Has anyone tried LibertyX's new buy BTC service (CVS & 7-Eleven)?

[OROBTC]

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LibertyX just announced that it is/will be selling BTC from many CVS stores as well as 7-Elevens.  I looked into this a bit, it looks like the first step is to download an app onto your cellphone.  Then go through the usual onerous KYC/AML procedures.  OK, done.  It looks like they needs some two days to review the info before one can go buy BTC.

https://cointelegraph.com/news/libertyx-allows-btc-purchases-in-cash-at-7-eleven-cvs-and-rite-aid

https://libertyx.com/a/waitlist

Poking around the LibertyX website some more, I saw that there are some other locations (non ATMs, also payday stores, etc.) where one can get BTC for cash, so I set up an order, then went over there.  Yet, it was declined (perhaps KYC/AML related, can't do anything even though they took the order over the 'Net?).

So, it looks like (at least according to the recent announcements) a convenient service although I just burned up nearly half a day trying to sign up, KYC/AML and to buy...  Maybe just "growing pains" (as they just announced the new service).


Has anyone been able to complete a transaction using LibertyX's new service with CVS or 7-Eleven? 

[1715091623]

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[suchmoon]

I'm trying to think of a reason why I should try it and I'm coming up short. I'd need to do invasive KYC, it's not like I can just hand cash over anonymously. I'd have to pay 0.5% + $5 according to the CT article. Worst of all, I'd have to get off my couch and go somewhere. What makes it worth it?

[OROBTC]

I'm trying to think of a reason why I should try it and I'm coming up short. I'd need to do invasive KYC, it's not like I can just hand cash over anonymously. I'd have to pay 0.5% + $5 according to the CT article. Worst of all, I'd have to get off my couch and go somewhere. What makes it worth it?

The KYC is quite invasive, and I almost decided to not try the service out.  But, I currently buy my BTC in small amounts from BTMs in my area (which charge more and ask for phone number & name anyway).  For me, the ability to buy from almost any 7-Eleven or CVS is pretty convenient.

I have never worked with any exchanges..., I have read of many problems with people working with exchanges only to find their BTC gets locked up.  Nor have I gone with localbitcoins since THEY started asking for KYC/AML.

[gentlemand]

There've been services like this in the past like Zipzap and that one that was through French tabacs that were going to change the world. Then they were never heard of again. I'll guess this will go the same way.

There's got to be a level where KYC isn't required, and if there isn't they should establish one. In Europe you can put 250 Euros through a prepaid card before having to identify yourself.

[OROBTC]

There've been services like this in the past like Zipzap and that one that was through French tabacs that were going to change the world. Then they were never heard of again. I'll guess this will go the same way.

There's got to be a level where KYC isn't required, and if there isn't they should establish one. In Europe you can put 250 Euros through a prepaid card before having to identify yourself.

Yeah, I remember reading about the tabacs looking into selling BTC there in France.  Nor have I heard squat since...

That would be too bad if LibertyX's service disappears into a black hole of no demand.  I suppose we'll see before long.

Every US BTM I have seen lately asks for KYC info of one sort or another even for $10 work of BTC.

[suchmoon]

I have never worked with any exchanges..., I have read of many problems with people working with exchanges only to find their BTC gets locked up.  Nor have I gone with localbitcoins since THEY started asking for KYC/AML.

Any centralized shop, whether it's a "traditional" exchange or this LibertyX thing or a BTM operator is prone to problems like that, and more (e.g. leaking your dox). I think if I had to deal with one of those I'd stick with an established exchange than a new unproven service.

Or better yet, try one of those newfangled decentralized things but I've been a hodler for too long so I'm out of touch with what the cool kids use these days.

[OROBTC]

I have never worked with any exchanges..., I have read of many problems with people working with exchanges only to find their BTC gets locked up.  Nor have I gone with localbitcoins since THEY started asking for KYC/AML.

