With over 100,000 retail stores signed up, the new prepaid Bitcoin card sales system just launched by French business Bitit promises ‘the easy instant access to Bitcoins’ that many of us believe is key to the wider adoption of the digital currency idea. Is this the solution we have all been hoping for when it comes to overcoming the challenge of obtaining Bitcoin for many, and what effect could it have on public awareness of digital currencies?
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A new way to buy Bitcoins has been launched by French company Bitit. Based in Paris, they have described their new bitcoin sales platform as ‘the easy instant access to Bitcoins’. The system uses prepaid bitcoin cards that can be purchased for cash or card in over 100,000 stores around Europe, or digital vouchers online through their website. The Bitit codes found on the vouchers allow users to easily redeem the Bitcoin straight into their existing wallet, or create a new one via Bitit themselves to hold their currency. The system is designed to allow anyone to buy Bitcoin and have it in their own wallet inside 10 minutes.
The system does have some purchase limits, €25 for unverified purchasers, but those who provide ID to verify themselves can have that extended to €500 per week. This allows Bitit to comply with all EU money laundering legislation. They also run a reward system for regular users that works in a similar way to card purchase cashback rewards, encouraging regular use of the system and merchants receive 5% of each transaction as payment.
Among a seemingly never ending procession of launches in the industry, this one is particularly important because it provides an incredibly effective solution to one of digital currencies ongoing issues. Not only does it make obtaining Bitcoin much easier for the general public, the sheer number of outlets that stretch right across Europe makes this a hugely impressive launch. Newsagents and stores in cities and towns all over the continent including the UK can now sell Bitcoin over the counter. For the industry this is the kind of development that could see a huge rise in the user base due to such ease of access. Not only that, but awareness of cryptocurrency can only rise by having such access available right in the local shops frequented by many people who would perhaps never even think of digital currencies at all.
Fast, easy access to digital currency has to be central to any attempt at bringing cryptocurrency into use within the broader public, and it is endeavors such as this one that will create the opportunity for digital currency to accomplish that.