Ballet – a credit card size crypto wallet made of stainless steel. I keep one in my wallet all the time. Cos crypto lacks a tangible form, I feel like having something analogous to a bank card would help people understand it better.
The simplicity of it makes a brilliant gift for no-coiners to get started in crypto. Zero set up. All you need to do is … go to the nearest Bitcoin ATM, scan the wallet QR code, insert cash and congratz you’re a Bitcoin owner.
Alternatively, you can download the companion app. From the screenshots below, you can see how I loaded it with Bitcoin. Super easy.
The fiat amount is fixed with only 4 order size to choose from. You can spend less by choosing THB, NTD, RUB, IDR which has a lower minimum buy, equivalent to 500ish HKD but subsequently comes with a higher premium because of the minimum $10 processing fee. Unfortunately, convenience comes with a price. Here is the math
Market price $48,800 as of writing (2020-03-06 07:15)
$67 (fee 10.23) → ₿0.00113509 @59,026 ~20.95 % markup
$100 (fee 10.45) → ₿0.00180467 @55,411 ~13.55 % markup
$200 (fee 10.95) → ₿0.00380986 @52,495 ~7.57 % markup
$500 (fee 27.36) → ₿0.00952466 @52,495 ~7.57 % markup
If you were to buy on Binance with a credit card, the fee is at 2% regardless of the amount.
$100 → ₿0.002015 @ 49,627 ~ 1.69 % markup
But you have to pay a flat ₿0.0005 withdrawal fee to have it transferred to your wallet. Tidebit charges an exorbitant ₿0.003 withdrawal fee. Cray.
It would be “cheaper” if you buy more. However, I do not recommend storing large amounts of crypto on it. Because there is a major flaw with Ballet. It violates the “Don’t trust. Verify” principle. Cos it already has the private key and passphrase pre-printed on the card by the third party. So you really have to trust them.
But then everything is a trade-off. And I reckon this is still a good starting point for no-coiners.
