[2021-09-12] newsbtc.com - U.K. Post Office Now Allows Users Purchase Bitcoin...

[aoluain]

https://www.newsbtc.com/news/bitcoin/u-kpost-office-bitcoin-purchase/

This from 2 days ago

A report from The Telegraph said that the Post Office was allowing the purchase of bitcoin
through a new partnership. Swarm Markets, a German-based and regulated crypto exchange,
entered into this partnership with the U.K. Post Office. It will allow users that have verified their
identities through the Post Office EasyID app to directly access and purchase cryptocurrencies
from Swarm’s websites.

I have never heard of Swarm, Here is their site > https://swarm.markets/

The U.K. Post Office will not receive a commission on the bitcoin and crypto bought through
the EasyID app on Swarm Markets. But Swarm Markets is paying the Post Office for the usage of
its ID verification software.

Yet another easy and reulated route for people to enter into crypto, we have already seen the likes
of Revolut and recently paypal in the U.K making the opportunity of owning Bitcoin in various ways
easy for people to get into it.

What I like about this move by The Post Office and Swarm is that whoever uses the service gets
to actually own the coins, this is how I understand it.

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[Lucius]

It is nothing new that post offices in Europe offer such services, so I remembered that in 2017 I saw a similar news in this board -> [2017-07-18]Post Offices In Austria Sell Bitcoin, Ethereum. The identical service was launched in 2019 in Croatia as well, but as far as I have seen it exists in several other EU countries ( Liechtenstein and Poland).

What I like about this move by The Post Office and Swarm is that whoever uses the service gets
to actually own the coins, this is how I understand it.

Of course, this is not about any derivatives, but in this case (UK) the customer at the post office actually buys a voucher which they can then exchange for crypto on their partner’s website. The whole thing makes sense because the buyer will not pay any fee when buying the voucher, which means that he will save on the fee he would pay for sending money to the exchange and will not have to wait for the deposit to be processed.

Users will be able to purchase cryptocurrency vouchers with just a few clicks, which they can then go on to redeem for cryptos like Bitcoin.

[LeGaulois]

The person doesn't pay any fees while buying but instead pays a fee when he/she will redeem the voucher. And not a small fee.
In Austria, since it's mentioned, they pay 3% per voucher. That's a joke. Add to that the transaction fees since the person may surely want to send it to another website/wallet/exchange/e-shop... It's a costly way to acquire and use BTC.

And of course, as you can guess, people need to follow the KYC standard...
So you go to the post office >> buy a voucher >> redeem it to another website>>verify your identity>>spend your BTC to another place.

Better to create an account directly on an exchange platform>verify your identity>>deposit money.
It's the same thing but faster and cheaper