Any centralized shop, whether it's a "traditional" exchange or this LibertyX thing or a BTM operator is prone to problems like that, and more (e.g. leaking your dox). I think if I had to deal with one of those I'd stick with an established exchange than a new unproven service.

Or better yet, try one of those newfangled decentralized things but I've been a hodler for too long so I'm out of touch with what the cool kids use these days.

Hear you re new & cool things.  That's why I feel free to ask lots of questions around here...

[gentlemand]

I think if I had to deal with one of those I'd stick with an established exchange than a new unproven service.

Or better yet, try one of those newfangled decentralized things but I've been a hodler for too long so I'm out of touch with what the cool kids use these days.

This is run by the biggest and oldest Bitcoin ATM network. They'll know the ins and outs and the legal manoeuvres. The biggest issue would be the utter cluelessness of the store clerk person. I would hope they've made it totally foolproof and mindless on that side.

If I had the choice of this vs some totally unfamiliar dex the latter would take more to convince me.

[vapourminer]

I'm trying to think of a reason why I should try it and I'm coming up short. I'd need to do invasive KYC, it's not like I can just hand cash over anonymously. I'd have to pay 0.5% + $5 according to the CT article. Worst of all, I'd have to get off my couch and go somewhere. What makes it worth it?

for me its the experience of standing there whilst others look at you like youre buying monopoly money. priceless.

i am soooo there once it comes around here.

on an (unrelated) side note, last time i bought  gift cards for some  friends whos businesses were shut down due to covid i had to answer the clerks questions that i was not coerced into buying the cards due to scams like paying the irs with the cards and such. had an interesting conversation with the cashier for a bit as it seems thats pretty common. wonder what the new line might be. buying btc isnt the same but im sure there will be looks given.

cant wait.

and although i dislike the cameras and kyc etc but hey big brothers has been around long enough that it hardly matters for me at this point. big brother knows all about my goat porn collections and such anyway.

This is run by the biggest and oldest Bitcoin ATM network. They'll know the ins and outs and the legal manoeuvres. The biggest issue would be the utter cluelessness of the store clerk person. I would hope they've made it totally foolproof and mindless on that side.

i can just picture asking the typical store cashier for help (especially the ones with liberal arts degrees that are now stuck working there due to.. reasons heh.

one would hope there an 800 number to call.

on second thought, scratch that 800 help number. likely be worse than blindly hitting buttons.

[OROBTC]

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LOL, guys, re asking the store clerks for help.  Yeah, I got a blank look from the clerk at the check-cashing shop where I tried to complete my purchase of BTC yesterday.

If/when I get approved by LibertyX, I'll make a trial run and report back.  Buying BTC at CVS and/or 7-Eleven seems like it would be a big deal for many of us.

[LeGaulois]

There've been services like this in the past like Zipzap and that one that was through French tabacs that were going to change the world. Then they were never heard of again. I'll guess this will go the same way.
...

Yeah, I remember reading about the tabacs looking into selling BTC there in France.  Nor have I heard squat since...

It still exists here. They suspended the sale after 2 months because they had a problem with their partner Bitmedia. (The problem is that customers were waiting half a day to receive their transaction.)

It's about Keplerk (aka Paysafebit) but we also have Digycode, another company using tobacconist, petrol stations,...
The problem is that it's not advertised in French tobacconist. I've never seen a sign saying "you can buy BTC" or even a BTC's logo.

So people can buy BTC but nobody is aware, expect Bitcoiners who have no use to buy BTC at a premium rate since they know how to do it the traditional way.

I've heard they advertised on TV a bit recently

[gentlemand]

It still exists here.

And what became of the Swiss railway ticket machines thing? That's the type of penetration that's hard to beat but yet again nothing's been heard of since. I guess it's not going to occur to the average rail user, or crypto buyer, to go Bitcoin shopping at one. 

