Two years ago, buying bitcoins was a relatively complex process involving. Users had to jump through multiple hoops to be a proud owner of the digital currency.
Fast forward to 2019, and the process of purchasing cryptocurrencies has become shorter, easier, and more accessible to users who are not tech-savvy. This has been enabled by the appearance of products like Bitcoin vouchers, ATMs, and user-interface improvements on the part of cryptocurrency exchanges.
Now, anyone walking through New York could easily find a spot to acquire Bitcoin. This is because LibertyX, a Bitcoin ATM provider, has received its BitLicense from the New York State Department of Financial Services (NYDFS).
We just received the BitLicense and are excited to announce LibertyX is coming to New York! Soon you will be able to purchase bitcoin from your neighborhood ATM. pic.twitter.com/4f2uRTE2MI
— LibertyX (@libertyx) January 24, 2019
LibertyX Loves New York
The BitLicense now affords the company the ability to offer its services in the state of New York.
Aside from its ATM services, LibertyX also has a network of store cashiers and kiosks that accept cash for purchasing bitcoins. Moreover, LibertyX is the first company approved in New York to allow the purchase of cryptocurrencies with debit cards.
The company is one of several aiming to bridge the online world of digital currencies with the offline world. While a customer still needs to have a personal Bitcoin wallet, the buying process is being significantly simplified.
LibertyX offers an app that highlights all available stores or ATMs around a given area. The user can walk up to any of the pinpointed locations, pay, and redeem the equivalent amount of Bitcoin (BTC) to his or her wallet. There is currently a daily limit of $200, $1000 and $3000 — depending on the type of know-your-customer (KYC) identity verification the customer has undergone.
LibertyX also claims to be aiming for the lowest possible fees. Volatility is also not particularly concerning, as the price is sourced in real-time and the company charges a convenience and a miner fee for routing the payments.
The plethora of options to buy Bitcoin that is slowly being rolled out will surely increase awareness of the cryptocurrency world. Furthermore, it will enable a new wave of prospective customers to buy and own Bitcoin.
The NYDFS’ approval of a BitLicense for LibertyX also confers upon these types of companies a sign of credibility from regulatory agencies — especially when New York is the home to the world’s largest trading venue.
What do you think about the impact of Bitcoin ATMs in New York? If you already bought Bitcoin online, will you try out the offline alternative? Tell us in the comments below!
Image courtesy of Twitter, Shutterstock.