Category Archives: Bitcoin ATM

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The Number of Bitcoin ATMs Has Increased by 1,900 in the Past Year, a Jump of 50%

According to data from Coin ATM Radar, the number of Bitcoin ATMs worldwide has continued to grow at a blazing pace. In the past year, 1,900 Bitcoin ATMs have been installed worldwide, which is a jump of 50%. This rate is equivalent to 5 Bitcoin ATMs being installed every single day. This data suggests that the Bitcoin ATM industry continues to flourish.

This year’s surge in ATM installations is being led by the top Bitcoin ATM manufacturers including CoinCloud with 374 ATMs, CoinFlip with 348 ATMs, Bitcoin Depot with 312 ATMs, Coinsource with 277 ATMs, Rockitcoin with 207 ATMs, Bitcoin of America with 204 ATMs, PayDepot with 184 ATMs, local coin with 169 ATMs, iQCashNow with 147 ATMs, and digital mint with 132 ATMs.

At this time North America leads the world with 76.3% of all global Bitcoin ATMs. This is mostly concentrated in the United States which has 64.5% of the global total. Europe is in 2nd place with 19.7%, while Asia has 2.3% and South America only 1.1%. This data shows that there is plenty of room for the Bitcoin ATM industry to expand.

The Bitcoin ATM industry is crucial for Bitcoin adoption since it allows users to convert Bitcoin into cash and vice versa within minutes, turning Bitcoin into a currency that can be used in everyday life. Although Bitcoin ATMs often charge fees of 5% to 20%, for many users this fee is worth it to buy/sell Bitcoin instantly instead of waiting for days such as when using a crypto exchange.

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Bitcoin ATMs, Making Bitcoin Adoption A Reality

Bitcoin ATM, Making Bitcoin Adoption A Reality

Almost six years since the first of Bitcoin ATM (BTM) was installed at a coffee shop in Vancouver, reports now have BTMs numbering a few thousand across the globe. BitcoinNews.com explores the inconspicuous growth in both the adoption of Bitcoin and its related accessories and pursues an angle in the opportunities as well as risks in the emerging BTM industry.

With over 5,000 Bitcoin ATMs (BTM) now installed in about 90 countries across the globe, the subject of Bitcoin adoption can now be viewed from a different light. BTMs are now available even in convenient stores in the countries where they are installed, giving residents access to both awareness, and the spending of Bitcoin.

In terms of everyday use, one might be tempted to think Bitcoin lags in its ultimate purpose as a peer-to-peer digital payment system, considering how 10 years on and not every store in the world may have a boldly printed ‘Bitcoin accepted here’ over their counter. Farcical or not, certain segments of the media continue to describe Bitcoin as purely speculative and having no currency value. Meanwhile, the daily exchange of Bitcoin for services and goods continue to take place, and no, not only on the dark web. The major scare here is the volatility of the Bitcoin market on crypto exchanges which seem to stall merchant adoption, not helped at all my developments of various regulatory frameworks.

Notwithstanding, the companies that make these BTM machines, along with service providers, continue to explore new opportunities where these machines can be installed. The inevitable logical conclusion here seems rather obvious – Bitcoin isn’t going anywhere, not anytime soon at least, not when massive capital investment is involved.

They Come in all Shapes and Sizes

Friends are nearby. Connected #Delaware, if anything ♥ ️#cryptoATM #ATM #bitcoinATM pic.twitter.com/Sw3MZXicjb

— Nano Bank (@NanoBank) September 2, 2019

BTMs are physical and as far as awareness goes, they can hardly go unnoticed and can easily pass as a regular ATM, but upon approach, the features do seem a little bit different. And now, the startled new user becomes curious if they aren’t familiar with such technology or if they had only just read about them on the internet – they can now physically interact with this disruptive money system. See where this is heading?

So far, BTMs as an important component of the Bitcoin ecosystem is the most expressive and relatable aspect – arguably second to mining; as well as a better understanding of the function of Bitcoin and how to use it. To the dabbler, everything else about Bitcoin and cryptographic consensus may appear as gibberish!

Opportunities in the BTM Industry

Is investing in a BTM worth it? Good question. The fuss about digital currencies and the antagonistic nature of stalling regulations should make a person wonder why anyone would consider an investment in BTM. In late June, leading international convenience chain store Circle K, had 20 BTMs installed in its US stores thanks to its partnership with DigitalMint. Are BTMs the new rave? Or are Bitcoins gaining unprecedented attention and no one sees it?

