Category Archives: ATM

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Jo’Burg’s First ATM Hopes to Enthuse Local South Africans Towards Bitcoin

South Africa has its first cryptocurrency ATM since 2104 and the new Northwold Spar machine in Johannesburg will become the only one operating in the country, reports Bitcoinist.

George Neophytou, the General Manager of the Northwold Spar and self-confessed crypto enthusiast was inspired to purchase the machine after a trip to Europe, the continent with the world’s third market share of crypto ATMs, He comments:

“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream… It’s a different world there. Walking around in the streets of Germany you see signs with ‘Bitcoins accepted there’.”

The ATM, which was imported from Portugal, will be able to process various forms of cryptocurrency tokens including Ethereum and Bitcoin. It’s not the first in South Africa, as a previous machine was installed in 2014 at a men’s salon in Midrand, Johannesburg, but was closed down after a short period in operation. The store manager was excited about the prospect of making cryptocurrency available to his customers:

“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream…Lots of people in South Africa are also in the cryptocurrency space and lots of South Africans are watching it. However, not all individuals have access to it.”

Neophyou hopes that his ATM will make cryptocurrency accessible to those customers without a bank account, and hopes to roll out more ATMs, if successful. Although, he warns that those using the machine should do their research and understand that they should only spend what they can afford to lose.

A recent survey conducted in South Africa maintained that one in four respondents confirmed they plan to invest in cryptocurrency in the future, and another 15% said that they would invest in mining equipment. Although, warnings of electricity hikes of up to 50% in the near future may well dampen the enthusiasm of prospective bitcoin miners, according to LiveBitcoinNews.com

South Africa joins Zimbabwe and Djibouti are currently the only African countries to offer cryptocurrency ATMs.

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4000 New Bitcoin ATM’s for Argentina Follows Global Trend

US ATM distributor, Odyssey Group, has announced that it has pre-agreements to install 4000 Cryptocurrency ATMs throughout Argentina, after an easing of regulations by the Central Bank of Argentina (BCRA)

The new laws enable the installation of ATMs, of any kind, to be installed in supermarkets, shopping malls, and cinemas. Until now, operating licenses have only been issued to Argentinian company Bancelo and international Link networks, providing they site their machines on banking premises.  The new legislation has broadened location rules and also opened up the market to independent players.

Odyssey Group CEO, Sebastian Ponceliz, explains that company platform, Octagon, “… allows the ATM user to obtain cash, exchange cryptocurrencies, obtain microcredits, transfer money and many other functions through electronic wallets.” Ponceliz has said that the planned 4000 ATMs is only a small part of the BRCA’s expected 30,000 machines to be installed across Argentina due to the new legislation.

Worldwide

Bitcoin ATMs are a becoming a global phenomenon, breaking down the entry barrier of identity verification by allowing the public to use cash or a debit card to purchase BTC immediately. The transaction issues a physical paper receipt with a QR code on it allowing users to scan that code into any wallet.

Bitcoin ATMs are becoming a more common sight, particularly in major capitals or centers, and the US currently has the greatest total of around 1,700 machines nationwide. Statistics show that there are now more Bitcoin ATMs than traditional banking machines being installed currently, with on average, five new machines being positioned each day.

There are now approximately 3000 Bitcoin ATMs installed in 67 countries and nearly half of these support altcoins as well as Bitcoin. In 2017 the number of Bitcoin ATMs doubled from just 954 to 2,028. Surprisingly Asia only has just 2.16 of the world total with the US, Canada and The UK leading the way.

China’s last ATM

China now has one Bitcoin ATM, after its cryptocurrency shut down, it’s been moved from a cafe in Shanghai’s Zhangjiang high-tech park where it was used by employees.  In now stands in the lobby of the headquarters of BTCC, one of the worlds oldest crypto exchanges. The machines’ screen shows that there’s ‘no bitcoin available for trading.’

Image Courtesy: https://pixabay.com/en/atm-money-cash-payment-finance-2923515/ jarmoluk

 

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