LibertyX has announced that customers of 7-Eleven, CVS Pharmacy and Rite Aid will now be able to buy Bitcoin (BTC) in these stores. These chains are very popular in the United States with over 20,000 stores.
Use cash and buy #bitcoin with LibertyX at 20,000 7-Eleven, CVS Pharmacy®, and Rite Aid stores nationwide. 0% conversion fees through 7/31/20. Sign up today! https://t.co/jrj6Pg5VkM pic.twitter.com/9Aj1kQ93kB
— LibertyX (@libertyx) June 22, 2020
LibertyX was founded in 2013 and is one of the first bitcoin ATM networks and not only. Thanks to this background, it has been able to reach 45 countries and a total of 25 thousand stores throughout America.
How does LibertyX work
To buy and sell Bitcoin simply interact with the LibertyX app, available for iOS and Android, register your account, enter a bitcoin address and click on “start purchase”.
After that, on the app you have to choose the store where you are and click on “add cash now”.
At this point, the cashier will scan the barcode and the customer will have to pay an amount between $20 and $500. Bitcoin will be credited in about 10 minutes.
As mentioned, this application is focused on bitcoin and this is the intention expressed by the top management of the company, which is to bring BTC into the places of everyday life, as stated by the CEO of LibertyX, Chris Yim:
“Bitcoin is one of the most exciting innovations over the last decade, but adoption has been limited by trust and accessibility. We wanted to expand our footprint so anyone can buy bitcoin at familiar locations they drive or walk by daily. Now, everyone is only a few miles away from owning bitcoin and becoming part of its global community. Buying bitcoin is as easy as scanning a barcode while shopping for groceries”.
With this system, it is not necessary to carry out any type of profiling procedure such as KYC (Know Your Customer) or AML (Anti Money Laundering), which is quite an advantage. It also allows random users to buy bitcoin without going through complicated procedures or time limits.
A zero fee service has been introduced for the launch of the initiative. Overall, the only fees to be paid will be those of the store which amount to $4.95 and those related to the blockchain transaction.
The ATM sector may seem outdated, but for those users who aren’t young and are used to a more traditional system, it is more convenient than using an exchange platform that, partly because of KYC, discourages those who are less familiar with the technology.
Recently, new ATMs have been opened where it is possible not only to buy bitcoin but also to withdraw and sell them, whereas in Italy, thanks to Chainblock, the installation of new ATMs continues relentlessly.