[igzolt]

saw someone post this on reddit: https://www.reddit.com/r/Bitcoin/comments/hdwrjn/bought_bitcoin_at_7eleven/

[OROBTC]

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It took some time, LibertyX asks for a lot of KYC info (at different times, a negative), but I was able today to get some BTC for cash at a CVS.

Spent $300.00 (total), received 0.03204 BTC, "their" BTC price was $9203.  CVS fixed fee was $4.95, LibertyX fee was $0 (they have a special on until July 31, offering BTC with 0% fee).

$300 / $9203 = 0.0326, BTC received: 0.0320, (0.0326 / 0.0320) = ~ 1.0188 (or about a 1.9% total fee)


1.9%% (total fees) is better than I have gotten from any BTM (typically 7% - 14% depending).  This will change after July 31 when LibertyX starts to charge THEIR fee.  That 1.9%% would of course be a bit lower buying $500 worth of BTC at once, higher percentage if buying less.

$20 minimum purchase, $500 maximum.  My weekly maximum would be $3000 (LOL, like I have that kind of money).

If interested in their service, you can save some fees by acting before July 31, but do note it took me a few days to jump through several hoops.



(Edited to correct errors)

[suchmoon]

$300 / $9203 = ~ 3.26%

3.26% (total fees) is better than I have gotten from any BTM (typically 7% - 14% depending).

Isn't your fee 4.95/300? That makes it ~1.7%.

You would also need to consider the exchange rate difference (if any) from other exchanges, i.e. if LibertyX has a markup built in there.

[OROBTC]

$300 / $9203 = ~ 3.26%

3.26% (total fees) is better than I have gotten from any BTM (typically 7% - 14% depending).

Isn't your fee 4.95/300? That makes it ~1.7%.

You would also need to consider the exchange rate difference (if any) from other exchanges, i.e. if LibertyX has a markup built in there.

Edited above to correct errors.  "Their BTC price" $9203 might have been a tad higher than what I saw when I got home 30 mins later ($9158)...

Until July 31 LibertyX is not charging any fees for THEIR service only.  

[suchmoon]

Edited above to correct errors.  "Their BTC price" $9203 might have been a tad higher than what I saw when I got home 30 mins later ($9158)...

That'd be another 0.5% but it could have easily changed by that much in 30 min. Obviously a $4.95 fixed fee is always going to be at least 1% even if you max it out at $500. If they tack on another 1% in fees and/or markups... not too horrible. Might be not enough for the service to survive though.

[OROBTC]

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Just went back today to go for the max ($500).  Fees cost me $8.12 total, some 1.63%.  

I think I have figured out why the $4.95 (CVS) is not the only charge: they (LibertyX) probably sell at an "ask" price (higher than "spot"), today's differential was some $45 from my preev.com BTC price and "their" selling price.  Both yesterday and today cost me some $45 or so per Bitcoin, so that must be it.  Still, 1.63% is a nice low fee.

If interested, act soon, as I am sure the rates will go up after July 31.  I have no idea how much.


Things went very smoothly, all the cashier has to do is scan the barcode LibertyX sends to your cellphone app.  Easy-peasy once you're set up.  Cheap & easy, at least for now (and the KYC overhang anxiety)...).

[igzolt]

Thanks for the great play by play. I’m definitely going to try it out. Someone posted another CVS bitcoin buy on reddit today so I thought it might be you: https://www.reddit.com/r/Bitcoin/comments/hjcbt2/so_i_bought_some_bitcoin_at_cvs_yesterday

[gentlemand]

Just went back today to go for the max ($500).  Fees cost me $8.12 total, some 1.63%.  

That's pretty damn good. That's less than the cost of most crypto debit cards. Coinbase charge a flat 2.5%. Wirex cards have a spread they don't mention plus 1% so they're about 1.7%. And if you factor in trading and withdrawal fees that's competitive with some exchanges for low amounts too.

If interested, act soon, as I am sure the rates will go up after July 31.  I have no idea how much.

