If we want to make Bitcoin more accessible and to appeal to everyday consumers, we need to put a lot more focus on the usability of this disruptive digital currency. Instead of issuing statements such as “be your bank” and “control your money”, we can also say “send money to anyone in the world”. And that story has become a whole lot more interesting recently, thanks to Bit2Me.
Financial Crises Around The World
Even though many people would argue that Bitcoin is not aimed towards the Western world, there are some interesting use cases to be found in certain European countries. In saying this, I’m referring to those countries often in financial need. Spain, Greece, Italy and Portugal are a few of those examples, as they need regular help from the European Union to alleviate their debts.
Those debts came into being because of mismanagement and corruption by central banks. Along every step of the financial infrastructure in those countries, money is disappearing into somebody’s pocket. You have guessed it by now; that money “disappearing” is your money, which you have earned by working hard.
Bitcoin and other digital currencies could play a major role in these economies, and it looks like Spain is the frontrunner in that regard. A lot of citizens are struggling to make ends meet and the financial situation is only getting worse in Spain. With no new jobs being created and more people facing unemployment, things are not looking all that great.
A global currency that is not controlled or issued by a central bank can come to the rescue of Spanish citizens. In fact, several Bitcoin startups are dedicating their efforts to making Bitcoin more accessible to Spaniards, in terms of both buying and selling. And, the most interesting part is that some of these companies use existing financial infrastructure, such as bank ATM’s, in order to make this happen.
Bit2Me – Withdrawing Bitcoin in Fiat Currency From a Bank ATM
It has been said many times before; Bitcoin is not here to replace the existing financial infrastructure. However, this disruptive digital currency has been created to point out the flaws in the current system we use and is trying to offer people an alternative way of controlling their financial wealth.
For those of you willing to combine the current financial infrastructure with Bitcoin, all you need is a mobile phone number and some Bitcoins. Before we can get started, however, make sure to download the Bit2Me application for your mobile device. This app will let you generate a voucher that can be used to withdraw funds at over 10,000 bank ATM’s in Spain.
Once this voucher has been generated – which all happens in the background after you enter the amount of money [in EUR] you want to send and enter the recipient’s mobile phone number – a pin code be sent via a text message. A different four-digit pin code will be sent to the recipient and both codes are needed to redeem the voucher at any of the eligible bank ATM’s.
The main reason Bit2Me sends these two pin codes to two different phone numbers – one to the recipient and one to the sender – is to prevent fraud. As the second pin code needs to be sent to a different phone number, it will become easy to track someone trying to use Bit2Me to clean out your Bitcoin wallet.
Compatible bank ATM’s can be found at any ING Direct, Abanca, EVO Bank, Bankinter, Targo Bank and Caja Popular Bank offices. Simply enter the two pin codes and the corresponding amount at the machine and your money will come out in a few seconds. You don’t even need a bank account or bank card to use this service.
Needless to say, this service provided by Bit2Me is a major competitor for the remittance market. Anyone in the world can send money to someone in Spain with Bitcoin, at low to no transactions costs. And, it will only be a matter of time until this service expands to other countries as well.
Source: Bit2Me Blog
Images courtesy of Bit2Me