In a surprising turn of events, popular online Bitcoin tipping service ChangeTip announced USD support. Doing so will increase the company’s visibility in the United States, as well as offer convenient deposit and withdrawal methods for Bitcoin tips through the ChangeTip platform. To top it all off, gift cards will also make an appearance on ChangeTip.
ChangeTip Adds USD Support for Deposits and Withdrawals
Buying Bitcoin with fiat currency, as well as converting Bitcoin back to fiat currency, can prove to be quite the hassle for novice users. Completing either process requires consumers to set up accounts on one of the many exchange platforms, and complete a verification procedure in order to get funds in and out of Bitcoin.
ChangeTip has some big plans in store by supporting the USD fiat currency, as users will now be able to buy Bitcoin conveniently with their debit cards. As you would come to expect, only debit cards issued in the United States are accepted. To prevent card fraud, users are obligated to provide a card holder name, date of birth, and mobile number. It is unclear a to whether or not a specific verification procedure is required at this point.
By creating a more convenient way for users to buy Bitcoin and start tipping other users with virtual currency, ChangeTip is positioning itself to become a very popular platform over the next few years. To make its service even more convenient, the integration of USD support means users can withdraw their Bitcoin balances to Paypal.
If that wasn’t enough, there is also an option to convert Bitcoin balances on ChangeTip to gift cards, courtesy of Gyft.com. ChangeTip users can receive online tips and purchase gift cards from Amazon, Xbox, Starbucks, and many others through this service. All of these gift cards are [only] redeemable within the United States.
To activate the USD availability, users can log in to their ChangeTip accounts and set their preferred “front pockets” in their account settings. For those users who prefer not to deal with fiat currency, their front pockets will remain denominated in Bitcoin. There is also an option to transfer funds from the USD and BTC front pockets on the ChangeTip platform.
Many Advantages for Bitcoin in the Long Run
Every time a Bitcoin company adds support for any type of fiat currency, people will debate whether or not this change will be beneficial in the long run. ChangeTip is very confident that the addition of USD support will be a positive trend, as a recent study indicated 70% of people are still wary of getting involved with Bitcoin and other virtual currencies.
Even though Bitcoin is a great topic for watercooler talk, there are a lot of people involved in virtual currency who do not introduce their friends to this new and disruptive form of currency. The reason for this hesitant approach is difficult to determine, but it is safe to assume that, despite global interest in the virtual currency, many people feel the future of Bitcoin is still uncertain.
Offering users both USD and BTC support will help new users explore the world of virtual currency while keeping their ChangeTip balance in fiat currency. Converting funds to gift cards or even withdrawing to Paypal is a great way to explore the joy of giving and receiving Bitcoin donations, without exposing themselves to price volatility.
What are your thoughts on the USD integration by ChangeTip? Will you be using their “front pocket” feature, and will it help you to introduce friends and family to Bitcoin? Let us know in the comments below!
Source: ChangeTip Newsletter
Images courtesy of ChangeTip, Gyft.com, Shutterstock