Bitcoin is often referred to by mainstream media as an anonymous digital currency, with a high potential to attract hackers and scammers. However, Bitcoin is not anonymous, nor has it ever been, nor does it need to be. But that doesn’t mean people wouldn’t mind selling their Bitcoins anonymously and withdraw fiat currency from any bank ATM at their disposal.
Coins.co.th Allows Anonymous Cardless ATM Withdrawals
Selling Bitcoin in exchange for fiat currency is a process that has been simplified in recent years. But not every Bitcoin user likes to use a Bitcoin exchange to sell coins, mostly due to the identity verification procedures attached to those platforms. On top of that, Thailand is an underbanked nation, and most Bitcoin exchanges only pay out via wire transfer.
This creates an interesting paradigm in Thailand and other countries, as Bitcoin companies have a proper incentive to come up with ways for customers to sell BTC in exchange for fiat currency. However, this process has to be user-friendly and avoid using bank accounts altogether, so not an easy process is complete.
And in fairness, the process used by Coins.co.th does not exclude the use of financial infrastructure by banks either. There is a major twist to that statement, as customers are not required to have an account or bank card with the participating bank in order to sell Bitcoin for local fiat currency.
Krungsrl Bank offers a cardless ATM service, where users can pick up money without being a customer of the bank itself. Cardless ATM pickups involve the entering of multiple codes on the ATM, which act as a form of “fiat currency vouchers”. Similar to how Western Union operates, but without the need to fill in any personal information about yourself or the sender of the funds.
Once a Bitcoin user sells their BTC to Coins.co.th, they will receive the required “voucher” codes within a few hours. Those codes are then tied to the fiat currency amount for the Bitcoin sale, which have to be entered at one of the Krungsrl Bank ATM’s. Such a partnership is of great benefit to Bitcoin users in Thailand, as Krungsrl Bank is the largest financial institution in the country with ATM’s in more than 2,600 locations.
Similarities to Bitcoin Service Provided by Bit2ME and BTCPoint in Spain
It is not the first time we have seen Bitcoin companies offer a service by partnering with a bank that offers a cardless ATM withdrawal service. Earlier this year, Bitcoin startups Bit2Me and BTCPoint started offering a similar service to Bitcoin users in Spain, and with no transaction fees involved, both platforms are seeing great rates of success.
Regardless of whether such a service is offered in countries with or without financial infrastructure, Bitcoin is slowly being embraced by more and more nations. As a result, Bitcoin startups are trying to come up with creative ways to allow customers to buy, sell and trade the digital currency.
In a way, services like these allow Bitcoin users to withdraw funds anonymously from cardless bank ATM’s. However, depending on the country they live in, a mobile phone number might be required to withdraw funds, which removes a tiny portion of the anonymity layer. Then again, there are plenty of prepaid options available, and no name or address can be tied to that phone number.
Source: Press Release via Email
Images courtesy of Coins.co.th, Shutterstock and Kunrgsrl Bank