Bitit offers in person Bitcoin purchasing via receipts that are bought from cashiers, and can be redeemed for Bitcoin. It hopes to launch its prepaid plastic and digital gift cards programme soon.
An issue Bitcoin faces is fraud; because of Bitcoin’s reported anonymity and low transaction fees, those wishing to launder money see it as a very useful option. This has led to high rates of fraud among in-person Bitcoin retailers, which in turn has meant retailers charge inordinate fees of up to 20% in an attempt to curb its nefarious usage.
Bitit tackles this issue by offering a system whereby people can buy up to USD 25 in BTC without any paperwork, but after that, they must submit a series of identity verification documents, to buy BTC up to a limit of USD 500.
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