As Bitcoin seeks to find an ever wider audience, one of the challenges in persuading the general public to make use of the digital currency is the comparative difficulty in actually purchasing it. To remedy this Bitcoin Agency Coin Loft have developed a new system that allows over the counter purchase of Bitcoin in over 4,000 stores right across Australia. The voucher based system promises to raise awareness of cryptocurrency and allow a much broader user base to make use of Bitcoin in their every day lives.
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Throughout the world, one of the biggest challenges for new user adoption of Bitcoin in particular, or indeed digital currencies in general, is the ability to easily purchase the currency in a convenient way. Whether it has been Greece or Singapore, the introduction of easier ways to access the currency has shown to increase use considerably. This has made projects that introduce new and convenient ways of purchasing the currency popular amongst industry startups and established businesses alike, and the newest such endeavor was recently announced by Coin Loft, the Australian Bitcoin Agency.
Using new cash top-up vouchers called Flexepin, Coin Loft are bringing the ability to purchase Bitcoin over the counter in over 4,000 stores right across Australia. The system allows top-up vouchers to be purchased in a wide variety of denominations from Aus $20 to Aus $500, providing considerable flexibility as well as high street convenience. The cards themselves feature a unique 16-digit Flexepin code that is entered into the system on Coin Loft’s website to complete the Bitcoin purchase. Compared to online exchanges and trading sites, this represents an incredibly easy to understand solution for the general public, and provides the kind of easy availability that has seen increased use of Bitcoin elsewhere.
Security is maintained through the identity requirements, with purchasers requiring to register before their first purchase and present two forms of ID. This considerably lowers the risk of money laundering or fraud, two of the most common, if inaccurate, criticisms of cryptocurrencies in general. In addition, a Aus $500 per week purchase limit ensures that the system is difficult to abuse, creating a complete solution that has convenience and security considerations in place.
For Bitcoin, the ability of users to easily buy and use the currency is essential to attracting new users today, and this is a solution that covers that need very well. Australia has a significant number of FinTech industry startups, and the increased awareness and availability of the currency can only improve the future prospects of those businesses.