Since Bitcoin’s emergence, the methods for purchasing this digital currency have evolved significantly.
Initially, one could mine Bitcoin with a common home computer or accumulate it by engaging with faucet websites, which distributed Bitcoin in exchange for completing online tasks.
Today, the market landscape has changed drastically. Exchanges and peer-to-peer (P2P) transactions were the dominant methods for obtaining Bitcoin until recently. However, now there are more innovative, efficient, and private alternatives, such as purchasing Bitcoin via vouchers.
Purchasing Bitcoin through vouchers is facilitated by Azteco, a company that aims to simplify how people globally buy, store, and use Bitcoin daily, particularly for those without access to traditional banking services.
But, is buying Bitcoin through a voucher worth it? In this article, you will discover more about Azteco and explore the advantages of this purchasing method.
Let’s go!
Table of Contents
Azteco Genesis
Azteco was founded in 2014 by Akin Fernandez, who is the current CEO (photo below).
With the goal of making Bitcoin accessible to all, Azteco has developed a solution that enables users, including those without a bank account, to purchase Bitcoin and transfer it to digital wallets via vouchers.
In recent years, Azteco has expanded its global presence to over 190 countries, including Brazil, Colombia, Mexico, Peru, Chile, Costa Rica, South Africa, Ghana, Uganda, Zambia, and Ireland.
Therefore, Azteco is committed to broadening its global footprint, aiming to make its vouchers available in numerous locations, including convenience stores, retail outlets, and online services.
So, in mid-2022, Jack Dorsey, the founder and former CEO of Twitter, spearheaded an investment round of approximately R$30 million to accelerate Azteco’s expansion and promote Bitcoin adoption among billions.
But what exactly is a Bitcoin voucher, and how does it work? Let’s explore this!
What is a Bitcoin voucher?
A Bitcoin voucher functions like a gift card, offering a simple and convenient method to acquire and gift Bitcoin.
Upon purchasing a Bitcoin voucher, it is loaded with a specific amount of the digital currency. When redeemed, the user receives an equivalent amount of Bitcoin.
Bitcoin vouchers can be either digital or physical. So, digital vouchers are typically delivered via email or as a redeemable online code, whereas physical vouchers, available in stores, include a code that must be entered on a designated website or app to access the Bitcoin balance.
The Azteco Voucher Model
The core concept of Azteco is to provide Bitcoin vouchers that can be bought online or in physical stores. Similar to gift cards or prepaid cell phone top-ups, these vouchers allow users to receive a code, which they can redeem for Bitcoin.
Physical voucher
Although Azteco offers physical Bitcoin vouchers, they are currently not available for purchase in Brazil. However, Azteco plans to expand the availability of these physical vouchers in stores throughout 2024, making it a forthcoming option of interest.
Digital Voucher
Digital Bitcoin vouchers are Azteco’s most popular product, enabling the purchase of satoshis entirely online.
So, with just a few clicks, users can buy Bitcoin and redeem it directly to your own mobile wallet or cold wallet.
It is noteworthy that Azteco provides the flexibility to purchase Bitcoin vouchers on both the base layer—known as on-chain (layer 1)—and the Lightning Network, Bitcoin’s second layer. This enhances the transaction possibilities for users.
A step-by-step guide to buying a Bitcoin voucher
To purchase an Azteco Bitcoin voucher, simply follow these steps below, noting that the process may vary slightly by country and available purchase options.
Here is a step-by-step guide for you to follow:
- Access the Azteco website: the first step is to access the official Azteco website and click on “buy”.
- Choose the purchase method: you will then choose whether you want to purchase an online voucher directly from Azteco or whether you prefer to purchase through a partner online store. There is also a third option where you can win a Bitcoin voucher by completing surveys on the Prize Rebel website.
- Choose the value of the voucher and the network: then you will choose which type of voucher, whether bitcoin on-chain or bitcoin on lightning. Once this is done, you will select the amount of Bitcoin you want to buy. The amount you can purchase may vary depending on the option you choose and your location, so check the options available.
- Receive your voucher: after payment, Azteco or a partner store will send your voucher by email. This voucher contains a unique code that represents the amount of Bitcoin you purchased.
- Redeem the voucher: to add the amount of Bitcoin you purchased to your wallet, you will need to access the Azteco website and click on “redeem”. After that, follow the instructions that will appear, such as entering the voucher code or scanning the QR Code and providing your Bitcoin wallet address. Here we suggest using the Wallet of Satoshi wallet to redeem a balance in Lightning or the Jade Wallet to redeem a balance in Bitcoin on-chain.
Depending on the type of voucher chosen, there will be some differences when redeeming.
Check here how redeeming an on-chain voucher works and here how redeeming a lightning voucher works.
- Confirmation: after redemption, the bitcoin will be transferred to your wallet. The time required for the transaction to be confirmed may vary. If you opted for the on-chain voucher, the waiting time will depend on the transaction traffic on the blockchain at the time you redeem it. If your voucher is lightning, the transaction is generally done instantly.
