Bitcoins have dominated the business news headlines because of the large number of merchants accepting Bitcoin (BTC) for electronic, home and luxury vehicle purchases. A new website now allows Starbucks voucher holders to exchange them for bitcoins – though the coffee giant is not involved in the project.
Titled Card for Coin, which was established by 25-year-old Matt Luongo, started up for the purpose of introducing new consumers into the world of cryptocurrency – Luongo also supports local coffee shops.
How does it work exactly?
Well, customers insert their Starbucks card details into the website, the balance is verified and then an offer is provided. As soon as the price and conversion fees – the website takes as much as 40 percent from the card – which is agreed upon by both parties, the digital currency is transferred through Coinbase.
“It’s a great way for beginners to get Bitcoin quickly – usually signing up at an exchange takes a while, but trading BTC (Bitcoin) for services or goods is much faster,” Luongo told Digital Trends. “There’s no minimum balance on the cards (e.g. < $5 is fine), so I think that makes the value proposition better as well.” It has been noted by Coin Desk that there is a $100 maximum.
The company is now searching out new opportunities that would allow visitors to exchange gift cards from other retailers in exchange for the virtual currency. No clear date for this expansion has been presented.
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