From a post linked above - "It's a temporary fee reprieve until July 31, available exclusively at CVS, Rite Aid, and 7-11. The regular fee for LibertyX is 8%. Part of that goes to the merchant (3%) and the rest to LibertyX."

So this is a very temporary good deal. After that it's... ungood.

[igzolt]

Just went back today to go for the max ($500).  Fees cost me $8.12 total, some 1.63%.  

That's pretty damn good. That's less than the cost of most crypto debit cards. Coinbase charge a flat 2.5%. Wirex cards have a spread they don't mention plus 1% so they're about 1.7%. And if you factor in trading and withdrawal fees that's competitive with some exchanges for low amounts too.

If interested, act soon, as I am sure the rates will go up after July 31.  I have no idea how much.

From a post linked above - "It's a temporary fee reprieve until July 31, available exclusively at CVS, Rite Aid, and 7-11. The regular fee for LibertyX is 8%. Part of that goes to the merchant (3%) and the rest to LibertyX."

So this is a very temporary good deal. After that it's... ungood.

did you talk to them? looks like they extended the 0% through end of august and also have some vague language that they could extend it more....more time to stack sats!

[CardCoins]

Have you seen our service before? https://cardcoins.co

You can buy Bitcoin from CVS, Walgreens, Best Buy and pretty much every other big box retailer in the country by loading a Visa/Mastercard/Amex prepaid card from their gift card rack. Take a look at all the locations: https://map.cardcoins.co, there are over 60,000.

Our order process is quite easy as well, you don't need an account at all--just a phone number to get started.

[OROBTC]

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igzolt

That would explain why I paid so little (less than 2%) when I bought in early August (after their earlier July 31 end date for the deal).  Thanks for the update.


CardCoins

I'll try to take a look at your service as well.  Looks interesting.

[yimfinity]

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igzolt

That would explain why I paid so little (less than 2%) when I bought in early August (after their earlier July 31 end date for the deal).  Thanks for the update.

Hi ORO, Chris from LibertyX here. We've had great success with the 0% conversion fee promo. It's been helpful to see how customers adapt to the slightly different flow from our other products (e.g. using a debit card on a bitcoin-enabled traditional ATM). We plan to keep the promotion going for now so no need to rush to get cheap BTC

[OROBTC]

Hi ORO, Chris from LibertyX here. We've had great success with the 0% conversion fee promo. It's been helpful to see how customers adapt to the slightly different flow from our other products (e.g. using a debit card on a bitcoin-enabled traditional ATM). We plan to keep the promotion going for now so no need to rush to get cheap BTC

I just bought more Bitcoin from LibertyX, the total premium I paid was about 1.78%, which of course is very low (and included "fast" miner fee).  BTC receipt and one confirmation arrived in less than 30 minutes.

So, yes, as yimfinity wrote, the promotion is still on.  I believe I saw that the promotion is on through October 31, perhaps yimfinity will confirm.

*   *   *

I don't know how difficult the logistics would be, but LibertyX achieve a near market-share domination (assuming customers are OK with the KYC) by doing the below two things:

1)  Keep that 0% conversion fee (recall that they apparently sell at BTC "Offer Price"), or at least charge a very low fee so as to attract more customers.

2)  Find a way to allow customers to "cash out" at a low cost as well.

The above two things would be a nearly complete Bitcoin Ecosystem, very useful for Americans who would use BTC more (I would).  Imagine for those who travel to other US cities, less risk of robberies or losing a wallet full of cash...

[The Sceptical Chymist]

Huh, I apparently missed this thread entirely--but now that I found it, I located an ATM that's not too far of a bicycle ride for me.  I'll have to check it out next time the weather is nice enough for a 16 mile ride into the fairly rural area in which it's located.

There aren't any CVS pharmacies near me that participate, and I don't even know where the closest 7-11 is to me, as they've shut down a lot of their stores in my state over the past few decades.  As far as the fee goes, it doesn't sound as bad as the last bitcoin ATM I used, but we'll see. 

I'll report back here if and when I try it out.

