Category Archives: Amsterdam

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Amsterdam Installs First Airport Bitcoin ATM in Europe

Amsterdam’s Schiphol Airport, the main international airport in the Netherlands, has installed the first European airport Bitcoin ATM according to a press release on 20 June 2018. This is the 20th Bitcoin ATM installed in the Netherlands, placing the Netherlands 12th in the world for number of Bitcoin ATMs. Currently, Europe has 21.45% of the 3,292 Bitcoin ATMs in the world, while North America dominates at 74.39%.

The director of consumer products and services at Schiphol, Tanja Thick, said the machine was installed to give travelers an option to convert their remaining cash from the local currency EUR to a global currency like Bitcoin or Ethereum, so that they could use the currency when they get home. This will begin as a six-month trial to test interest in the service, and this Bitcoin ATM is being provided via a partnership with The Byecoin Company.

Indeed, a traveler could easily convert Bitcoin or Ethereum to their local fiat currency when they get back home if they have access to a Bitcoin ATM that has cryptocurrency to fiat functionality, which is called a two-way Bitcoin ATM. Some 37% of Bitcoin ATMs have two-way functionality while the remainder only allow users to buy cryptocurrency with cash. If a two-way Bitcoin ATM is not available, a user can simply send the Bitcoin purchased at the Schiphol ATM to their cryptocurrency exchange account, where it can be sold for their local fiat and deposited to their bank account.

Essentially, Bitcoin provides travelers an alternative option to currency exchange stores. This doesn’t necessarily save on fees, since Bitcoin ATMs often have fees of 10% or even more. However, it is safer for travelers to store their money as cryptocurrency since it is not vulnerable to physical theft.

 

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Dutch Report Claims Crypto Low Risk to Financial Stability If Banks Keep Out

The Dutch government’s CPB Netherlands Bureau for Economic Policy Analysis (CPB) has released a report claiming that cryptocurrencies present a low risk to financial stability in the country, writes Cointelegraph.

The report, published on 29 May, was initiated in order to establish if cryptocurrencies posed any kind of economic risk in the light of its increasing use and popularity in Holland.

Because Bitcoin and other cryptocurrencies reached the news often in 2017, approximately 60% of the households in the Netherlands who invest in cryptocurrencies started doing so in 2017. In the first three quarters of 2017, there were approximately 44,000 transactions in Bitcoin from the Netherlands on a trading platform called BTC Direct, according to Statistica.

The capital Amsterdam has transformed itself into a venue for crypto meetups and currently is hosting more than 550 full nodes, around 4.7% of the total nodes in the world, showing Bitcoin’s popularity across the country. This puts Holland in the world’s top 5 by node distribution.

The report shows that although cryptocurrencies pose a low risk to the financial system at this time due to comparatively low levels of capitalization, this risk would increase with an increase of involvement by government and financial institutions in the future. The CPB also pointed out that cryptocurrencies are not “money substitutes”, that users are more likely to hold on their crypto assets than actually spend them as they would a fiat currency.

The report stressed that a balanced financial regulation, rather than introducing harsh restraints, will reduce the risk of “shadow banks” emerging – non-bank financial intermediaries that provide services similar to traditional commercial banks.

In a landmark court case this year a Dutch court ordered a defendant to pay his debt in BTC since the obligation was originally made in Bitcoin.

 

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