The appeal of combining Bitcoin with gift cards is nothing new in the world of digital currencies. Services like Gyft and eGifter seem to provide a similar service, yet Bitit is doing something entirely different. Rather than letting consumers purchase traditional gift cards with Bitcoin, Bitit offers genuine Bitcoin gift cards. Sharing the love and joy of digital currency is being taken to a new level.
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Bitit – Bitcoin eGift Cards For Everyone
One of the main issues with Bitcoin is explaining to everyday consumers how they can buy digital currency in a convenient way. Even though it piques people’s curiosity on various levels, there is always some form of Bitcoin exchange in the process, hardly any of which offer a convenient experience.
Bitit wants to change that situation by introducing their Bitcoin eGift Card. The way this works is by making the purchase of Bitcoin as easy and convenient as buying music online, and receive digital currency through an email address. Prices range from 25 to 250, and balances can be exchanged to Bitcoin in a matter of seconds.
Redeeming the Bitcoin eGift Card occurs through the Bitit platform. Doing so will guarantee the recipient of receiving the full amount of funds on the card – denominated in EUR – and converted to Bitcoin on the spot. Unlike most other services where Bitcoin is “more convenient” to purchase, Bitit will, depending on the payment method used, not ask for ID verification.
To make this entire process even more streamlined, Bitit is planning to integrate an online Bitcoin wallet service into their platform over the next few weeks. For novice users, this will prove to be a powerful tool, as they won’t even need to install a software Bitcoin client on their devices. That being said, funds should never be kept in an online wallet for extended periods of time, though.
For the time being, Bitit is operating in its beta version, and access to the platform needs to be requested manually on the website. Once a user has been granted access to the beta, they can choose to purchase Bitcoin through credit card or SOFORTUberweisung, both of which are instant payment options. Do keep in mind that further verification may be required for making large purchases with a credit card.
How It Works in a Nutshell
Once the payment has been completed, the user will receive a Bitit Bitcoin eGift Card by email, along with a unique code. That unique code, together with a Bitcoin wallet address, can be redeemed on the Bitit website. Bitcoins will be transferred to the designated wallet address once the unique code has been verified by the system.
It is important to note that, while Bitit is in its beta stage, there will be a 3.9% surcharge regardless of payment method. However, the Bitit Gift Card has no expiry date, and there will always be a full conversion from EUR to BTC according to the current market price. Last but not least, every Bitit order placed will grant the buyer points, which can then be used on future card purchases.
Even though quite a few people will feel the fee is a bit high, you have to keep in mind this is the price we pay for convenience at this stage. Granted, it is cheaper to buy Bitcoin through a regular exchange, but that comes at the cost of having to wait for verification procedures and funds transfers.
Source: Press Release via Email
Images courtesy of BitIt, Shutterstock