Thursday, January 18, 2018
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Bitit Sells Bitcoin at 100000 Stores

Billing itself as “the easy instant access to Bitcoins,” Bitit, a Paris, France-based bitcoin sales platform, allows people to buy bitcoin for cash or credit card in stores and online. The vouchers and prepaid gift cards are available at 100,000 stores. There is a map of the stores on the company website.

Bitit image

Bitit’s goal, according to its website, is to make the cryptocurrency available to people in less than 10 minutes through prepaid cards or vouchers.

Once a user has a Bitit code, they can redeem their voucher or prepaid gift card online, provided they have a bitcoin wallet. If they don’t have a bitcoin wallet, the Bitit website allows them to create one.

The user will know when they redeem their voucher or gift card what the fiat-to-bitcoin exchange rate is. Bitit uses different cryptocurrency exchanges to determine the exchange rate for users.

Transaction Fees

When buying online with a credit card, the transaction fee is 3.9% and the exchange rate fee is 5.9%. Bitit accepts Visa, MasterCard, Maestro and Sofort.

When buying at a store, there is a 15.9% fee. The company expects these fees to decrease as the Bitit transaction volume and global bitcoin liquidity both increase.

Merchants earn 5% for each Bitit card they sell.

Also read: Wirex/E-Coin launches two-way BTC card, let’s users buy BTC

Purchase Limits Apply

Users can buy up to €25 worth of bitcoins by filling out a profile; no documents are required. To extend the purchase limit to €500 per week, they need to provide a notarized proof of identity, such as an ID card or passport, and a selfie photo with the document.

Users earn points using Bitit; they receive a point for every €1, and a €1 discount for every 100 points.

According to its website, Bitit launched in March of 2015. According to Venturebeat, Bitit plans to make plastic cards available.

Images from Bitit and Shutterstock.

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