One of the well-recognized downfalls of acquiring bitcoin is, well, it can be difficult.
First you must decide how you’ll get your hands on it. Bitcoin ATM? Exchange? Brokerage service? In-person?
But a new start-up based in Seattle is hoping to change things by allowing business owners to utilize their mobile devices to act as bitcoin ATMs of sorts.
Dubbed CoinSafe, the service makes use of an application that will allow said business owners to set their own bitcoin prices (in other words, a markup on the market price of bitcoin, calculated using bitcoinaverage.com), and manage their ‘ATM’ service. And according to CoinSafe, the service works anywhere in the world.
Consumers, on the other hand, get a great level of benefits themselves. They are able to acquire bitcoin from trusted, nearby businesses instead of having to meet up with a complete stranger.
And it goes beyond simply buying bitcoin. These consumers also have the ability to sell bitcoin to the store/merchant, in which the app will tell the cashier exactly how much money he should give the customer.
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Overall, the idea is interesting, but the real challenge will be getting merchants and business owners aboard and using the service.
Perhaps one of the biggest selling points is that CoinSafe says they aren’t charging any fees. The service is free. But like any business, they’ll soon have to start making money, so don’t be surprised if this aspect changes.
If you’re looking for additional information on CoinSafe, we would recommend taking a look at the Frequently Asked Questions section here.