BitAccess and LibertyX Struggle for In-Person Bitcoin Purchasing Market
BitAccess, the popular Bitcoin ATM manufacturer, has enabled customers to buy BitcoinCT r: 8 via debit card or cash in Canada by implementing Bitcoin purchases at over 6,000 locations in Canada. BitAccessCT r: 275’ well-established competitor, LibertyX, has 19,000 retail locations south of the border, in the US.
BitAccess’ new retail locations will use Flexepin technology, which involves buying a receipt-like gift voucher with a debit card or cash, and then entering the code printed on it into your BitAccess account, which will then credit the BTC amount to your wallet. This service is crucial to those privacy-orientated customers who do not wish to link their bank account or debit card with their Bitcoin wallet, for whatever reason.
LibertyX, BitAccess main competitor
BitAccess’ main competitor in the Bitcoin ATM and in-person Bitcoin purchasing market is undoubtedly LibertyXCT r: 137. Although BTMs have proven to be highly popular is south-east Asia, the market is only beginning to arise in the United States and Canada. LibertyXCT r: 138 already has 19,000 retail locations in the USA that allow customers to buy Bitcoin with cash, and this number is steadily increasing.
The world’s first publicly available BTM was a Robocoin ATM that opened in the Waves coffee shop in downtown Vancouver, Canada, on 29th October 2013. The first US Bitcoin ATM opened in a cigar bar in Albuquerque, New Mexico on 18th February 2014, however it was removed 30 days later. As of 2015, there are more than 400 BTMs available across the globe, the vast majority of them being in North America.
Whether customers will prefer to use one company over the other is yet to be seen, but competition in the Bitcoin trading market is very much welcomed, as it only serves to help the customer by forcing innovation and improving usability.
Bitcoin ATM manufacturer BitAccess has in a recent announcement revealed that the cryptocurrency can be purchased across 6,000 retail storefronts in Canada, via a Flexepin voucher that works similar to a gift card.
Ottawa-based Canadian bitcoin ATM developer BitAccess has revealed that the cryptocurrency will be available for purchasing at 6,000 Canadian retail locations, via a ‘Flexipin’ voucher. The voucher can be purchased via a payment card or by cash and works like a gift card.
The voucher will be made available to shoppers across Canada and can be bought from a store cashier. Following the purchase of the voucher, a receipt is provided to the customer. 60 seconds later, the receipt can be redeemed for the cash equivalent in the cryptocurrency.
The vouchers will be available in denominations of $10, $30, $50, $100 and $250.
Here’s how a basic transaction works. The machine prompts users to enter their telephone number and then a code is texted to the that number. Once it’s received the person enters that code into the machine and is prompted on whether they’d like to buy a certain amount of Bitcoin. If the answer is yes, the machine then prompts the user for their bitcoin wallet.
If a user doesn’t have a wallet, the machine generates a piece of paper which is the amount of Bitcoin they’ve acquired — think of it like a cryptocurrency version of a dollar bill, except the value is however many Bitcoins or Satoshis the user has exchanged currency to receive. The machine then texts a receipt of the transaction to a user’s cell phone.
“We are expanding globally right now,” says Awan. “The ultimate goal is to have a global network of these machines where you can transfer fiat currency and Bitcoin. It’s an infrastructure play.”