Offline over-the-counter (OTC) trading of cash for Bitcoin (BTC) and other cryptocurrencies isn’t anything new. For years, we have been able to buy cryptocurrencies (mainly, Bitcoin) either through meeting a seller we have found via an ad — on a classified ads website (such as craigslist) or on a peer-to-peer OTC cryptocurrency exchange (such as LocalBitcoins) — or, more safely, via an “Bitcoin ATM”, the first of which became available a a cafe in Vancouver, Canada in October 2013.
However, now, probably for the first time in Europe, there is another OTC option for those wishing to buy cryptocurrency with cash. Finally, there is a brick-and-mortar store where you can trade cash in-person for cryptocurrency. According to an announcement at a recent (27-28 April 2018) blockchain conference held in Split, Croatia — BlockSplit — such a store has just been opened in Split, the second-largest city in Croatia.
This project, which is by Croatian cryptocurrency exchange Bitkonan, is appropriately called “Bitcoin Store”. The plan is to have a chain of these stores across Croatia (and perhaps the whole of the Balkans), starting with the city of Split.
The store, which is located on Hrvatske Mornarice Street in Split, sells Bitcoin (BTC), Ethereum (ETH), and some other cryptocurrencies at an average 5% premium over the prices you see on sites such as CryptoCompare. You pay with cash fiat and they give you a paper receipt that you can use as proof of purchase for tax reporting purposes.
Like elsewhere in the world, the public’s interest in cryptocurrencies has been rapidly increasing in Croatia over the past few years, and as result, there are Bitcoin ATMs in all major cities in the country and quite a few businesses that accept Bitcoin as a form of pyment.
It is worth noting that although there has been a “Bitcoin Store” called “House of Nakamoto” in Vienna, Austria since March 2017, that store mainly sells cryptocurrency related goods such as t-shirts or hardware wallets, and if you want to use to buy cryptocurrencies, you have to use the Bitcoin ATM store at the store to do it.
Featured image credit: “Beachfront at Split” by “Jukka” is licensed under CC BY 2.0
