Paris-based Bitit launches to let you buy Bitcoins from 100,000 physical stores - page 2.

alyssa85

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Quote from: Bit_Happy on March 24, 2016, 10:14:38 AM

People can buy up to $25 worth of Bitcoin with no paperwork
They are making it really easy to buy online with a credit card, and controlling risk with limited amounts.
Let's hope they do not get bleed to death with "$25 worth of fraud" done thousands of times.

Well the scammers would need thousands of credit cards to make it work - I'm guessing it would cost them more than $25 to buy a stolen card, which is why the limit was set at that amount.

fuathan

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Aleph.im

Waov!.. That's the big news. I started to thinking this idea when I saw some gift / promotion cards in stores...

Kprawn

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The $25 limit is a joke, but I guess their main concern is to curb criminal activities with Bitcoin and you can go up to $500 when you identify yourself on their system... basically the same as the many

American companies, who has to adhere to the AML/KYC regulations. I was just wondering why people would want to buy Bitcoin vouchers, if they could just buy the Bitcoin directly? Is this a quick way to

introduce new people to Bitcoin, when you give them a Bitcoin voucher as a gift... if that is their main goal, I congratulate them for the innovative idea to boost adoption. Grin

calkob

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sounds like a great step forward, i would love the ability to walk in to a store and buy some bitcoin.

Bit_Happy

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A Great Time to Start Something!

People can buy up to $25 worth of Bitcoin with no paperwork
They are making it really easy to buy online with a credit card, and controlling risk with limited amounts.
Let's hope they do not get bleed to death with "$25 worth of fraud" done thousands of times.

alyssa85

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http://venturebeat.com/2016/03/24/paris-based-bitit-launches-to-let-you-buy-bitcoins-from-100000-physical-stores-around-the-world/

Quote

Bitit now lets people walk into physical stores and buy the virtual currency with cash. The startup also lets people purchase Bitcoins online through the company’s website.

And soon, people will be able to buy plastic gift cards or electronic vouchers to give as presents. The company currently has the Bitcoin gift cards for sale as part of a trial at La Maison du Bitcoin in Paris, a meetup space for people working on projects related to the virtual currency.

The key to Bitit’s process is that it has arrangements with partners (it can’t reveal the names) to buy Bitcoins on a regular schedule. At the moment, many users have been reporting that it can take a week or more for the Blockchain to process a transaction. Bitit eliminates that delay for users by having the Bitcoins ready to deliver in as little as 10 minutes.

The trick, and what Bitit hopes will be its secret weapon, are algorithms it has written to help minimize its risk profile by carefully balancing the rate at which it buys Bitcoin and the rate at which customers are buying them.

Also, its system is designed to minimize the risk and chances of fraud. People can buy up to $25 worth of Bitcoin with no paperwork. They can buy up to $500 after that, but must submit a series of documents to confirm their identity in the system.

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