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Bitcoin adoption is already increasing in recent months. From retail outlets announcing that users can pay with their bitcoins to El Salvador officially accepting bitcoin as legal tender, there is no doubt that bitcoin is heading towards mainstream adoption. Appearing in the wake of recent news of adoption is an odd situation with the UK Post Office.
A report from The Telegraph stated that the Post Office was allowing Bitcoin purchases through a new partnership. Swarm Markets, a regulated Germany-based crypto exchange, has entered into this partnership with the UK Post Office. It will allow users who have verified their identities through the Post Office EasyID app to directly access and purchase cryptocurrency from the Swarm sites.
Related reading | As the cryptocurrency market heads towards “extreme greed,” is Bitcoin set to a new all-time high?
Users will be able to purchase cryptocurrency vouchers with just a few clicks, which they can then continue to redeem for cryptocurrencies such as Bitcoin. This has alarmed financial market experts, who have warned that investing in cryptocurrencies is too risky. Thus, a clear and succinct warning should be given to users when they purchase it. Concerns have also been raised about assets being linked to volatility such as cryptocurrencies with the post office.
“When people buy cryptocurrencies, they should be sold with a very clear wealth warning: you can get back a lot less than what you bought. It’s one thing to buy cryptocurrencies online through an investment platform, because that’s what the public expects, but you don’t associate this with the post office.” Warren Schott, certified financial planner
BTC trading north of $45K | Source: BTCUSD on TradingView.com
Swarm Markets believes that this partnership will make it easier for people to get started in cryptocurrency. “By making it easy and secure to buy real Bitcoin and Ethereum, more people now have the option to get started in crypto,” said Philip Piper, co-founder of Swarm Markets.
Buy Bitcoin in the UK
Just like any other region, there are many ways available for residents to buy Bitcoin in the UK.
Last month, payments giant PayPal announced that it is now expanding its crypto options to UK citizens. Users cannot buy, sell and store bitcoin and other cryptocurrencies in their PayPal accounts. Although the “Checkout with Crypto” feature that was made available to US users was not included in this offering. However, this has provided a new way for customers to learn about cryptocurrencies. PayPal allows users to purchase up to £1 in cryptocurrency.
Related reading | The Curse of September and How Bitcoin Prepares for Another Rally
Speaking about the partnership with Swarm Markets, a UK Post Office spokesperson said, “Access to products and services is increasingly moving online and we have responded to this shift by launching our free app, Post Office EasyID. Allowing people to build their secure digital identity on their smartphones Enable them to easily control and establish their identity in whatever business they want to interact with.”
The UK Post Office will not receive a commission on bitcoin and cryptocurrencies purchased through the EasyID app at Swarm Markets. But Swarm Markets pays the post office to use the identity verification software.
Featured image from eSeller365, chart from TradingView.com
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