KEY POINTS

  • Users can soon purchase Bitcoin in 20,000 7-Eleven, CVS, and Rite Aid locations in the United States
  • LibertyX wants to make Bitcoin available on every block in America
  • Before any purchase, users must first fill-up the necessary KYC details

Bitcoin can now be bought at 7-Eleven, CVS, and Rite Aid in the United States, thanks to Bitcoin ATM startup LibertyX.

With the goal of making Bitcoin available “on every block” in America, LibertyX activated Bitcoin buying locations at 20,000 7-Eleven, CVS Pharmacy, and Rite Aid outlets, allowing the public to buy the world’s first cryptocurrency easier. 

To purchase Bitcoin, buyers should enter their Bitcoin address into the LibertyX app and select “start purchase.” After that, the buyer must select one of the listed retailers nearby then select “add cash now.” Once done, go to the retailer’s outlet to allow the cashier to scan the LibertyX barcode. The buyer then pays the retailer service fee and miner fee before finally clicking “convert to Bitcoin” on the app.

At the moment, conversion fees are waived and users must join a waiting list to be able to try the service.

LibertyX’s store locator allows the buyer to immediately find out if a 7-Eleven nearby allows the purchasing of Bitcoin. Before any purchase is made, the buyer must first fill-up the necessary KYC details, such as real name, address, photo, etc.

In a statement, CEO Chris Yim touted Bitcoin as “one of the most exciting innovations over the last decade” but admitted adoption was still limited by trust and accessibility. The goal, with the slogan “Bitcoin on Every Block,” is to allow anyone to purchase Bitcoin at “familiar locations” where people drive or walk by daily.

"Now, everyone is only a few miles away from owning Bitcoin and becoming part of its global community,” he added. 

According to key figures in the crypto industry, Bitcoin can achieve widespread adoption once it becomes easier to buy crypto and use it. Many companies have tackled this problem around the world. Coinbase and Square have allowed a seamless way to buy Bitcoin via mobile phones. In Australia, Coca Cola vending machines accept Bitcoin.

Bitcoin ATM serves the same purpose of allowing users to buy crypto, albeit through a process more familiar to people -- allowing users to purchase Bitcoin the way they withdraw cash on ATMs. LibertyX launched the first cash-to-Bitcoin ATM in the U.S. in 2014 and the first over-the-counter Bitcoin cashier platform in 2016. It currently has 5,000 ATMs capable of selling Bitcoin for cash in the country. With its Bitcoin ATMs and the new deal with 7-Eleven, CVS, and Rite Aid, LibertyX expands its footprint to 25,000 locations in the United States.

Bitcoin in Emerging Economies This picture shows a person holding a visual representation of the digital crypto-currency Bitcoin, at the 'Bitcoin Change' shop in Tel Aviv, Israel, Feb. 6, 2018. Photo: JACK GUEZ/AFP/Getty Images