The SBB (Switzerland’s national rail service) plans to start selling Bitcoins at its stations next month. The SBB had been testing demand for Bitcoin across Switzerland before deciding to launch this two-year project that marks an important step towards acceptance of digital cryptocurrency as payment method.
From November 11, onwards, customers will be able to use ticket machines to exchange their Swiss Francs for Bitcoins. They will, however, not be able to use the digital currency to purchase tickets.
To trade Swiss Francs for Bitcoin, buyers will have to provide their cell phone numbers as identification – a significant improvement on other options where a ton of personal and financial information is collected before transactions. Each person will be allowed to purchase Bitcoin worth a maximum of 500 Swiss Francs ($500/ £415) per transaction but there is no daily limit.
When Will Bitcoin Sell at Swiss Train Ticket Machines?
Bitcoin Equals 708.65 Swiss Francs?
Indeed, a single Bitcoin currently trades for 708.65 Swiss Francs. Having said that, it’s possible to purchase the crypto-currency infractions. However, we find the conversion services that SweePay provides. Ultimately, SweePay is a Swiss financial services firm.
“There were very few options for easily obtaining Bitcoin in Switzerland before this initiative,” said SBB. “With our 1000 plus ticket machines already in place, we operate a dense, 24-hour distribution network that is capable of doing more than just ticket sales.”
The move to take Bitcoin to ticket machines is likely to be well received by a population that has struggled to use their bank accounts to buy Bitcoin, as many charge exorbitant fees for the international transaction. This is made worse by delays before the transactions are completed.
Yes, Bitcoin is the pioneering crypto-currency. Furthermore, it attracts people with interest thanks to its transaction ease. Said differently, without bank involvement or the accompanying fees. However, all transactions are currently handle direct between users via the internet.
Cryptocurrency In Switzerland Gains Trust
Yes, people use Bitcoin in Switzerland. Furthermore, it is increasingly getting popular. Also, it appears to gains the trust of more people and organizations. In July, great things happen. In the town of Zug in Switzerland, they launch a 6-month scheme. As a result, this allows residents to use Bitcoin to pay for public services. It was a cautious move though, with some calling it a “trial” initiative amid concerns raised by many that the currency was yet to be proven to be secure enough to be put to such critical use.
Indeed, people initially think virtual currencies are best for countries with bad economies. Also, the experts feel cryptos are better for countries with less stable governments. However, their reliability and ease of use make them very popular everywhere. Even in good economies like Switzerland, it is also easier for people to use them.