Digital Currency Bitcoin Soon to Be Sold by SBB
Digital Currency (Bitcoin) Will Be Able to Swap for Francs
Digital Currency Bitcoin will soon be tested in Switzerland. On November 11, this year, the Switzerland National Rail Service, SBB, will open the Swiss railway ticket machines for Bitcoin swapping. The Swiss travelers can now exchange their francs for the said digital currency.
SBB is aware of the increasing demand of the coin in their country, thus, they have decided to take this step to know their customers and how popular Bitcoin is in the nation. With the use of the ticket machines, anyone can get their digital currency in exchange of Swiss francs. This project will roll out in two years.
Digital Currency Can’t Buy Tickets
Buying of Bitcoin
To purchase the said digital currency, the buyer should enter the mobile number for identification and security purposes. This is somehow different approach in usual digital currency transactions where the identity of the person is unknown.
The buyer is only allowed for a maximum of 500 Swiss francs in every transaction. The buying process is simple and the equivalent of one Bitcoin to Swiss Francs is 708.64. According to BBC, the buyer, however, can buy in fractions.
SBB is Working with Sweepay
The trade makes possible with the help of the Swiss financial services firm “Sweepay”. The company lends their conversion service to the railway’s ticket machines. The Zug-based digital currency payments company permits the customer to use their mobile phones to top up their digital wallet (bitcoin wallet). The distributor will be the SBB and the trade will managed by Sweepay. The users are required to have an account with wallet service which permits digital currency storage.
2 Ways to Acquire Bitcoin in Switzerland
Starting on November 11, people have 2 choices on how to obtain Bitcoin in the country.
#1 SBB Ticket Machines – SBB make it possible for people to acquire Bitcoin around-the-clock with its more than 1,000 ticket machines operates massively. This distribution network is appropriate for not only ticket sales, but Bitcoin trading as well. The ticket machines may become a popular choice than the option #2.
#2 Banks – People can acquire Bitcoin through a bank. The reason why option #1 will become popular with people is because buying through a bank is a struggle. High fees are reportedly being imposed, especially on international transactions and arriving of fund sometimes get delayed.
Bitcoin is the first digital currency in the world and people got interested in how money moves around very quickly without third party involve and without fees. The transfer of funds is between the users only with the use of the internet.
Last July, this year, a Swiss town of Zug launched a 6-month system that lets the people use Bitcoin as payment for public services.
There are different reactions that this launch gets from the residents. Some said that it was an innovative trial, while others raised their concerns over its security.