In an announcement, Bit2Me says that it has launched an app that enables its users to convert Bitcoin into Euros at more than 10,000 ATMs across Spain. At the occasion Leif Ferreira, Bit2Me founder said his company is an easy way for new users to probe cryptocurrencies by converting Bitcoin into Euros anywhere in Spain, without registration and from a mobile device.
Nonetheless, it is being considered a wise step on behalf of the Bit2Me mobile and desktop app towards tapping the existing ATM infrastructure using Hal-Cash, a bank service that allows users to send money to any mobile phone to be withdrawn from an ATM. The company believes that it will be facilitating widespread access to digital currency in Spain doing so.
Apart from offering rapid fiat currency conversion to its users in Spain Bit2Me is also confirming that it plans to expand its services abroad, hooking up to a network of approximately 15,000 ATMs in Mexico. Nonetheless, Ferreira is of the view that the main objective is to become Spain’s point of call for converting Bitcoin into Euros by building a solid and strong service.
Users will get easy to use app which requires that they enter the desired amount of Euros they wish to withdraw at an ATM, and the telephone number to which the service will send a verification code. Once it is done, the Bitcoin that the user needs to pay and the receiving address appear on the app.
Higher Commission Rates are Concerning
Thereafter, the payment is confirmed and the user receives another code sent by text message and to complete the withdrawal, the he must enter both codes at a participating ATM. Lastly, the company says that the app’s apparent speed and ease of use as well as the accessible nature of the service are of huge importance.
Regarding commission rates the company informs that like most Bitcoin ATM services, Bit2Me commission fees are higher than more traditional alternatives. This has been a major concern though among the local Bitcoin users as according to them the fee is somewhat high compared to other alternatives; however, the availability and accessibility will compensate for it.
Even Ferreira says that Bit2Me’s costs are somewhat high and admitted that it is not the cheapest option out there; however, he clarified that as it is the easiest and fastest way of converting Bitcoin into Euros this should not be an issue.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org