Can Bitcoin Vouchers Contribute to Fresh Demand for Cryptocurrency?

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A major adoption wave for Bitcoin and cryptocurrencies, in general, will need progress to be made on both the supply and demand side.

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Constant development, network upgrades, and the creation of new tools focused on cryptocurrencies guarantees that the domain is thoroughly studied in order to maximize its utility.

Layer 1 and layer 2 solutions for Bitcoin (BTC) and Ethereum (ETH) are showing how much potential there still is to unlock with a strong foundational network. For example, the Lightning Network built on top of Bitcoin has been in the spotlight for its rapid growth and potential impact on micropayments.

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Buying Bitcoin Anywhere

As much as the crypto space needs continued in-depth development, it also needs to have a wider reach. This could translate into access to the Bitcoin network for a wider set of people. While many know, or at least have heard about Bitcoin, the complicated process of just buying bitcoins represents an obstacle for further adoption.

The latest development to tackle this issue comes from a few companies offering merchants the possibility to sell Bitcoin vouchers. The voucher represents the equivalent amount in bitcoins, with lower commissions. For merchants, it is just like having another product for sale and is easily integrated with current point of sales systems.

For everyone else, it is an accessible option to buy Bitcoin at the shop around the corner. The process is also relatively easy, as all a customer has to do after buying the voucher is enter in the code and wallet address to receive the equivalent amount of bitcoins.

Guaranteed Success?

As this brings the cryptocurrency frontier closer to the people, it also provides an alternative to buying Bitcoin via exchanges. Most prominent exchanges remain centralized and have implemented know your customer (KYC) measures, which eliminates any possibility of maintaining anonymity.

[bctt tweet=”Bitcoin vouchers are like having a LocalBitcoin location, only right around the corner!” username=”beincrypto”]

Similarly, people that remain unbanked have limited options to buy Bitcoin via exchanges and will now have the voucher solution available. Due to the accessibility and ease of use, these vouchers could put Bitcoin in the hands of a very wide range of people.

This type of product has huge potential for becoming viral and could spur the next wave of demand from retail investors. Furthermore, not only will more people learn about Bitcoin, but this could also contribute to a decentralized distribution channel for BTC.

 

How do you see this development? Would you use vouchers to acquire Bitcoin? Does this offer provide easier access to Bitcoin? Let us know your thoughts in the comments below!

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After finishing his studies in International Business Administration at the Frankfurt School of Finance & Management, Christian started working at a real estate development company. Upon discovering Bitcoin and the cryptocurrency space, he switched his focus to learn, analyze and write about all things digital.

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