How to Use Bitcoin Vouchers to Buy Bitcoin with Cash
Bitcoin (BTC) vouchers provide one of the most convenient and private ways to buy bitcoin. Despite the convenience and privacy they offer, bitcoin coupons have yet to fulfill their full potential to drive global bitcoin adoption.
Read on to find out what bitcoin coupons are, how you can use them to buy bitcoin with cash, and why they can play an influential role in bitcoin adoption.
What are bitcoin coupons?
Bitcoin Vouchers are prepaid cards – similar to gift cards – that can be purchased with cash or debit card and redeemed for BTC. The amount of bitcoin “stored” in vouchers typically ranges from $10 to $250.
Crypto coupons can be either digital or physical, the latter providing an innovative way to buy bitcoin privately with cash.
Physical bitcoin coupons are sold at newsstands, grocery stores, gas stations and kiosks, providing quick and easy access to bitcoin for anyone with cash in their pocket.
How to buy BTC with bitcoin coupons with cash
Buying bitcoin with a physical bitcoin voucher takes just minutes and allows you to seamlessly and privately convert your fiat currency into digital currency.
The process varies slightly from supplier to supplier, but in general it works as follows:
- Visit a store that sells bitcoin coupons.
- Buy a coupon for the amount of bitcoin you want to buy.
- Redeem bitcoin by entering the coupon code on the provider’s website and enter your bitcoin wallet address to receive your coins. If you have purchased a bitcoin voucher that comes with an LNURL QR code, just scan it with your Lightning Network (LN) wallet and receive bitcoins via the Lightning Network within a second.
And that’s it! You receive bitcoin and the purchase is complete.
The role bitcoin vouchers can play in mass adoption
Thanks to those who Aztec, Coinfinityand FastBitcoinsYou can buy physical bitcoin vouchers at a wide range of global locations.
From a gas station in the Austrian Alps or a kiosk in Warsaw to a kiosk in Johannesburg, bitcoin coupons are found in a growing number of cities in all corners of the world.
Max Tertinegg, co-founder and CEO of Coinfinity, which sells bitcoin vouchers called “Bitcoinbon” at over 4,000 locations in Austria, told Cryptonews.com:
“Bitcoin coupons are a convenient way to introduce people to bitcoin without having to go through the process of setting up a wallet and fully registering with an exchange. For many people, a physical purchase at a POS [point of sale] is the preferred way to purchase goods – bitcoin coupons can also help attract new customers. Our product Bitcoinbon has been on the market since 2015 and has since helped thousands of people to buy bitcoin quickly and easily.”
While bitcoin vouchers provide a user-friendly way to give bitcoin or buy small amounts of bitcoin on the go in the Western Hemisphere, the real power of bitcoin vouchers lies in the role they can play in bitcoin adoption in emerging markets.
Why?
Because bitcoin vouchers enable anyone with a smartphone to buy bitcoin the way they already buy mobile phone credits.
In Kenya, for example, you can top up your mobile minutes by buying an Airtime scratch card at pretty much any kiosk. To load the Airtime credit on your phone, scratch off the field where the voucher code is, dial 141, enter the voucher number and press OK or the Call button.
Thanks to physical bitcoin coupons, you can buy bitcoin efficiently in the same way. Therefore, bitcoin coupons open up simple and easy bitcoin purchases for millions of people who are already familiar with buying digital credit using this method.
While crypto exchanges are doing a lot to expand into as many markets as they can, there are compliance requirements that prevent easy access to bitcoin for individuals without documentation or a bank account.
Even leading peer-to-peer (P2P) exchanges that conduct the majority of bitcoin trading in frontier markets require users to verify themselves using official government documentation. People who do not have identification documents cannot use these platforms.
Bitcoin vouchers, on the other hand, can be purchased with cash and there is no requirement to provide any identification as the amounts “stored” in vouchers usually fall under regulatory reporting requirements for cash purchases.
____
Learn more:
– Which markets can benefit the most from Crypto?
– Central Africa rolls out Sango coin amid transparency, credibility concerns
– Only 18% of respondents do not expect Bitcoin to become legal tender in 3 years – Survey
– 40% of surveyed people with lower income want to use Bitcoin – not to make money
– Crypto awareness of 76% in Spain – Survey
– Global Professionals Increasingly Interested in Bitcoin and Crypto Payments – Report
– 84% of Brazilian high earners surveyed know what crypto is
– Mastercard: 51% of surveyed consumers in Latin America and the Caribbean have “experienced” crypto
– One in seven wealthy people now own “Digital assets” – survey
– 13% of surveyed Canadians owned Bitcoin in 2021, up from 5% in 2020 – Bank of Canada
