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

[OROBTC]

...

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? 

[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]

...

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.