The idea behind Bitcoin, for most users, is the anonymity involved.

Making purchases at sites like the Silk Road allows those with Bitcoin to complete transactions and have no tally or record tied to their transactions. So if Bitcoin continues to grow and integrate into people’s lives, the question we regard is its financial privacy. Will it be maintained?

One major development in Bitcoin is from developers who now offer Bitcoin cards to the public. But if Bitcoin became popular because of privacy, how well will privacy be maintained when debit cards enter the market? These debit cards enable people to convert Bitcoin for world currencies in most transactions.

But to get a card, you must provide personal information. Here, we analyze the emergence of Bitcoin cards and what privacy privileges are lost if any. This analysis is done by identifying popular card distributors and the philosophy each operates by.

CryptoPay 1

Regardless of where we look, we find common KYC and AML regulations being practiced in the Bitcoin debit card industry. CryptoPay, the Bitcoin vendor has a unique card offer but only to European countries. The company follows registration practices similar to debit-card applications with common banks. This Bitcoin debit is not available in the United States.

CryptoPay 2

Your second option with CryptoPay is an unverified card that allows users to remain unidentified. The single stipulation is that card holders must stay within a lifetime limit for as long as the card is active.

Coinbase

This group issues debit cards that directly access a person’s Bitcoin account. Coinbase’s Shift card uses Coinbase wallets for extracting Bitcoin to be used for any relevant currency. The advantage here is that Bitcoin investors and users consolidate there Bitcoin and personal money in one central location. This gives the freedom to spend Bitcoin more broadly.

But this card distributor requires full identification according to AML/KYC regulations. Though the group has not commented on this information disclosure, the full cap of privacy for users is compromised. The vendor is still a safe and secure card distributor though.

SatoshiTango

Though SatoshiTango requires full identification up front, the company claims that their process is less stringent than with traditional banks. This is another card issuer who got its start in Argentina as a go-to for Uber passengers using their own Bitcoin to cover transactions and rides.

In short, the card issuer complies with the AML and KYC regulations that require card users to identify themselves.

Xapo

The Xapo company believes that anonymity with Bitcom debit is only possible with a prepaid option. This card dealer got its biggest start once it became a go-to integration with Uber. Nevertheless, the Xapo group sees the integration with MaterCard and Visa an apparent inability for complete anonymity.

They only consider the prepaid option feasible for anonymity because Bitcoin could then be bought like a gift or prepaid phone card.

Bitwala

What makes Bitwala stand out is its service to pay bills. The Bitwala card is notable because it also has integrations features to let other cryptocurrencies integrate with Bitwala. But the theme continues regarding privacy. This card distributor not only requires identification but urges users that all Bitcoin cards will.

This distributors wants the usual sources of identification, and future development will likely require the same.

BitPay

BitPay is considered one of the most accessible cards. However, the vendor requests that all users comply by having a full identification release. This is the only card that all 50 American states qualify for. The simplest way to overcome privacy issues is by managing this card as prepaid.

When used, it doesn’t take Bitcoin directly from your wallet. Instead, it can only be used when Bitcoins are put on the card for an effective balance. Though identification is required for BitPay, applicants only need to provide a Social Security number and no other forms of identification.

That makes the application process at BitPay easy to start and finish.

Wirex

This debit card vendor is looking at the Bitcoin integration with policy and regulation in mind. Wirex follows the identification practice as outlined in the evolving market for Bitcoin integration. The card issuer requires full disclosure during the application process.