Category Archives: Bitcoin ATM

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Moon Zebra Launches Malta’s First Two-Way Bitcoin ATM

Moon Zebra has installed the first two-way Bitcoin ATM in Malta. The two-way Bitcoin ATMs allow users to both buy Bitcoin with fiat and to convert Bitcoin back to fiat, and are far rarer than typical one-way Bitcoin ATMs that only allow users to buy Bitcoin with fiat. Even though this is only the 4th Bitcoin ATM installed in Malta, it is a major positive step for Malta, which has been called ‘Blockchain Island’ by many for its extremely favorable stance towards crypto and blockchain companies, including giving the world’s biggest crypto exchange Binance a fiat bank account.

Two-way Bitcoin ATMs are essential for the global adoption of Bitcoin as a currency, allowing users to quickly and easily move money between fiat and crypto. Now people in Malta who are paid with Bitcoin by their jobs can easily turn their Bitcoin into cold hard cash and use it to buy food, necessities, and pay rent

According to Coin ATM Radar, there are 1,256 two-way Bitcoin ATMs in the world versus 2,218 one-way Bitcoin ATMs, as of this writing on 15 July 2018. A two-way Bitcoin ATM provides all the functionality of a cryptocurrency exchange and is much faster. Typically it takes several days to convert Bitcoin into fiat when using a cryptocurrency exchange, and it requires a bank account. Bitcoin ATMs are nearly instant, usually requiring 1 confirmation which takes about 10 minutes before dispensing cash for deposited Bitcoin. Also, Bitcoin ATMs don’t require a bank account, making them the only option for unbankable Bitcoin users besides Bitcoin dealers.

Although Bitcoin ATMs typically charge higher fees than a cryptocurrency exchange for both buying and selling, on the order of 5-10%, the time saved is worth it. This is especially true since the near instant nature of Bitcoin ATMs protect users from market volatility; Bitcoin price fluctuations can easily exceed 5% in a day and sometimes even 10%, so it is worth a fee to make an instant Bitcoin to fiat transaction.

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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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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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Washington Just Got 20 New Bitcoin ATMs

In response to significant demand from local users and merchants, Washington DC has installed 20 Bitcoin (BTC) ATMs across the US capital. A Texas-based Bitcoin ATM network, Coinsource, rolled out the machines.

In the Maryland and Columbia districts, the machines were added in response to high demand and are being positioned in convenient locations. Other locations such as Washington DC, Baltimore, Towson, Oxon Hill and Takoma Park will also be playing host to the Bitcoin ATMs.

From paper money to Bitcoin

Bitcoin ATMs are a global phenomenon, breaking down the entry barrier of identity verification by allowing the public to put in cash or a debit card to purchase BTC immediately. At present, the US has over 1,700 crypto ATM locations with approximately 40 of those existing in its capital.

Sheffield Clark, CEO of Coinsource, explained:

“We are meeting Washington DC at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology. All innovation over time has passed through our nation’s capital in one way or another, and we are happy to be now servicing Washington DC and the surrounding communities so that they can have easy access to buying and selling Bitcoin.”

Bitcoin ATMs are being installed at a feverish pace and the US is the current leader in deployment and use of these. Previously, Washington had only five serviced Bitcoin ATMs provided by five different operators.

CMO of Coinsource, Bobby Sharp, said:

“We are expanding the Bitcoin ATM market further than it’s ever been in DC, offering the lowest rates, exclusive remote enrolment and allowing for at-home account registration. This instalment is especially significant to Coinsource, as the philosophy behind decentralized currency is and has always been about giving freedom back to the people. As a company, I feel that we have been able to provide financial freedom to the underbanked and unbanked, and I am happy to bring our services to DC.”

Ease of access

Using a Bitcoin ATM is easily one of the fastest and easiest ways to buy and sell BTC; users often just feed bank notes into the machine or use a regular debit or credit card transaction, after which they receive a physical paper receipt with a QR code on it. Users are then able to scan that code into any wallet and complete the transaction.

 

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