LibertyX he has announced that 7-Eleven, CVS Pharmacy and Rite Aid customers will now be able to buy Bitcoin (BTC) in these stores. These chains are very popular in the United States with more than 20,000 stores.
Use cash and buy #bitcoin with LibertyX at 20,000 7-Eleven, CVS Pharmacy®, and Rite Aid stores nationwide. 0% conversion fees through 7/31/20. Sign up today! https://t.co/jrj6Pg5VkM pic.twitter.com/9Aj1kQ93kB
– LibertyX (@libertyx) June 22, 2020
LibertyX was founded in 2013 and is one of the first networks of bitcoin ATMs and not only that. Thanks to this background, he has been able to reach 45 countries and a total of 25,000 stores throughout the United States.
How does LibertyX work?
To buy and sell Bitcoin, simply interact with the LibertyX app, available for iOS and Android, register your account, enter a bitcoin address, and click "start buying."
After that, in the app, you need to choose the store where you are and click "add cash now".
At this point, the cashier will scan the barcode and the customer will have to pay an amount between $ 20 and $ 500. Bitcoin will be credited in about 10 minutes.
As mentioned, this application focuses on bitcoin and this is the intention expressed by the company's senior management, which is take BTC to the places of everyday life, as stated by the CEO of LibertyX, Chris Yim:
Bitcoin is one of the most exciting innovations of the past decade, but adoption has been limited by trust and accessibility. We wanted to expand our footprint so that anyone can buy bitcoin in familiar locations where they drive or walk daily. Now, everyone is just a few miles from owning Bitcoin and becoming part of their global community. Buying bitcoin is as easy as scanning a barcode while shopping for food. ”
With this system, it is not necessary to carry out any type of profiling procedure, such as KYC (Know your customer) or AML (Anti money laundering), which is a great advantage. It also allows random users to buy bitcoin without going through complicated procedures or time limits.
I know has entered a zero fee service for the launch of the initiative. In general, the only fees to be paid will be the store fees of $ 4.95 and those related to the blockchain transaction.
The ATM sector may seem dated, but for those users who are not young and used to a more traditional system, it is more convenient than using an exchange platform that, in part due to KYC, discourages those who are less familiar with the technology.
Recently, new ATMs have been opened where it is possible not only to buy bitcoin but also to withdraw and sell them, while in Italy, thanks to Chainblock, the installation of new ATMs continues relentlessly.