Mentioned:
Bitcoin Well is building an entirely new ecosystem for Bitcoin ownership.
What’s happening:
- Bitcoin Well (TSXV: BTCW) has announced they have launched a new feature known as Auto Convert which enables users in the United States to seamlessly convert their Bitcoin holdings into fiat and have it automatically transferred into their bank account
How it works:
- Users of Bitcoin Well can use their new Auto Convert wallet address feature to instantly sell their Bitcoin holdings directly from their own self custody wallet
- When a Bitcoin Well user sends Bitcoin to an Auto Convert wallet address, their Bitcoin is instantly sold and converted into fiat which is then transferred to the bank account that is linked to that users individual wallet
- The entire process allows users to hold Bitcoin in their own self custody wallet and never have to relinquish control of their digital assets or fiat
Why it matters:
- Bitcoin Well has been rapidly disrupting the existing paradigm of Bitcoin ownership, which has typically relied upon digital asset exchanges that operate as custodians and expose users to risks of not being able to access their own Bitcoin holdings
Going deeper:
- Bitcoin Well also operates a network of physical Bitcoin ATMs across Canada, which enables individuals to seamlessly turn physical cash into Bitcoin
