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macrumors bot
Original poster
Apr 12, 2001
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19,799


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-apple-pay.jpg

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
 
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DeepIn2U

macrumors G4
May 30, 2002
11,210
5,429
Toronto, Ontario, Canada
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?
 
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blackcrayon

macrumors 68020
Mar 10, 2003
2,210
1,790
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

macrumors 65816
Mar 1, 2006
1,022
565
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.
 

davidjschloss

macrumors regular
Dec 10, 2015
157
285
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%.”"


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.


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."
 

Rafagon

macrumors 6502a
Jun 19, 2011
566
535
Miami, FL
Any real world-users who can comment on the total cost of small purchases. Like, will a coffee cost you $20 after fees?
CAC181F7-5C23-4F90-ADBF-8C27A0FF8FEE.png

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:

 

Black Belt

macrumors 6502a
Jun 15, 2007
986
880
California
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.
 
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