According to BitBase representatives, the Galician community is interested in Bitcoin and other cryptocurrencies. Customers can trade up to EUR 2,500 in cash or EUR 3,000 with a credit card.
Four years ago, Coruna became the first Galician city to have a Bitcoin ATM (BATM). Now, its first physical store for the purchase and sale of cryptocurrencies with cash euros is marking a new milestone. The establishment recently opened and is receiving support from Spain-based cryptocurrency firm BitBase, which has opened stores and installed ATMs throughout Spain.
The new store offers personalized service for customers who wish to buy Bitcoin, Ethereum, Ripple, and Bitcoin Vault with cash euros (up to EUR 2,500 per day per customer), a bank transfer, or a credit card (up to EUR 3,000 per day).
Customers need to go to the establishment with their ID or passport to use the service. After specifying the amount to trade for the cryptocurrency of their choice, they will receive the funds in their wallet. If they do not have one, they will receive advice to activate one.
Customers must choose the cryptocurrency that they want to buy to use the ATM. The device allows transactions of up to EUR 995 daily per customer. Users must enter their phone number to process the purchase, after which they will receive a confirmation code. Then, they must place the QR code of their wallet on the ATM screen until the device scans it. When it appears on the screen, they must enter the cash to later request confirmation of having received the funds in their wallet.
A week after opening the store, Adrià Llorens, co-founder of BitBase, explained that the Coruna community’s first impressions are very positive. He said that they receive visits from people who are anxious to learn about cryptocurrencies, as well as from others who are already within the ecosystem.
Warning about Scams Using Bitcoin’s Name
Among the cryptocurrencies that people can purchase there, it is curious that they also offer Bitcoin Vault. This is a system classified as a scam to use a multilevel Ponzi model, a potentially fraudulent scheme.
In this respect, the co-founder of BitBase said that they “inform customers, who have the freedom to decide what to buy.” He explains that they “try to be able to offer everything customers demand.” He added that they “advise customers that they must manage and keep cryptocurrencies by themselves. Giving it to third parties is an added risk that they must know,” he explained.
NGO Bitcoin Chile issued a statement warning about the operations of Bitcoin Vault and 20 other alleged scams in the country. According to the organization, these groups have an “unethical behavior” and take advantage of people’s ignorance to persuade them to invest money.
In the Philippines, they also classify Bitcoin Vault as a Ponzi scheme. The Securities and Exchange Commission warned the public that cryptocurrency mining firm Mining City operates without a permit or license in the country. The regulatory agency warned that the company, a partner of alleged scam Bitcoin Vault (BTCV), is not in a position to raise funds to issue investment contracts.
By Alexander Salazar