BitInstant LLC is expanding its payment options to enable the purchase of global, digital currency, Bitcoin, at hundreds of thousands of retail and convenience locations in the US, Russia and Brazil (view press release). Through these new locations, customers can now obtain Bitcoins by visiting the BitInstant website, printing off a receipt, and depositing cash for the virtual currency at their nearest retail or convenience location. Bitcoins are then credited to their account within 30 minutes. Prior to this roll out, Bitcoins were much harder to acquire due to the fact that credit cards and PayPal have not typically been accepted as they are reversible, whereas Bitcoins are not.
“This is now absolutely the fastest way for people in these three major markets to acquire Bitcoins,” said BitInstant CEO Charlie Shrem. “It’s become exponentially easier to make purchases and this increased liquidity will further broaden the appeal of the Bitcoin system.”
Bitcoin is the world’s first private, decentralized digital currency and payment network and is controlled by cryptography rather than any corporation or central bank. The service enables the transfer of funds instantly to any other Bitcoin account holder in the world, with no middle man or controlling entity. “Bitcoin is to money what email is to the postal service,” argues Shrem.
The BitInstant launch follows Apple recently approving the first Bitcoin wallet app on its App Store and venture funding for Seattle based Bitcoin company, CoinLab, from Sillicon Valley VC’s including Tom Draper.