As days pass by, skeptics may start feeling that their doomsday predictions for cryptocurrencies might be proved wrong.
There can be no better signal for this than a recently announced agreement between Austrian Post and Bitpanda, a Vienna-headquartered cryptocurrency exchange.
Under the agreement, anyone can make purchases of cryptocurrencies from any of the 1,800 post offices spread across the country.
The digital currencies available through this arrangement are Bitcoin, Dash, Ether (or Ethereum) and Litecoin.
Though this is not the first time such a facility is made available, it does bring in a lot of legitimacy to the concept of cryptocurrencies.
And when the overall universe expands for the use of these cryptocurrencies, their acceptability and usage will also increase.
Collect Coupons from Post Offices
Under this arrangement, buyers of cryptocurrencies can pick up vouchers issued by Bitpanda from the post offices and pay the value in Euros.
To start with, there are only three denominations in which the coupons can be picked, namely 50 Euros, 100 Euros or 500 Euros.
Each coupon has a code which can later be used on the Bitpanda exchange to buy the desired digital currencies. Bitpanda has given a name to this newly introduced service, calling it Bitpanda to go.
This move to sell cryptocurrencies through post offices is welcomed by people interested in buying these assets, especially if they’ve had difficulties buying them from exchanges that usually deal in the trade.
The identity verification processes have been made more elaborate, and it takes time and effort before the cryptocurrencies are credited to the buyers’ accounts.
Though the Bitpanda system also has its own verification level, it has been simplified quite a bit. With just a valid email ID, it is possible to complete the transaction.
Once you’ve paid the value in Euros at the post office, you have the choice to pick the currency you need among the four cryptocurrencies.
No doubt, Bitcoin is the most popular as of now, and its exchange value is heightening.
Bitcoin Extensively Used for Transactions
Reports from all around the world indicate widespread acceptability of cryptocurrencies as a valid currency for exchange. Bitcoin, in particular, is the most preferred among them all.
There are clearly two reasons why this statement is being made.
One is that the value of Bitcoin has been increasing over time, crossing the level of $2,500 per Bitcoin in the past few months.
After hovering around the $1,200 to $1,300 mark for a while, the value has doubled. Being volatile, it can fall anytime as well.
The other indication is the continuous expansion of corporate bodies around the world which are ready to do business in Bitcoins as opposed to the traditional currencies like the US Dollar or the Euro.
It is public knowledge that these cryptocurrencies have no legal standing, and they can now be owned by any country or setup. They are also not controlled or regulated.
Despite these facts, the use of cryptocurrencies is only increasing. And this recent Austrian Post agreement to sell cryptocurrencies through their post offices adds more fuel to the expansion.
Some Background on Bitpanda
Obviously, the new arrangement should be credited to the efforts of the Austrian digital currencies exchange operator, Bitpanda.
Originally founded under a different name in the year 2014, it became Bitpanda in 2016. Today it has grown sufficiently to a 300,000 strong member organization.
With the new post office facility in place, the company would be hoping to expand its reach and grow even further.
Though the business has been commenced with just these three 50, 100 and 500 Euro denominations, Bitpanda is confident that there would be other denominations added in the future as it continues to grow.
Bitpanda has also sailed against the tide in the past few years with threats of banning cryptocurrencies and severe resistance from many vested interests.
The Bitpanda owners must be feeling a sense of victory with this widespread recognition.
In fact, the cryptocurrencies will also receive some kind of publicity through the post offices that come with the deal, all located in the interior parts of Austria.