Quote:
Originally Posted by imallin07
So is there a benefit to using this bitpay card? I would normally cashout via ignition>blockchain>coinbase>bank account.
Why would we use bitpay card when they can send it to our bank account.
Any info appreciated, its been a while since ive cashed out. Just looking for the best option. Thanks
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The benefit of using a bitcoin debit card - either the Bitpay or Shift cards - is being able to get cash quickly. You can send the bitcoin from your wallet to the card and then use the card at an ATM or store to get cash in hand within minutes.
But using an exchange and having it deposited to your bank is also a great option.
It just depends on how quickly you want the money, whether you'd prefer cash or money in your bank, and whether you want to save a few dollars in fees.
Even if you normally use the exchange to bank account method I think it's a good idea to have one of the cards as a backup option in case your exchange account is closed, or you ever end up wanting quick cash.
But yes, if you want to withdraw right now you can still go Ignition -> Blockchain -> Coinbase -> Bank as you've done before.
If you want to save on Coinbase's fees you can set up an account on the full function exchange that they own, GDAX. You'll sign up using the same info and connect it to your Coinbase account. You can then sell bitcoin on GDAX for only a 0.25% fee and withdraw to your bank account for free.