Bitcoin-to-Cash Service Bit2Me Cancels Fees to Stay Competitive

Bitcoin-to-cash service Bit2Me has cancelled its commission fees in a bid to remain competitive in the Spanish market.

The announcement follows on from BTCPoint, another withdrawal service which launched earlier this month with zero commission fees.

Previously, Bit2Me charged its users a 1% commission fee per transaction, raising some concerns among Spain's bitcoin community.

Daniel Diez, business development manager at Bit2Me, attributed the decision to a shift in focus from monetisation to short-term growth, adding:

"Our main priority is to offer the best possible service. We were the first to develop a technology that enables the widespread use of bitcoin. This [the widespread use] remains our mission and is what sets us apart from the rest of our competitors."

Immediacy and flexibility

The news comes amid further improvements including immediate withdrawals – previously users were having to wait an average of 10 minutes – and the increase of users' daily allowance from €100 to €300.

Consumers wanting to increase their allowance further will be subjected to further ID checks by the company, said Diez.

Diez also revealed that Bit2Me also has agreements in place to expand into Romania and Poland in "less than a month". He said:

"We have always been interested in expanding outside the eurozone, as we can offer an added value service due to the fact that it is harder to move capital in these countries and the local fiat currencies are more unstable."

Spain boasts an increasing migrant population from both Romania and Poland.

According to The Guardian, Eurostat data showed that there were approximately 85,862 Poles living in Spain in 2012, whilst Diez says that there are currently "over a million" Romanian immigrants in the country.

Bit2Me recently closed a round of seed funding, but Diez was unwilling to disclose the specifics.

Image via Shutterstock.