The boom of cryptocurrency across the globe and its ensuing popularity and acceptance as a form of currency has taken the world by storm. As the stock market and cryptocurrencies have slowly decoupled in their bear and bull market phases, the rush to invest in various cryptocurrencies has seen a massive uptake in interested users.
As interest in purchasing and trading cryptocurrency grows, so too do the platforms necessary to convert those assets into other forms of value. Most notably, the exchange from fiat currency to cryptocurrency as many novice crypto buyers and users are largely purchasing crypto via fiat currencies. Platforms enabling this kind of exchange of digital assets are increasingly necessary, and Bit.Store’s recent storm across Southeast Asia is indicative of this trend.
Bit.Store has become the most popular cryptocurrency social investment platform for small-time users in Indonesia. Its low barrier of entry and ease of use have made it popular among junior investors, shortening the learning curve traditionally required for users new to investment platforms. Built as a Web 3.0 era platform, it wields several important advantages over other investment platforms like the Cash APP and Robinhood, who focus more primarily on traditional investment vehicles and lack the decentralized community building inherent to Bit.Store’s ecosystem. Its lighter product experience compared to E-Toro, for example, has been the impetus for its lightning-fast growth as it appeals to a younger user demographic in places with high population density.
On Bit.Store, users can complete transactions directly using their local fiat currency in under a minute, compared to similar services which can take up to ten minutes or even longer in the case of OTC exchanges. The user-friendly interface eliminates the need for on-chain wallet addresses and exchanging in and out of stable coins, as users can purchase their preferred cryptocurrency directly using fiat.
Bit.Store’s 0% handling fees guarantee promises lower transaction costs compared to platforms such as PayPal, Cash App, or Robinhood, who’s lofty fees cripple transactions and deter incoming users. And with only a 2% handling fee for cryptocurrency sales, the exchange is an attractive alternative for users looking to cut costs on frequent transactions.
Established in more than 20 countries and regions, and cooperating with 40 payment companies worldwide, Bit.Store’s proliferation globally is imposing. Already at more than 200,000 users with a daily active user count of nearly 50,000, Bit.Store is projected to reach more than 1 million users worldwide in a year’s time.