Bitit, previously just a Bitcoin gift card service, has made it possible to buy Bitcoins in more than 100,000 retail stores.
This marks a new expansion for the Paris-based company, which has partnered with distribution network specialist Neosurf to launch cash-for-Bitcoin buying in convenience stores around the world. Available in France, UK, Spain, Italy, Canada, Belgium and other countries. This innovation makes that much stronger the international presence of the young french company, which has realized a two-digit month-over-month growth in volume, and who are currently raising funds.
How to buy Bitcoins in less that 10 minutes
What could be better than buying one’s own Bitcoins along with a magazine at your corner store?
Nicolas Katan, CEO and Co-Founder of Bitit, says to Cointelegraph:
"Getting Bitcoin is still hard. Bitit makes it very easy, and also very fast. Buying Bitcoin through Bitit is no more difficult than buying a digital or physical good."
People usually do not know how to proceed with Bitcoins. This cryptocurrency tickles people’s curiosity but only a few know how to buy it or use it. For those who start to understand Bitcoin they need to know exchange rates, how to open a Bitcoin wallet, understand Bitcoin addresses, private key. All of this can be quite intricate and complex hence making it very difficult to get access to Bitcoin in less than 10 minutes.
George Basiladze, Founder of Cryptopay, confirms:
“Actually, this is a good idea, we had the same and would work on it in the future. Its nice to bring bitcoins to the retail level, this can be a success.”
How it works
To buy Bitcoin at Bitit's retail partner locations, users should enter their zip code, find the nearest partner store on the Bitit map and then ask to the cashier for a Neosurf voucher.
After the purchase, buyers must go to Bitit, fill the form (no account needed), link their phone number and provide details such as their name and country along with their Bitcoin wallet address. Bitit sends the purchased Bitcoin to the user's wallet. Bitcoins are delivered between 5 and 10 minutes.
What is Bitit
Bitit was previously covered by Cointelegraph back in January near the launch of Bitit’s prepaid Bitcoin cards.
Nicolas Katan writes:
“Bitit first underline the recreative aspect of Bitcoin rather than its financial value. Bitit solutions are friendly products that aim to simplify the buying and the reception of Bitcoin.”
In 2015, the startup has distinguished itself by allowing Bitcoin buying with banking cards starting at 25 euros. Few months ago, the first Bitcoin gift card was born and is quite a success today notably with the younger generation.
Bitit startup is backed by the Parisian incubator TheFamily. Their senior advisor is Chris Marcilla ex CEO of Flashiz and now Chairman of Virtual Currencies Working Group, Luxembourg.
Some remain skeptical as to how Bitit actually helps to increase the expansion of Bitcoin accessibility.
Tone Vays, Head of Research at BraveNewCoin, explains to Cointelegraph:
“Bitcoin's accessibility has greatly improved every year since 2012. People now have plenty of options from anonymous cash buys at coffee shops to direct transfers out of your bank account if you are willing to comply with KYC regulation. There is absolutely no need to try and force mass adoption on people. Everyone needs to discover on their how Bitcoin can make their life better and when they do, they will have plenty of ways to buy it.”