This essential article, 12 Questions About Bitcoin You Were Too Embarrassed To Ask, seems to say it all – the new currency remains difficult to understand and intangible for many people. But the movement is afoot to make Bitcoins into a useful and practical currency for the rest of us. Now, enter CoinTap .
Edmonton’s Bitcoin Ventures wants to put BitCoins in your wallet by putting the elusive currency into a familiar format: a pre-paid card, sold in stores, called CoinTap.
“CoinTap is the first Bitcoin gift card ever to go on sale in retails stores in Canada,” says Ashley Fulks, president of Bitcoin Ventures.
A press release from the company explains how the idea came about.
Fulks first heard that Remedy Café in downtown Edmonton was accepting bitcoins for food and drink last fall.
“I immediately contacted the owner, Zee Zaidi, and asked him if he was interested in selling CoinTap cards to his customers. He was, and so here we are! The best part –now anyone can buy bitcoins.”
The appeal of combining the physical and virtual aspects of Bitcoin is apparent. The Bitcoin Ventures team built-in a $50 credit in the cost of their $55.50 pre-paid card. At time of writing, $50 will buy you about 5% of one bitcoin (0.05), but the card can be further loaded with Bitcoin to add value. The press release notes that one person can redeem up to $1,000 in cards per day, the equivalent of about one bitcoin.
We’ve reached out to Bitcoin Ventures for more information and will update this story.