By the look of things, we may very well be headed towards a Bitcoin-to-cash withdrawal system that operates on 0% fees in the future. Most people still use Bitcoin exchanges to convert their Bitcoin to fiat currency, which is always subject to a fee – usually between 0.25% and 1.5%. But is that really a good way to remain competitive, or should these fees be removed completely?
The Fee-less Bitcoin-To-Cash System
Over in Spain, several companies are trying to bring something new to the market, by offering a service that converts Bitcoin to cash at a low fee. Or to be more precise, it looks like we have a small “war of fees” on our hands, as two companies have lowered their withdrawal fees to 0% in the past month or so.
Spain is a country going through a lot of financial troubles, which all began even before the inception of the Euro. However, it has to be said that the creation of the Euro didn’t improve the situation at all, as it only seems to have made matters worse. And the last thing the rest of the EU wants is to financially bail out Spain yet again.
This is why Bitcoin is becoming more and more popular in Spain, as it offers a whole new way of doing business without any governmental influence. Without any third party to meddle in your affairs, Spanish Bitcoin users can convert their digital currency to fiat currency relatively easy, by using services such as Bit2Me and BTCPoint.
And it’s these competitive Bitcoin withdrawal systems which are bringing a lot of attention to Bitcoin and digital currencies in Spain. If people realize that Bitcoin is a faster, easier, cheaper and even more convenient way of earning additional income, there is no reason they will not flock to mass adoption of Bitcoin in the future.
The best for people in Spain is that both Bit2Me and BTCPoint have removed withdrawal fees altogether, in order to remain competitive with one another. Both companies are offering a near identical service, which lets users sell Bitcoin through the respective platforms, and then withdraw cash from a bank ATM within minutes.
Both Bit2Me and BTCPoint will send the user two codes which need to be entered into any of the over 10,000 supported Hal Cash ATMs in Spain. Hal Cash ATM’s can be found in most of Spain’s bank branches, including Banco Popular, ING Direct, EVO and Abanca. For a full list of supported banks and ATM locations, click here.
Even though it has not been confirmed at this point in time, we might see services similar to Bit2Me and BTCpoint show up in Poland in the near future. The reason for that is quite simple, as Hal Cash operates in both Spain and Poland. In fact, most of Poland’s Bank ATM’s are already set up with the Hal Cash service, so it would only take one brave company to take the leap and offer exactly the same service as its Spanish counterparts.
However, in the rest of Europe – as well as other Western countries – it might take a while until we see this feature coming our way. Over here in Belgium, bank ATM’s don’t offer any kind of functionality if you do not have a bank card registered to that specific bank, which is something that Hal Cash does offer in both Spain and Poland.
That does not mean we will never see this functionality though. If this proves to be quite a success – and perhaps not just because of Bitcoin, but for other payment purposes as well – banks around the world will have to adapt their bank ATM’s eventually. This is where Bitcoin ATM’s can leap over most traditional banks, by allowing users to withdraw funds from the ATM if they can enter two (or more) codes related to a payment.
Source: Press Release Via Email
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