Despite numerous merchants accepting cryptocurrencies as a means of payment, buying crypto can sometimes be challenging, especially when you are not sure which vendor to trust.
A common way of purchasing crypto is through exchanges. Still, the process is quite tedious attributed to the long registration process, authentication, and verification steps (KYC/ AML policies), which takes much time. Also, most crypto exchanges do not accept fiat currencies, which makes crypto purchases relatively complex, especially for beginners.
Hustle no more! DIGYCODE seems to provide a solution to this enormous issue by offering a rapid, simple, and secure platform for purchasing cryptocurrencies with cash in Metropolitan France, Reunion Island, and Monaco. The platform will soon expand to Martinique, French Guyanna, Guadeloupe, and some parts of Africa.
Launched in 2017 by Toulouse based company – Digital Service, DIGYCODE is France’s pioneering Bitcoin recharge service that allows the purchase of crypto to be made directly from local business stores such as tobacco stores, gas stations, phone stores, photography outlets, and supermarkets among others.
So, How does DIGYCODE Function?
DIGYCODE is very simple to operate. Users simply purchase a coupon or a recharge card valued at € 20, € 50 and € 200 from authorized outlets including over 10, 000 tobacco shops, supermarkets (Leader, Price, Franprix) and service stations (Elan, Shell, Avia, Total, BP) among other outlets all across France, Monaco and Reunion Island.
The coupon contains a secret code that can be activated on DIGYCODE website. After activation and the completion of the KYC verification process, users are able to receive the cryptocurrencies they purchased on the wallet of their choice.
The platform currently supports five cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, and Dash. More popular cryptocurrencies are set to be added in the coming days. Apart from France residents and citizens, anyone can access the platform except residents of North Korea, Iran, and American residents and citizens
Can the Digital Code on the Coupon Expire?
The digital code, as well as the DIGYCODE gift card, has no validity period meaning users can redeem the code for cryptocurrencies without the fear of expiry. Nonetheless, the coupon has an expiry period, usually spanning five years and beyond. Be sure to check the back of the card to establish the expiry date.
Detailed Guide on Using DIGYCODE
Step 1: Purchase the Coupon
The first step is to purchase the coupon containing the digital code from the local commerce of your choice. The DIGYCODE coupon is available in values of 20 €, 50 €, and 200 €.
Step 2: Registration
To redeem the coupon for cryptocurrencies, you should first register an account on digycode.com by clicking on “Register” at the top right. Enter your personal details and then validate your account by clicking the “Create my account” tab. Except for a maximum account approval time of 12 hours. Next, verify your account using an email address sent to you.
Note that for your account to be fully verified, you will need to provide an identity document, a passport, or a residence permit through your profile. You should submit these documents accompanied by a handwritten word document indicating: “DIGYCODE+ today’s date + your signature.” Ensure that your registration documents are colored and in PNG or JPG format.
Step 3: Conversation
Next, key in the secret code on the DIGYCODE. Note that the code should be kept secret and should never be communicated to someone else.
Step 4: Finally, Receive your Cryptos
After entering the secret code, you receive the cryptos on the wallet of your choice. The conversion rate used will be the prevailing cryptocurrency price at the time of delivery.
What’s the Cost of Transaction on DIGYCODE?
DIGYCODE charges a transaction fee of 8% of the total cryptocurrency purchased. The accrued fee is shared between Digital Service and local commerce selling the coupons. To avoid transaction costs for each delivery, users have the option to accumulate particular DIGYCODE cards on the same cryptocurrency. This can be done by entering the different secret codes together under the “Activate your Digycode” section.
Benefits of using DIGYCODE
DIGYCODE has undoubtedly simplified the process of buying cryptocurrencies, thus drives mainstream crypto adoption. Some of the benefits of using the platform include:
- It presents a way of instantly purchasing without many complications,
- Easy and safe to use.
- The company has partnered with Ingenico, the world leader in offering an integrated payment solution to enhance accessibility.
- The coupons come in three increments (20 €, 50 €, and 200 €), thus fits every budget.
Concerns in using DIGYCODE
The major concern in using DIGYCODE is regulatory uncertainty. The Central Bank of France has categorically stated that it has not permitted the retail sales of cryptocurrency. The Financial Markets Authority, responsible for regulating France’s stock market, has also stated that the retail sale of cryptos in stores has not been approved or licensed to any company. These regulatory concerns put DIGYCODE at high risk of facing a ban greatly disadvantaging users. Also, the fact that the platform is only limited to Metropolitan France, Reunion Island, and Monaco decreases its usability in the crypto space.
The Bottom Line
DIGYCODE is a revolutionary crypto platform that simplifies the process of purchasing crypto in retail stores. The platform is ideal for beginners in the crypto space, especially individuals without bank accounts looking to buy crypto with cash. With transactions confirmed instantly after entering the digital code on the coupon, the platform is also ideal for crypto investors. Nonetheless, the platform should consider supporting more coins and also remove limitations to French to realize exponential growth.