Clear benefit and paying less? You should use Bit-X!

Let's say I order a EUR card from e-coin and use it at a non-EUR ATM. I'll have these fees: 3% foreign transaction fee + $3.50 Int. ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.015 BTC + ~7% in fees. Plus the possibility that the exchange rate has gone up between when I sold my BTC to fund the card and actually used the funds.

Now a quick comparison to a foreign transaction using the Bit-X card. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.

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Let's take e-coin's 'best case scenario' (using a EUR card at a EUR ATM). Fees: $2.50 ATM fee + ~4% (rounded down from ~4.3%) 'hidden' exchange fee (I used your current rate of $222.57 per bitcoin compared to preev.com's $232.7 per bitcoin). Total: 0.011 BTC + ~4%.

Comparison to a transaction using the Bit-X card in the same currency. Fees: 3% ATM fee + 0.01 BTC. Total: 0.01 BTC + 3%.

The benefit with the Bit-X card? No need to manually fund it, let alone sell your BTC in advance!




In both cases Bit-X has the lower total fee for an ATM transaction. I've not included others costs such as ordering, shipping, activation, funding (e-coin only?) and monthly fees (e-coin only).

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But you're right. Many Bitcoin users prefer to pay less and have clear benefit. It's up to the individual to choose!