Spanish startup Bit2Me has launched an app that is allowing European users to transform bitcoins into euros at over 10,000 ATMs in Spain.
Company founder Leif Ferreira says:
“Bit2Me 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.”
The process is fairly simple. Users enter the amount of euros they want to withdraw at an ATM, as well as a telephone number to which the machine can send a verification code. From there, the user is required to pay the necessary bitcoin fees and the receiving address appears on the app. Once the payment if completed and verified, another code is sent via text message. The user then enters both codes into the ATM to complete the withdrawal.
The app has received praise for its speed, ease of use, and accessibility. However, criticism has been delivered towards the particularly high fee one witnesses with the app, but many users are finding the app so convenient they are willing to overlook the pricy figure.
As bitcoin user Jorge Ordovas mentions:
“The fee is somewhat high compared to other alternatives, but the number of available and easily accessible ATMs might make it worth it.”
In response to the fee-related criticism, founder Ferreira says of the app:
“It is not the cheapest option out there, [but] it is the easiest and fastest way of converting bitcoin into euros.”