LibertyX, the firm that launched one of the first Bitcoin ATMs, has just made it possible to purchase Bitcoin in cash at more than 20,000 points of sale in the United States.
In a June 22 announcement on LibertyX’s Twitter account, the crypto-cash ATM service company said that customers of retailers such as 7-Eleven, CVS Pharmacy and Rite Aid could buy Bitcoin (BTC) in cash.
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Users must have the LibertyX mobile application installed, select the location of the retailer they will be visiting in advance and scan their barcodes at the time of purchase. According to LibertyX, crypto currency holders can purchase between USD 20 and USD 500, up to 0.052 BTC, at the close of this edition, with transactions processed in minutes for a small fee.
In a press release shared with Cointelegraph, LibertyX co-founder and CEO Chris Yim said the company expanded its cryptomoney purchasing services so that customers could buy BTCs from known locations:
„Now, everyone is just 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 food.
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Early reactions of the cryptocommunity
Cryptcoin traders have already begun to take advantage of the new offer. Reddit user, notyourcoins, would have received USD 99.58 for a 7-Eleven BTC purchase of USD 104.95 on June 22nd: USD 100 for the cryptomoney and USD 4.95 for the retailer’s fee.
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Another user, Oracle_of_Knowledge, did the calculations for the transaction:
„0.01040236 BTC for USD 100. So, USD 9613.20 per Bitcoin System was the price he paid. June 22nd at 9:38 a.m., Western time, so, by comparison, the price on the Coinbase Pro exchange at that time was between USD 9551 and USD 9570. So it’s not even such a bad spread, it only paid about ~ 0.5% above the ’spot‘ exchange price. Plus the flat rate of $5 at the ATM. Surprisingly, not bad.