LibertyX, an American network of bitcoin ATMs, cashiers and kiosks, has partnered with retailers 7-Eleven, CVS and Rite Aid to allow customers to buy bitcoin with cash at 20,000 locations across the U.S.
Bitcoin is one of the most exciting innovations over the last decade, but adoption has been limited by trust and accessibility...We wanted to expand our footprint so anyone can buy bitcoin at familiar locations they drive or walk by daily. Now, everyone is only a few miles away from owning bitcoin and becoming part of its global community. Buying bitcoin is as easy as scanning a barcode while shopping for groceries. - Chris Yim, CEO of LibertyX
How does it work?
Advantages and disadvantages of buying bitcoin with cash
Advantages:
Convenience: Buying bitcoin is literally "just around the corner". You can buy bitcoin while your're out shopping.
Anonymity: Unlike most online exchanges that require ID verification, buying bitcoin at retailers is private since no personal information is required.
Time: For new investors, the KYC process on online exchanges can be exasperating. It can take up to 24 hours to complete the verification process. Through retailers, this process is eliminated. All customers need to do is download the app and go to a nearby retailer location.
Low Risk: Since all transactions are done through retailers, you eliminate the risk of being scammed online.
No Credit Card Needed: Not everyone has access to a credit card so buying with cash is a great option to have. Some credit card companies don't even allow the purchase of cryptocurrency.
Disadvantages:
Access: This service won't be available to everyone in the U.S. Currently, it is only available in 44 states.
Fees: Customers will be charged $4.95 for each transaction. Customers also have to pay miner fees and a conversion fee(0% until July 31, 2020)
Limit: There is a daily limit of $500 when buying bitcoin with cash.
As someone that has yet to invest in bitcoin, I would definitely consider buying from a retailer if it were available to me. Buying bitcoin online can be a bit of a hassle. I have no interest in the KYC process so buying bitcoin anonymously at a retailer location would be a great option. Even though the fees might be higher, it is a trade off that would be worth it, in my opinion.
Wouldn't it be great if you could sell bitcoin for cash at 7-Eleven?
So I asked...
