In America, it’s easy for most people to buy Bitcoin without ID or buy Bitcoin with cash app. Most times, buying Bitcoin takes the US and European-based traders a few minutes. However, the case is different for people in Australia and many other countries. Most of these people cannot buy Bitcoin without ID or buy Bitcoin with cash app easily. This is why the adoption of cryptocurrencies in these countries is rather slow when compared to the United States.
Binance Lets Australian Users Buy Bitcoin without ID
Binance is planning to change the game for traders in Australia and pave a way for the mass adoption of Bitcoin as well as a rise in price. The largest cryptocurrency exchange per volume recently talked about its plans to solve this problem using an app that will let users buy Bitcoin, Binance Lite. While the first region to enjoy this app is Australia, Binance Lite will eventually be available in other regions were users have difficulties when they want to buy Bitcoin without ID or buy Bitcoin with cash app.
According to a report from the Next Web Hard Fork, Binance is making plans to make Bitcoin available in 1,300 physical stores in the United States. These newsstands will charge a 5% fee for sales. The report also includes a map for Australia indicating that this service will be available in that region soon. Binance Lite will serve a broker for cash to Bitcoin exchanges. In other to meet up with the Counter-Terrorism Financial laws and Anti-Money Laundering laws, users will have to buy Bitcoin by submitting their ID information.
Bitcoin (BTC) Price Today – BTC / USD
It’s true that many investors who prefer to buy Bitcoin without ID may not want to use this service. However, the chief financial officer at Binance, Wei Zhou, said that he believes that Binance Lite will be a vehicle that would drive adoption of Bitcoin and other cryptocurrencies in Australia and the world over. In his words:
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin]. Australia has been at the forefront of blockchain innovation, and we hope [we] can play a role to help further this cause.”
Initially, Binance Lite will be used to buy Bitcoins worth AU$50 minimum and $1,000 maximum at a time. However, Binance Lite will eventually support other digital assets and fiat money. The implementation in Australia is a pilot. If it is successful, progress will be made. Keep in mind that this isn’t the only venture Binance has embarked on to allow people to have easy cryptocurrency to fiat exchanges. A while ago, the company announced an integration with Simplex. It has also unveiled fiat-supported exchanges in many countries that didn’t have easy methods of buying cryptocurrencies.
What Does Binance Lite Mean For Bitcoin?
Bitcoin and its underlying blockchain technology are exceptional. Over the past ten years since inception, Bitcoin has done incredibly well irrespective of several challenges. During the 15-month Bitcoin bear market, many people believed that this was the end but Bitcoin has survived it and is making plans to go on another bull run.
Irrespective of how amazing Bitcoin is, it hasn’t achieved global adoption. One of the reasons why global adoption of Bitcoin is proving difficult is that accessing it isn’t always easy. With apps like Binance Lite, more people will be able to use Bitcoin because it would be easier for them to access it. The more people use Bitcoin, the higher the demand for the cryptocurrency and subsequently the rise in price.
What do you think about Binance Lite? Even if it doesn’t let users buy Bitcoin without ID, do you think it will drive adoption? Feel free to comment below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.