Exchanging physical cash for Bitcoin is about to get a whole lot easier.
What’s happening:
- Bitcoin Well (TSXV: BTCW) has announced they have launched a new feature known as Cash Vouchers, which makes it seamless to turn cash into Bitcoin through Bitcoin Well’s network of physical Bitcoin ATMs
How it works:
- Users who have a Bitcoin Well account are able to use Bitcoin Well’s online portal and select the Cash Voucher feature
- This instantly generates a unique QR code that is then accessible at a Bitcoin Well ATM
- From there, cash is simply deposited into Bitcoin Well’s ATM and is converted into Bitcoin
- That Bitcoin is then instantaneously sent to a users own Bitcoin wallet, in a way which is entirely non custodial
Why it matters:
- The founding principles of the Bitcoin network are about permissionless and decentralized ownership, which has been made more difficult with the rise in regulated exchanges and custodial platforms that actually take ownership of Bitcoin before it ever reaches a users own individual digital wallet
Going deeper:
- Bitcoin Well has been experiencing significant new growth for their non-custodial Bitcoin ecosystem, which ranges from physical Bitcoin ATMs to their online portal amidst a growing demand for self custody