BitcoinNews.com had earlier reported the number of BTMs worldwide reached 5,000 for the first time, noting a total of 150 installations at an average rate of 6 per day for the month. And now, in just over two months, about 489 new installations have brought the current sum to about 5,495 Bitcoin ATMs worldwide.

Taking the least cost to purchase a General Byte two one-way Bitcoin ATM which goes for around USD 2,800 (do note that costs could go as high as USD 11,000); a rough estimate puts the global valuation of existing BTMs at about USD 15.3 million. Well, yes, this may be a far cry from the Bitcoin valuation which is around USD 176.8 billion, but the point is in the growth potential in the BTM industry.

Source: https://coinatmradar.com/charts/top-operators/

According to ATM Radar, the top 10 BTM operators currently run 2,162 machines across the globe which account for 39.3% of the population, while the remaining 60.7% equivalent to 3,333 BTMs are controlled by 541 operators – not well decentralized, eh? But the picture is rather clear here: the BTM industry is on the fast lane and as interest in operation grows continuously, perhaps down the line of world-scale adoption, there might be one at every street in major cities. And that would be a dream come true for Chris Yim, CEO of LibertyX who described their more than 1,000 operational BTMs as a natural evolution. In pursuing the future ambition of creating street-level access to Bitcoin through user’s debit cards, he said:

“Our goal is to make Bitcoin available on every block in America.”

How do Bitcoin ATMs work?

Bitcoin is designed to be a private cryptocurrency, and helps with privacy issues. Users without a bank account can buy Bitcoins on some of the BTMs with the 2-way designs. As far as operating these machines go, they are quite easy to use and with just a few steps, anyone can begin to transact using Bitcoin. BTMs, unlike the conventional ATM, allow users to purchase Bitcoins in exchange for fiat/paper currency.

The general steps involved in a BTM transaction include identity verification. It is not applicable to all BTMs, however, due to regulatory concerns, it’s becoming a prevalent option for most providers. The next step is to provide a BTC address where the Bitcoins will be sent to once purchased. This is easily done by scanning a barcode from a mobile wallet or a printed paper wallet. Alternatively, some providers provide wallet addresses for users and all they do is allow the user to print a paper wallet from the BTM similar to how ATMs issue receipts when transactions are completed.

Security and Risks in the Bitcoin ATM Revolution

The threat against Bitcoin ATMs and their users are quite real and, as mentioned earlier, Bitcoin is designed to be private, hence, to the financial regulator, this spells red flags all over it. So the first concern is how the government treats Bitcoin, and that has spilled over to its accessories – both in the mining industry and BTM industry as well – with recent developments in Nevada seeing a request for BTM licensing.

Although some operators such as Coinsource already have a New York Bitlicense which allows them to legally offer cryptocurrency exchange and custody services, however, this license is hard to obtain and still limited per jurisdiction. And in jurisdictions such as India were extreme measures have been taken against cryptocurrencies, Bitcoin ATMs, and operators were not spared.

More so, there are issues, from simple gimmicks to complex ATM frauds, and at times, glitches in the encryption framework can make BTMs extremely generous, that question the security measures adopted by BTM manufacturers. Though nothing peculiar, as worse scenarios have been observed with regular ATMs, however, these situations tend to compound the problem for BTM operators and users.

The Future

If we must speculate on the future industry of BTMs, it has to be done by looking through the current facts; the rise in Bitcoin ATMs, the installation at convenience stores, and the legal frameworks to provide for more anti-money laundering watch. Clarity seems to set in as people demand more secure and faster means of transacting. Be it at the coffee shop, the grocery store, or while refiling a tank at the gas station, merchant adoption of Bitcoins and BTMs are real. Though slow, it’s an eventual process set to transform the use case model of cryptocurrencies.

 

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Taking Crypto Payments Mainstream with UTRUST: a BitcoinNews.com Interview


Utrust is one of the leading names in digital currency payment solutions. They offer buying solutions that are fast with no chargebacks and were among the first to come up with cryptocurrency buyer protection for commerce.

