Vancouver based Netcoins Inc is one of the companies that aims to offer a solution for those who prefer to buy Bitcoin and altcoins from a trusted source, rather than online. It’s a solution for those people who mistrust buying online, or feel it’s too complicated.
The Netcoin model allows shoppers to buy crypto at retail outlets using fiat, be it cash, debit or credit card. The Canadian company has a global retail network of 170,000 stores in 53 countries across six continents, where people can easily walk into a store to buy Bitcoin and altcoins with fiat. As it says, it saves people the “headache’ of having to sign up to an exchange. Netcoins has been working in the cryptocurrency market for four years and believes that its platform can make cryptocurrencies more popular with the 95 percent of the population that still isn’t familiar with the crypto market.
How does Netcoins work?
The retailer gives the customer a voucher that can be redeemed on the Netcoins website online. In some locations, Netcoins also operates its own virtual crypto ATM software, which allows retailers to sell a wide variety of cryptocurrencies. The company explained, “We turn any device like a tablet or laptop into a virtual crypto ATM, so that consumers can buy crypto easily in a familiar retail setting.”
Furthermore, any retailer that has a checkout can host Netcoins’ virtual crypto ATM software: a supermarket, a beauty salon, or gas station, are all potential crypto sellers.
Netcoins’ CEO, Mark Binns, said the beauty of it is that “The customers don’t need to understand anything more about cryptocurrency.” They don’t; even need to have a digital wallet, as the software can create a blockchain wallet for them automatically.
Currently, this Netcoins network has 17 altcoins available for purchase, having started with just two.