Features of this way to buy Bitcoin
Now that you know how to buy a Bitcoin voucher at Azteco, let’s explore the key features of this purchasing method.
No need to create login and password
For your first purchase at Azteco, a quick identity check is required to prevent fraud.
Subsequent purchases only require your email, bypassing the need for a login and password, as commonly required on exchanges. This streamlines access significantly.
However, if you choose to buy from partner stores, then you will go through a registration process requested by the online store.
Bitcoin as a gift!
This is one of the few ways you can buy Bitcoin and give it as a gift to someone. You can purchase a Bitcoin voucher online and send it directly to the recipient’s email.
This is a great way to generate curiosity among those who don’t yet have Bitcoin.
Isn’t it brilliant?! It’s a tip for your friends and relatives’ upcoming birthdays and it’s also a great way to encourage people close to you to start using Bitcoin!
More privacy
If you are one of those people who care about privacy, this way of buying Bitcoin will fit your needs. This is because, although Azteco carries out a quick identity check, this data is linked to the company’s website and is not related to your purchases or wallet addresses.
Furthermore, no reports are made to governments on customer history.
Small values
At Azteco it is possible to buy bitcoin for small amounts. At this moment, in the US, the minimum value is $5.
Bitcoin e Lightning
Another big advantage is that Azteco offers the purchase of Bitcoin both on-chain, in the blockchain layer, and in Lightning, in layer two of bitcoin.
Each layer serves different objectives, for example, the blockchain layer is for those who want to store Bitcoin for the long term, while the lightning network is for those who want to use Bitcoin on a daily basis.
In this way, Azteco enables both hodl and the use of Bitcoin for everyday purchases.
Redemption deadline
After you purchase the Bitcoin voucher, you have a period of time to redeem it, usually around 30 days. Don’t let it expire, otherwise you may lose the possibility of redeeming your satoshis.
Fees
Although Azteco’s fees are about 10%, slightly higher than those on traditional exchanges, they offer greater privacy, convenience, and less bureaucracy. Comparable services with similar privacy features typically charge at least a 14% service fee, highlighting its competitive pricing.
In addition to the service fee, on-chain vouchers incur standard Bitcoin network processing fees, which are paid to miners for incorporating transactions into a block. These fees are not collected by Azteco but are necessary for transaction processing on the blockchain.
At the time of writing, Bitcoin network on-chain fees are around 26 sat/vB.
Remember that on-chain fees are dynamic and change according to the demand for space in the next block. Therefore, when purchasing an Azteco on-chain Bitcoin voucher for your wallet, it is important to consider network fees and check the demand for transactions.
If you purchase vouchers via the Lightning Network, Bitcoin network fees do not apply, as Lightning is a layer with faster shipping mechanisms and a negligible cost. In this sense, Bitcoin vouchers stand out for their practicality and ease of purchase via the Lightning network and sending to the wallet.
Thus, the fees align with the services provided and the varied storage options on both the blockchain and the Lightning network.
Is Azteco reliable?
Azteco is a company that has been operating in the Bitcoin industry for many years and has followed a solid and coherent path within the market. Furthermore, it has well-known investors behind it, such as Jack Dorsey, which brings even more credibility.
A very important point for you to know is that Azteco does not hold customers’ bitcoins. This is very different from exchanges and digital accounts which, even though they allow bitcoin withdrawals, also offer a custody service for customer balances on their platforms.
At Azteco this doesn’t happen.
As detailed in the step-by-step guide, customers can immediately redeem purchased vouchers to their own hot or cold wallets, underscoring Azteco’s commitment to promoting Bitcoin self-custody.
Is it worth buying Bitcoin through Azteco?
Yes, it is! Purchasing Bitcoin through Azteco is worthwhile, primarily due to the simplicity of its service.
It enables anyone, regardless of technical expertise, to buy a Bitcoin voucher and achieve financial sovereignty. Within minutes, you can purchase and redeem Bitcoin to any wallet, whether for storage or daily use.
It is also interesting to note that at Azteco the user pays the fees at the time of purchase, all at once: the service fee + the shipping fee to the wallet.
This differs from exchanges, where fees are often assessed at multiple stages. Azteco’s straightforward fee structure simplifies the buying process for newcomers and adds convenience for regular buyers.
Conclusion
Azteco represents an important link between the world of Bitcoin and people around the world.
Thus, by emphasizing simplicity and accessibility, Azteco advances the vision of an inclusive, decentralized financial system that operates independently of traditional banks, thereby empowering individuals with access to Bitcoin.
As the world increasingly adopts Bitcoin, diverse purchasing methods like Azteco’s vouchers are crucial to ensuring everyone can partake in the shift toward a decentralized economy.
I hope this article has clarified how to buy Bitcoin using vouchers. And, if you found it useful, please share it with your friends!
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