Utrust had one of the most successful initial offerings in recent history in the crypto scene and they aim to make it easier and accessible for cryptocurrencies to integrate into the e-commerce sector, thus bringing  them into the mainstream.*

BitcoinNews.com recently spoke to UTRUST’s VP of Global Partnerships, Sanja Kon, discussing the UTRUST solution. 

  1. What do you think sets UTRUST apart from its competitors?

UTRUST’s mission is to revolutionize the payments industry by allowing traditional e-commerce merchants to abandon complex legacy systems and empower simple, secure and instant digital payments transactions.

Traditional payment companies are not keeping up the pace of innovation needed in the market — online merchants end up paying between 3% to 7% in payment processing fees, especially in the case with many cross-border payments.

UTRUST offers the cheapest and most transparent rate in the market: a 1% fiat payment fee, settled directly to their bank account.

Our operating model removes the risk of price volatility and allows merchants to settle directly into their bank account in the fiat currency of choice.

Moreover, we eliminate the cost of inconvenient credit card chargebacks and fraudulent payments.

Digital currency payments do not rely on legacy credit card infrastructure, and hence, do not suffer from the same amount of transaction fraud.

Chargebacks represent at least USD 40 billion per year in lost revenue, not accounting for the costs of software tools employed chargeback prevention.

Unlike other crypto payment processors, UTRUST makes cryptocurrency payments secure by implementing a buyer protection mechanism.

Last but not least, we allow buyers to pay with multiple cryptocurrencies and with multiple wallets, thus increasing the potential market share for the online retailers. 

  1. What is the biggest barrier that you (UTRUST) have had to overcome in your journey so far, and how did you do it? 

At UTRUST, we believe in the democratization of the payments industry through the adoption of cryptocurrencies as a payment method.

In this journey, one of the biggest barriers is still buyers and merchants understanding of crypto.

Cryptocurrencies are a difficult concept for many people to grasp. This is one of the things that has kept them out of the mainstream.

UTRUST feels that more information about crypto will lead to greater adoption and utilization across the board.

This is why we are focused on partnering with the world leading companies, who will help us in evangelizing the benefits of crypto payments and open up the doors for more buyers and sellers to adopt this technology.

  1. What is the largest feature of the platform that you feel is under-represented?

More than a specific feature, I think our approach is unique in the market.

We partner with technology pioneers in the ecommerce industry and we develop a tailored partnership approach, in order to:

– Help companies attract new, tech-savvy customers; and

– Help companies improve their operational efficiency by drastically reduce their costs associated with payment processing.

Tech savvy customers, millennials, and people who want to be in control of their finances are using cryptocurrency more and more each year. This is a wide audience and a growing mainstream trend.

We help companies to reach out to this new market segment of customers which is now worth more than USD 200 billion.

  1. What is the most important update coming in the next 3-6 months, and why?

We are building an ecosystem that makes digital payments as easy as they should be.

We started out with the simple idea of building a payment platform that makes crypto easy to use while protecting buyers and merchants.

We soon realized that, driven by our passion, we would end up in building something bigger than initially envisioned.

In the next six months, we are planning to release our secure crypto wallet and even a point-of-sale module.

They are currently in beta-testing with selected users. These beta programs are allowing us to adjust product-market-fit for our user needs while being confident we are compliant with all regulations and best practices in the industry. When releasing a groundbreaking ecosystem such as UTRUST, it is common to stagger the release of each component to ensure that every portion is working exactly as it should, maximizing the stability of the whole. As we progressively roll out the whole ecosystem, we want it to be bulletproof, even if that requires a phased deployment. Scalability and strength are our focus as we bring big merchants on to our platform.

  1. What is UTRUST’s long-term value proposition? 

To us, the rise of cryptocurrencies is an enormous opportunity to change the way that people look at finance, technology and business around the world. To achieve this, we need to make sure that merchants can accept cryptocurrencies easily.

Over the next few months, we will select the best retailers to represent our growing ecosystem, starting with large-scale merchants with a global presence. 

This way, UTRUST will be synonymous with highly-recognized brands using digital currency to power their transactions.

In the longer term, we will eventually reach more niche merchants with smaller transaction sizes, and we want to be able to serve any-size merchant across any vertical.

  1. How could UTRUST potentially change the monetary system?

In an increasingly globalized world, moving money and paying for goods and services across borders should be as simple as sending emails across borders.

