk for users.

Security Features

• Account Security: 2-Factor Authentication (2FA) for account access
• Card Security:
  • EMV chip and PIN for physical cards
  • NFC/contactless with security limits
  • Card freezing capability through app
• Compliance Measures: Monitoring for suspicious activity under AML rules; country restrictions based on sanctions and regulations

Technical Details

Platform Integrations

Bit.Store Card can be managed through multiple interfaces:

• Web App: Online dashboard at cryptocard.bit.store
• Telegram Bot: Native integration (@BitStoreCard_Bot)
• Third-party integrations: Gate.io (Gate Pay), Binance Marketplace

A dedicated mobile app has been announced but its development status remains unclear.

Card Technology

• Physical Card: EMV chip, PIN security, NFC/contactless capability
• Virtual Card: Digital card number, expiration date, and CVV
• Mobile Wallet Integration: Compatible with Apple Pay and Google Pay

Settlement Process

Card loads typically complete within minutes after blockchain confirmations, with the crypto immediately converted to fiat at the time of loading.

User Experience

Management Features

• Card balance checking and transaction history
• Crypto top-up functionality
• Card controls (freeze/unfreeze)
• Multiple card management
• Support for adding cards to mobile wallets

Support Channels

• Email: [email protected]
• Telegram chat
• In-app chat
• Claimed 24/7 online support

User Feedback

User experiences with Bit.Store Card have been mixed, with a significant decline in satisfaction reported in late 2024:

Positive Aspects:

• Easy sign-up process
• Global acceptance
• Low fees when working properly
• Privacy options with no-KYC virtual card

Negative Aspects:

• Extended service outages
• Frozen funds
• Unresponsive support during crises
• Monthly fees continuing during service disruptions

The card currently has a poor Trustpilot rating of approximately 2.0 out of 5, largely due to reliability issues.

Usage Limitations

• Standard prepaid card limitations may apply
• May not work for certain pre-authorization holds (car rentals, hotels)
• Service reliability issues have significantly impacted usability

Best Suited For

• Privacy-conscious users who prioritize minimal KYC requirements and want to spend crypto with reasonable anonymity
• Global crypto enthusiasts in regions underserved by major crypto card providers, especially in parts of Asia, Africa, and South America
• Casual crypto spenders who want a simple way to use their digital assets for everyday purchases without staking requirements
• Multi-currency crypto holders who maintain portfolios across 40+ supported cryptocurrencies and want spending flexibility
• Telegram-native users who appreciate the integration with Telegram for card management

Pros and Cons

Pros

• No-KYC virtual card option is rare in the industry and appeals to privacy-focused users
• Broad global availability across 150+ countries exceeds many competitors
• Support for 40+ cryptocurrencies including BRC-20 tokens provides flexibility
• No staking requirements to access card benefits, unlike some competitors
• Integration with Telegram, Apple Pay, and Google Pay enhances usability

Cons

• Significant reliability issues reported in late 2024 with extended service outages
• 2.5% conversion fee on all crypto loads is a consistent cost for users
• Fully custodial model with no mentioned insurance presents security risks
• Monthly maintenance fee continues even during service disruptions
• Limited transparency around exact cryptoback reward rates

Conclusion

Bit.Store Card offers an ambitious crypto spending solution with several compelling features, including no-KYC options, broad global availability, support for numerous cryptocurrencies, and integration with major payment networks. The tiered approach provides flexibility from the free virtual card for privacy-conscious users to the higher-limit physical card with cryptoback rewards.

However, the service has been plagued by significant reliability issues. In late 2024, many users reported extended service outages with funds becoming inaccessible and support unresponsive. These problems have severely damaged Bit.Store's reputation and trust among users.

While the card's features are competitive—with reasonable fees, no staking requirements, and extensive global coverage—these benefits are overshadowed by operational risks. The concept and feature set are strong, but execution has fallen short of promises, making trust the biggest limiting factor for this otherwise innovative crypto card solution.

Until Bit.Store demonstrates sustained reliability and improved customer service, users should proceed with caution, perhaps adopting a "spend-as-you-go" approach by loading only amounts they're prepared to potentially lose access to temporarily.

Additional Information

Service Reliability Issues

The card service appeared to function relatively well from launch in late 2023 through mid-2024, with positive user reviews during this period. However, around October-November 2024, numerous users began reporting their cards becoming unusable, with the company citing "temporary maintenance" that extended for months. Some users reported inability to access funds, with the monthly maintenance fee continuing to be deducted from trapped balances.

Regulatory Considerations

The no-KYC virtual card operates in a regulatory gray area. While the $10,000 monthly limit aligns with some jurisdictions' KYC exemption thresholds, regulatory pressure could force changes to this model. Users should be aware that regulations around crypto cards are evolving rapidly, and services like this may face additional compliance requirements in the future.

Corporate Structure

Bit.Store's partnership with Alchemy Pay (which acquired a 15% stake in Bit.Store) provides technological infrastructure and additional regulatory coverage. This relationship helps explain how Bit.Store can offer services in so many regions, as it leverages Alchemy Pay's payment rails and compliance framework alongside its own licenses.

Unlike some competitors such as Crypto.com or Binance Card, Bit.Store does not require users to stake tokens to access card benefits. This makes it potentially more accessible to casual crypto users. However, established competitors generally offer more reliable service, better support infrastructure, and clearer reward structures, albeit often with more restrictive regional availability.