SpectroCoin Targets Underbanked in Its New Bitcoin-to-Cash Service

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SpectroCoin Targets Underbanked in Its New Bitcoin-to-Cash Service

ForexMinute.com – SpectroCoin launched a new Bitcoin-to-Cash remittance service in 25 countries across Central Asia and Europe. The UK and Lithuania-based Bitcoin Company proclaimed its service to be focusing specially on the underbanked section in its business regions.

Mantas Mockevičius, the Chief Compliance Officer of SpectroCoin, spoke to the Bitcoin media website CoinDesk.COM and explained the benefits their direct Bitcoin-to-Cash service holds for the people without the modern banking facilities. He said:

“In some countries, they don’t need it much, but in Russia, Kazakhstan, Kyrgyzstan, Belarus, Armenia and lots and lots of countries, it’s a very useful service because there are lots of unbanked people there, and banking infrastructure is not so developed as, say, in Europe. So a person can get funds very easy. He can actually use bitcoin as a remittance.”

Other than the aforementioned nations, the Bitcoin-to-Cash service is available in countries such as Spain, Portugal, Greece, Bulgaria, Switzerland, Turkey, Hungary, Ukraine and Poland.

For Bitcoin novices, one can use the Bitcoin-to-Cash services for a fast and timely conversion in real time. Bitcoin is a decentralized internet cryptocurrency that merchants can accept in exchange of their services and products.

The charge of transferring Bitcoin from one end to another is almost negligible. While you can also keep the received Bitcoin as some form of future investments and trades, many of you would simply prefer to exchange it with your national currency the moment you receive them. Enter SpectroCoin which does just the same for you, without much hassle and delays. The company however charges a flat 4.5% fee for each conversion but still the overall payment mechanism costs you nothing compared to PayPal and bank wire transfers.

This instantly comes as a handy services for people without a bank account. You can find more information about this product here.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com