Category Archives: Bitcoin 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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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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