Although cryptocurrencies are still far from being universally accepted by retailers, thousands of merchants around the world are taking crypto in exchange for goods — and their ranks grow daily.

UTRUST will help drive massive adoption of cryptocurrencies, by partnering with major worldwide retailers, allowing therefore a growing number of users to pay for goods and services.

This will generate a domino effect as companies accepting crypto will experience a higher operational efficiency by lowering their costs and attracting a younger, technologically-advanced base of customers, which will drive adoption even further. 

  1. In the maturing state of cryptocurrencies, what’s your take on stablecoins and do you plan on integrating such coins as a better hedge against volatility?

Volatility prevents the widespread adoption of cryptocurrencies, because they are subject to price fluctuations.

Stablecoins solve this problem as they’re able to maintain a stable value against a target price.

At UTRUST, we select cryptocurrencies with a clear institutional demand.

Every cryptocurrency that is integrated into the UTRUST ecosystem of merchants and consumers is required to have strong fundamentals that would ultimately lead to mainstream adoption.

We are planning to further integrate cryptocurrencies with a long track record, robust infrastructure and solid demand from the market, including major stablecoins. 

  1. Which are the main issues on the market today and how does UTRUST intend to fix them?

Volatility represents one of the major threats to the wider adoption of cryptocurrencies.

Merchants are reluctant to accept cryptocurrencies as a payment method because of the price fluctuations, they don’t want to be paid less than the actual value of the item they are selling, and/or erode their margins.

At UTRUST we give buyers the possibility to pay in multiple cryptocurrencies but then we immediately convert that value into fiat money to make sure we protect the merchant against volatility.

UTRUST is the only player providing a consumer protection service.

Consumer protection is taken for granted in traditional ecommerce platforms, and we believe crypto should follow the same standard.

Since day one, we have been focused on compliance and regulation.

We have been granted membership with VQF (Financial Services Standards Association), a self-regulatory organization approved by Switzerland’s financial markets regulator, FINMA. This enables UTRUST to operate as a financial intermediary under the Swiss Anti-Money Laundering Act (AMLA).

With this approval, UTRUST will also contribute to the continued development of the digital currency payments industry by helping to establish best-practice guidelines for organizations operating in the space.

  1. What do you think the next big thing in digital e-commerce is going to be?

The biggest focus for e-commerce merchants should be to think about how they manage and serve their customers in all their channel touch points.

New technologies have emerged as a result of increasing customer demands, and customers have multiple ways to interact with retailer’s products and services.

Voice-activated personal assistants now occupy our phones, cars, and homes, making commerce as simple as announcing our desires. Infinitely versatile apps virtualize checkout, making once friction-filled experiences easy.

Contextual commerce links social media directly to shopping.

Conversational commerce enables personalized shopping through live chat and automated chat bots.

The Internet of Things integrates commerce into seemingly everything, from our cars as we pass through tolls to sensors in our appliances.

Merchants need now to consider how their business can serve customers in a more efficient, integrated way.

Payments are essential to that mission as they are foundational to providing safe, frictionless experiences to consumers, however they shop.

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Number of Bitcoin ATMs Around the World Surpasses 5,000

Number of Bitcoin ATMs Around the World Surpasses 5,000

Still think Bitcoin is a fringe asset? Well, think again, as according to a recent report by the CoinATMRadar, the number of functional Bitcoin ATMs around the world has increased to more than 5000 for the very first time.

While this number is still dwarfed by the total number of ATMs operating around the world, estimated to be almost 3 million, the gradual penetration of cryptocurrencies both as an intriguing investment asset and as a genuine alternative currency is being witnessed.

According to the report, there are currently around 5,006 Bitcoin teller machines in over 90 countries where users can buy or sell Bitcoin, with some having the option of other altcoins as well. The United States is leading the trend when it comes to ATMs but other countries are catching on.

This month saw more than 150 installations around the world. There is also healthy competition between Bitcoin ATM companies around the world with General Bytes now ahead of Genesis Coin as the top operator.

Interestingly, the Bitcoin-only ATM approach is not the only model that is becoming attractive for investments as other models are also being pursued by companies. Kiosk manufacturer and operator Constar has claimed to bring crypto-compatibility to over 2200 locations in the US alone.

