Coinbase Card Now Supports Apple Pay for Easy Spending of Cryptocurrency

[MacRumors]

Popular cryptocurrency exchange platform Coinbase today announced that the Coinbase Card now supports Apple Pay and Google Pay. Select customers will be invited from the Coinbase Card waitlist starting this week.

Coinbase Card is a debit card, so signing up will not impact your credit score, and there are no application fees. Once you are approved for the card, you can immediately begin spending with Apple Pay and Google Pay, even before the physical card arrives in the mail. Coinbase is offering up to 4% in "crypto rewards" for purchases made with the card.

Keep in mind that the card will not allow you to spend cryptocurrencies like Bitcoin directly. Coinbase will automatically convert the cryptocurrency that you wish to spend to U.S. dollars and transfer the funds to your Coinbase Card for Apple Pay purchases and ATM withdrawals. Conversion fees will apply, as outlined on Coinbase's website.

MacRumors had discovered evidence of Apple Pay support coming to the Coinbase Card in April.

Article Link: Coinbase Card Now Supports Apple Pay for Easy Spending of Cryptocurrency

 

[bwayne]

Freebase. That’s what we need.

 

[Andres Cantu]

Tax nightmare for those in the US.

 

[nwcs]

Easy spending, easy capital gains tax recognition…

 

[xserret]

Yep, more turbo-charged Co2 for all to enjoy

 

[moabal]

As people spend using this card, it might give your CPA a heart attack as they try to determine the taxable event of each transaction!

 

[cube4ever]

Any real world-users who can comment on the total cost of small purchases. Like, will a coffee cost you $20 after fees?

 

[ScottishDuck]

Now you can spend inordinate amounts of fees and tax while also destroying the environment, with ease.

 

[McG2k1]

Easy spending, easy capital gains tax recognition…

If you’re dumb enough to be using coinbase then you already aren’t attempting to hide your wealth from the crown. I am interested in who’s absorbing all the fees.

 

[diego.caraballo]

Use quickly before crypto goes to $0

 

[ArPe]

Better spend it all before the fraud market crashes again and the fake money crooks run away with all you real money 💴

Conbase execs already dumped their stonks.

 

[DeepIn2U]

Any real world-users who can comment on the total cost of small purchases. Like, will a coffee cost you $20 after fees?

What coffee costs you $20US??? That can't just be expresso - it's gotta have Kapo Lupa + goats milk who's tats have been massaged by the gods, and Khalua mixed in right? Oh must've forgot the tears of mermaids? /s ~ but seriously what coffee costs THAT much?

more importantly, CAN a user a) sell their crypto, and b) convert the cash equivalent back to their bank card ~ or does some verification to your bank account, along with you verifying 'small' transactions for that to complete?

 

[blackcrayon]

Tax nightmare for those in the US.

As people spend using this card, it might give your CPA a heart attack as they try to determine the taxable event of each transaction!

Having the taxable events is a bit of a pain, but doing it all through an exchange like Coinbase means you can just use one of the crypto tax services to calculate it all for you and generate the form. Not a nightmare, really.

 

[ninethirty]

Better spend it all before the fraud market crashes again and the fake money crooks run away with all you real money 💴

Conbase execs already dumped their stonks.

It's funny to see you make this stupid claim in every crypto related post (of which there are more and more these days).

Someone missed out, and you really want everyone to know.

 

[jetjaguar]

HODL .. don’t spend your crypto

 

[aziatiklover]

Tax nightmare for those in the US.

Not if you know what you are doing or know about crypto. You file your crypto tax in the end of the year same concept if you were selling your stonks.

 

[aziatiklover]

HODL .. don’t spend your crypto

Agree! I wouldn't spend crypto unless you have a lots of them from early adopters. Or maybe Dogecoin when it was not even a cent per coin.

 

[davidjschloss]

Better spend it all before the fraud market crashes again and the fake money crooks run away with all you real money 💴

Conbase execs already dumped their stonks.

Except, they didn't.

"However, the figures were later proven to be inaccurate. Frank Chapparo, Director of News at The Block, Tweeted earlier today that according to The Block’s research, “Coinbase’s largest shareholders did not sell the vast majority of their $COIN stock last week.”

Instead, “CFO Alesia Haas sold ~15% of total holdings, CPO Surojit Chatterjee sold ~8%, COO Emilie Choi sold ~24%, [and] CEO Brian Armstrong sold less than 2%.”"

Did Coinbase Execs Dump COIN Shares after Last Week’s Public Offering? | Finance Magnates

A spreadsheet claiming that Coinbase's C-suite execs sold more than 60% of their COIN shares made the rounds this weekend.

www.financemagnates.com

This stock was a conventional offering, which means that selling stock is the way that these people take equity out of the company. When you work for a company for equity, you only have money if some of that equity is converted to actual cash.

This is how a stock offering works.

With an IPO they would have been prevented from selling for a certain period of time, but they'd still be able to sell.

For example, in 2020, this site reported that Tim Cook got 560,000 shares of stock as part of his compensation and bonus package. He sold all but the amount of shares that covered tax liability.

Apple CEO Tim Cook Sells $131.7 Million in Apple Stock

Apple CEO Tim Cook was recently awarded 560,000 shares of Apple stock for serving as Apple's CEO and for Apple's strong performance under his...

www.macrumors.com

From that article

"After receiving the award, Cook sold more than 265,000 of those shares at prices ranging from $493.50 to $500.11, netting him somewhere around $131.7 million, according to a filing published today by the SEC. The remaining 294,840 shares worth over $148 million were withheld by Apple for taxes."

 

[JosephAW]

Yes, but what is the minimum purchase amount?

 

[davidjschloss]

Not if you know what you are doing or know about crypto. You file your crypto tax in the end of the year same concept if you were selling your stonks.

And CoinTracker connects to your Coin Base account and provides tax documentation, I believe.

 

[saschke]

Better spend it all before the fraud market crashes again and the fake money crooks run away with all you real money 💴

Conbase execs already dumped their stonks.

😂

 

[Rafagon]

Any real world-users who can comment on the total cost of small purchases. Like, will a coffee cost you $20 after fees?

However, it's also worth noting that "The Visa debit card comes with opt-in crypto rewards, including 1% back in bitcoin and 4% back in lumens, the native token of the Stellar network."

More info here:

Coinbase links its Visa debit card with Apple Pay, Google Pay

Coinbase's debit card product is now usable via Apple Pay and Google Pay, according to a Monday blog post from the crypto exchange and services provider.

www.theblockcrypto.com

 

[JonGarrett]

I hope this means they're actually ready to send out the card. I've been on the wait-list for the past year

 

[Black Belt]

Having the taxable events is a bit of a pain, but doing it all through an exchange like Coinbase means you can just use one of the crypto tax services to calculate it all for you and generate the form. Not a nightmare, really.

If you buy 5000 euros and take it on vacation to Europe and spend the money, there are no capital gains. It’s ridiculous and criminal that there are for crypto.

 

[Black Belt]

Waiting for Coinbase to finally add Doge