Monaco card controversy
After we’ve put together this table on Bitcoin debit cards it’s become pretty popular with cryptocurrency users. No wonder – everyone is waiting for working Bitcoin cards after the WaveCrest ban. We’re probably the only cryptocurrency news website watching the subject closely, without bias and with a great practical interest, so our Bitcoin debit cards comparison (and the shorter version online) is constantly updated.
However, we’ve been getting questions on why Monaco card was not on our cards list, especially considering that most of the cards on the list are currently in the “coming soon” status, just as Monaco. Sure, Monaco deserves to be on the list in the “coming soon” status, and we’re adding it right now. However, there is something different abut Monaco.
Here’s what’s different: Monaco cards have never been released yet. Unlike other card providers that had their cards banned by Visa, Monaco never released any cards, no one used them and no one reviewed them. Monaco is basically an ICO, they are making people buy and hold their tokens to reserve higher limit cards. All Monaco reviews online are reviews of their apps or tokens. There are no reviews from real card users, because there have never been cards (but there was a story when Monaco faked VISA partnership at the beginning).
Speaking of the apps – the apps are the only product Monaco offers now. And their reviews are not too good on both Playstore and Appstore:
We have not installed the app for obvious privacy and security reasons, but here’s what’s happening: the only thing Monaco app does is take your private data (selfie, ID scans), and tells you a card is RESERVED for you. That’s it, that’s all it’s been doing for almost a year.
The only good reviews are talking about their ICO or their plans or hyping up their promises:
Alright, let’s give the company the benefit of the doubt, it definitely deserves to be on the list together with other pending cards, – BUT it’s unlike the others that actually worked at some point.
Monaco will be announcing something, hopefully their cards, at Money2020 conference. We’ll be covering the event closely and we’ll be happy to have all our doubts about the company cleared. We’re all for great innovative products that work!
But meanwhile, let’s wrap up with this food for thought thread: