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UK Post Office to offer customers option to buy Bitcoin

UK Post Office to offer customers option to buy Bitcoin
Jordan
Major
3 months ago
3 mins read

The UK Post Office is now offering clients the option to buy Bitcoin (BTC) and other cryptocurrencies after collaborating with Swarm Markets, a decentralized cryptocurrency exchange.

Apparently, with this new effort, the UK Post Office is not anticipated to collect commissions from the voucher sales, according to a recent report by The Telegraph. It would, however, get a payment for the ID verification software that is in place for these BTC sales. 

Customers using The Post Office’s EasyID app will be able to purchase cryptocurrencies such as Bitcoin starting next week with the smartphone app used to make purchases on Swarm Markets. Additionally, the app is said to help users safely authenticate their age and identity to access online services.

Local analyst considers crypto risky

According to local analysts, despite the fact that the company has decided to provide Bitcoin to its consumers, the move might be extremely risky for investors. Chartered financial planner Warren Shute commented on this situation:

“When people buy cryptocurrencies, they should be sold with a very clear wealth warning: that you could get back a lot less than you purchased. It’s one thing buying crypto online via an investment platform as that’s what the audience expects, but you don’t associate this with the UK post office.”

In contrast, Philipp Pieper, co-founder of Swarm Markets, stated the lack of a secure and regulated platform had prevented people from accessing DeFi, adding:

¨By making it easy and safe to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto and enjoy the benefits of DeFi – and not just those who understand crypto jargon.”

Cryptocurrencies acceptance growing

Crypto adoption throughout the world has been growing; recently, the digital asset became legal tender in El Salvador, while Ukraine is on course to legalize cryptocurrencies like Bitcoin after the country’s parliament passed the second reading of the Virtual Assets Bill on Wednesday 8, September 2021.

Not only that, but also this isn’t the first time a Post Office has offered Bitcoin to clients who want access to the world’s largest virtual currency. In 2019, the Post Office in Liechtenstein began selling Bitcoin vouchers over the counter. Liechtensteinsche Post AG was one of the pioneers as this made it possible for anyone in the nation to access BTC without having to rely on internet exchanges for it.

In the end, there are mixed feelings about the news, with some fearing that it will tarnish the Post Office’s image, while others are excited by the idea of acquiring crypto vouchers that can be redeemed for Bitcoin or Ethereum with a few taps on their phones.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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