Bitit: Generic Gift Card Service Or Better Bitcoin Accessibility?
Bitit is a prepaid Bitcoin gift card from €25 to €250 that can be redeemed into Bitcoin.
Bitit is a prepaid Bitcoin gift card from €25 to €250 that can be redeemed into Bitcoin. Bitit is a service designed for new bitcoin users but also bitcoiners who want a way to have their family and friends discover Bitcoins in seconds.
How is this unique and different from other card services such as Gyft, BitGreet, and others? Bitit aims to make buying Bitcoin as easy as possible through its prepaid bitcoin solutions. In short, increase the accessibility of Bitcoin, a current issue of the currency.
Some people don’t know where to even start with buying Bitcoin. The cryptocurrency elicits curiosity, but only a few know how to buy and use it. Those who plan to use Bitcoin need to understand Bitcoin. The little details, such as exchange rates, how to open a bitcoin wallet, understanding bitcoin addresses and private keys.
Vitalik Buterin, Co-Founder of Ethereum and Ether cryptocurrency, told Cointelegraph:
“If the cards can be sold very easily, they could be a great way to improve accessibility to cryptocurrencies”
All of this can be quite intricate and complex, which makes it very difficult to get access to Bitcoin in short periods of time. Therefore, a gift card solution may be ideal. This is a method favored by many because it presents no negative effects.
Nicolas Katan, CEO and Co-Founder of Bitit, told Cointelegraph:
“Getting Bitcoin is still hard. Bitit makes it very easy, and it is also very fast. Using bitcoin through Bitit is no more difficult than sending an email.”
Why Bitit is Unique
Many Bitcoin gift card services are already available such as Gyft, BitGreet, etc. So what makes Bitit unique and worth using? Bitit, unlike any previous solutions, allows users to buy the gift card with cash and redeem as Bitcoin. Also, Bitit has a physical gift option, not just a digital version. Following the lead of the digital voucher code delivered by email redeemable into Bitcoins by credit card, Bitit created a physical prepaid gift card from €50 to €100 available at La Maison du Bitcoin by cash. Bitit makes the buying of Bitcoin as easy as buying any retail gift card. The physical gift card works on the same principle as the digital gift card.
Bitit’s prepaid solution aims to remove all the obstacles and simplify access to Bitcoins for all. Whether it is purchased for now or for later, your card value will remain stable until the cardholder activates it to receive his Bitcoins on the Bitit platform. This feature makes the Bitit card different from other gift card solutions.
Customers can purchase Bitit Gift Cards for cash or by credit card at La Maison du Bitcoin, 35 rue du care 75002 Paris, with no expiration date. Therefore, Bitit aims at cutting the time down.
“Transaction fees are 3.9%, bitcoins are delivered between 5 and 10 minutes and there is no customer verification. You pay for your voucher and get your bitcoin immediately.”
Also, as we know more than 2.2 billion unbanked people need a way to access the latest payments technologies and use them in e-commerce. Bitit makes Bitcoin available through prepaid vouchers and gift cards, by credit card and also by cash. Though some experts are not sure that Bitcoin gift cards are sufficient for the long term.
Tone Vays, Head of Research at BraveNewCoin, told Cointelegraph:
"Bitcoin gift cards are not a viable long term business. It only works because these companies are able to acquire a limited number of gift cards at significant discounts, which is perfect for a very small number of people with bitcoins. If the number of Bitcoin users significantly increases or start-ups like Fold App or Purse.io were to open up service to the general public, these discounts will immediately disappear."
The only setback of Bitit is that it is only for Euros right now. However, overall, the Bitit gift card service is worth looking into if one needs Bitcoin quickly., but not a long-term solution.