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Yep You Can Now Buy Bitcoin At 7-Eleven: Will It Help Drive Adoption

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@whatageek
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If you haven't seen the news today you missed quite a story. The company LibertyX is launching an app and the option to buy bitcoin at 7-11, CVS and Rite Aid Pharmacy. That's right you can now pick up a slim Jim and some bitcoin at the same time (or medicine at CVS). You really don't get more mainstream then buying something at a convenience store like 7-11. It is always cool to see news like this pop-up and it is another sign that bitcoin might be making a big comeback in the market place.

When I first heard of this story I thought it was a gift card type object that you would buy and then enter a code to get your bitcoin when you get home. But the process is a little more complicated and it might be a little daunting for new users. The first thing you need is a smart phone so you can download the app and a bitcoin address. When you get the app you take your phone to the store and tell the cashier how much bitcoin you want to buy. You press add cash on your phone and a barcode pops up which the cashier will scan in order to add the bitcoin that you bought. It seems a little odd but now that I think about it really isn't that many steps. Though an app I can keep my coins in and exchange them for goods or fiat directly would be easier.

But there one thing about this story that really stands out, it is the timing. This story would never have come out in 2019 or the second half of 2018. Sure during 2017 people were falling over backwards to take advantage of the blockchain craze but since then it has been quiet. There has been little mainstream companies that were offering bitcoin and most of the work for the last 2 years has been done behind the scenes. But now, when we are close to a possible run, the news comes out that bitcoin can be bought at 7-11. This is one day after the story of Paypal came to light. It's way to early to tell but this is getting exciting.

So let's get to the second part of the article: will this help drive adoption?

My first response is it can't hurt. The more places that sell bitcoin the more people that will be talking about. Think of a conversation with the guy working there that might never have known what bitcoin really was until this. I'm sure that there will be bitcoin stickers on the door so that will help too. This will also bring more legitimacy to people who still think it is magically internet money. There is a now a physical place to buy them and like ATMs provides a gateway into the real world.

My problem is the difficulty to get it. To me the idea of buying bitcoin at a store is that it will attract people who have no idea how to use a computer well or do not want to learn about seeds and bitcoin addresses. It would be cool if someone can buy a card with bitcoin on it (it would have to be held and managed by a third party so trust would re-enter the picture) and then keep that knowing they could get the coin when they want to. Or maybe a wallet that is only an email address that they can put bitcoin on as they would money. I also like the idea of gift cards so people could buy them as gifts for friends and family and even people who might now be into bitcoin could still buy them for someone who is.

It is the same reason why banks and stock brokers offering crypto is a big drive into mainstream adoption. It takes out the tech side of the crypto space and makes it more accessible to the masses. I'm not saying take away from the fact people can own their assets without a third party, and anyone who wants to learn can run their own nodes and wallets but if that is the only option it will take generations before blockchain becomes mainstream.

We will see where this goes but it is a large leap that i can download the app and go to 7-11 to grab some bitcoin. More good news for crypto.

Check out Forbes for more info: forbes.com/sites/colinharper/2020/06/23/you-can-now-buy-bitcoin-at-cvs7-eleven-rite-aid/#6aeeb13a3464

Posted Using LeoFinance