[yimfinity]

Huh, I apparently missed this thread entirely--but now that I found it, I located an ATM that's not too far of a bicycle ride for me.  I'll have to check it out next time the weather is nice enough for a 16 mile ride into the fairly rural area in which it's located.

There aren't any CVS pharmacies near me that participate, and I don't even know where the closest 7-11 is to me, as they've shut down a lot of their stores in my state over the past few decades.  As far as the fee goes, it doesn't sound as bad as the last bitcoin ATM I used, but we'll see. 

I'll report back here if and when I try it out.

I think all CVS's should work. If you have a specific location, feel free to PM me and I'll confirm for you. BTW, it's not an ATM but a barcode that the cashier scans. Some more info here: https://libertyx.zendesk.com/hc/en-us/articles/360045272771-About-Chain-Retailers-e-g-CVS-and-Rite-Aid-

[GreatArkansas]

Upon checking 7 eleven stores, I still don't see LibertyX option to buy Bitcoin here in some 7-eleven stores in the Philippines.
Honestly, buying Bitcoins in 7 eleven is really much comfortable, especially I already tried it before here in the Philippines, but it's the Abra + 7 Eleven, they are using Abra for buying Bitcoin.
I can't wait to become available here in 7-Eleven Philippines store. And make tutorial again, just like what I did before: [STEP BY STEP] Tutorial How to buy Bitcoin at 7-Eleven Stores in the Philippines

[OROBTC]

Upon checking 7 eleven stores, I still don't see LibertyX option to buy Bitcoin here in some 7-eleven stores in the Philippines.
Honestly, buying Bitcoins in 7 eleven is really much comfortable, especially I already tried it before here in the Philippines, but it's the Abra + 7 Eleven, they are using Abra for buying Bitcoin.
I can't wait to become available here in 7-Eleven Philippines store. And make tutorial again, just like what I did before: [STEP BY STEP] Tutorial How to buy Bitcoin at 7-Eleven Stores in the Philippines

Ask yimfinity!  (See above)  He seems to be affiliated with LibertyX and could probably find out which (if any) 7-Elevens would offer that service there in The Philippines.

The service appears (my uneducated observation only) to work somewhat like the "Green Dot" service (putting cash onto special cards/cellphones, essentially), Green Dot is a way for the unbanked here in America to carry something other than actual cash around.

[yimfinity]

Upon checking 7 eleven stores, I still don't see LibertyX option to buy Bitcoin here in some 7-eleven stores in the Philippines.
Honestly, buying Bitcoins in 7 eleven is really much comfortable, especially I already tried it before here in the Philippines, but it's the Abra + 7 Eleven, they are using Abra for buying Bitcoin.
I can't wait to become available here in 7-Eleven Philippines store. And make tutorial again, just like what I did before: [STEP BY STEP] Tutorial How to buy Bitcoin at 7-Eleven Stores in the Philippines

Hi GreatArkansas-

Great tutorial! We are focused on the US market for now.

[OROBTC]

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Today I bought BTC via LibertyX.  It looks like their low cost program is still in effect, I paid a tad under 2.0% (quick and dirty calculation) for $500 worth of BTC.  A great deal, a "BTFD" opportunity we just had in BTC prices today.

So it looks like it is still a low cost way to get BTC at a good rate.

I do not know when or if the low rates will continue, perhaps yimfinity might fill us in.

[yimfinity]

...

Today I bought BTC via LibertyX.  It looks like their low cost program is still in effect, I paid a tad under 2.0% (quick and dirty calculation) for $500 worth of BTC.  A great deal, a "BTFD" opportunity we just had in BTC prices today.

So it looks like it is still a low cost way to get BTC at a good rate.

I do not know when or if the low rates will continue, perhaps yimfinity might fill us in.

Truly a Black Friday sale Glad to hear it. No plans to discontinue the promotion for now. If and when we do, we'll try and give at least a few weeks notice before it ends to give people plenty of time to stack cheap sats.