Review on SpectroCoin EUR by Thalhat Tee
Spectro coin in different countries
SpectroCoin is now allowing its customers to convert bitcoin into cash in 25 countries across Europe and Central Asia.Mockevičius suggested that while SpectroCoin’s bitcoin-to-cash withdrawals are not cheap when compared to bitcoin transactions, they will likely find an audience with consumers in parts of the world where moving money still costs a premium.
“As a user, I get bitcoins from the person abroad. I convert it to cash and order the withdrawal in my country. I think it’s a very useful service for people without bank accounts,” he said.
Mockevičius illustrated how users can convert their bitcoins to euros on SpectroCoin, before entering the amount of fiat currency they want to withdraw, as well as their place of residence.
SpectroCoin, in turn, displays the end total the user will receive, minus the fee.
The user can then withdraw the cash at one of the company’s partnering banks, financial institutions or post offices. In some markets, the company has direct agreements with its partners, while in others it uses third parties, Mockevičius explained.
He estimated that it may take users up to five days to receive funds, as the firm’s partners must post a paper slip to the user, which must be taken to an institution to exchange for cash.
Pros
- It is new
Cons
- it is not generalised