Overall, there are around 3,229 Bitcoin ATMs in the US which is more than half the total number operating in the world. With increased competition among Bitcoin ATM companies and the current bull market, ATM fees are expected to go down while users are expected to increase.

 

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Faulty Bitcoin ATM in London Spews Cash Bills

Faulty Bitcoin ATM in London Spews Cash Bills

A video footage has emerged online of what is claimed to be a Bitcoin ATM in Bond Street, London, “spitting out tons of money”.

Bond Street Bitcoin ATM spitting out tons of money! from Bitcoin

The 20-second video, shared by redditor skypirateX on Reddit less than a day ago, shows a security guard attempting to cordon off an area with two Bitcoin machines. A pound sterling symbol on the side of a cash machine beside the Bitcoin ATM seems to verify the location.

The security guard is heard asking a gathering crowd to “please move on, now”, while in the background, the Bitcoin ATM is seen spurting out scores of UK pound sterling bills. An open bag containing cash bills is seen on the ground, with more bills strewn about, as a second man attempts to kick the stray bills towards the collecting pile.

Commentors on Reddit have referenced “jackpotting”, which is a term used by hackers for the successful cracking of an ATM. Redditor paddywhack points out:

“Real answer? Many large ATM manufacturers (eg Diebold, NCR) don’t encrypt traffic end-to-end, especially on older models. If you have access to the physical network (or access to the back of the ATM unit) you can install a hub and use Wireshark to intercept the back and forth communication. Watch how when you type your pin that it’s transmitted in plaintext.. yikes. Then capture the ensuing response that tells the ATM you can withdraw money. Then POST that response back to the ATM and dispense free money. Ideally using someone else’s account info and not your own.”

Whatever the case, it would appear that this particular Bitcoin ATM isn’t new to scandal. Just a month ago the same machine appeared to be in the midst of a remote access operation:

Bitcoin ATM in Bond St Station in London – some weird remote access happening with logs on the screen. What’s going on? from Bitcoin

 

 

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John McAfee Launches Visa Bitcoin Debit Card

Antitrust Watchdog Investigates Brazil Banks for Restricting Fintech Firms (1)

The ubiquitous John McAfee, needing no introduction to crypto converts, is never far from the news and his latest piece of that is a McAfee crypto debit card.

The card, naturally adorned with the cryptocurrency entrepreneur’s photo, just so users know exactly who created it, has been issued by Visa, and will enable users to use their crypto for purchases or to obtain cash.

A teaser for what is coming soon: The first crypto credit card accepted EVERYWHERE! pic.twitter.com/ARBIAcLQOf

— John McAfee (@officialmcafee) April 26, 2019

Originally advertised, and since corrected by McAfee, as credit cards, they clearly are not, but such debit cards play an essential role in enabling holders of cryptocurrency to use their Bitcoin as originally intended; as a source of purchasing power and convenience.

As a reminder, unless newsreaders have forgotten, McAfee is up as a 2020 presidential candidate, if only to offer himself a platform for talking about cryptocurrency and its place in the world. A further reminder is offered with each issued card with the 2020 presidential run logo, along with his photo is printed on each card; a very clever piece of canvassing. However, he did add that only the first 12,000 of such debit cards would carry his photo on them. After the first batch of 12,000 cards have been released, the others will be without his images.

Sorry – “Credit Card” was a misnomer. More like a debit card. You load it with Bitcoin then use it anywhere. We convert to local currencies. pic.twitter.com/0MRmh1PslW

— John McAfee (@officialmcafee) April 26, 2019

It is unclear which financial institutions will honor the cards at present, given his lack of popularity with the US authorities in general, particularly the IRS, who would reportedly like to talk to him about several millions of dollars in unpaid returns backdated to 2010. However, his popularity is assured with an impressive crypto community following, who hope that this is another little push designed to drag Bitcoin into the mainstream rather than a nonstarter publicity stunt.

 

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Chicago’s Bitcoin ATM Hub Booms

A spike in the numbers of Bitcoin ATMs could be a subtle indicator that Bitcoin is making its way into mainstream adoption rather quicker than most would care to admit. It may also be as well a signal of bullish sentiment despite market downturns.

Chicago, known for its dense financial busyness and also home to many crypto-related businesses, has also proven to be one of the hotspots for Bitcoin ATMs. Bitcoin ATM business in the city might just be booming as a total of 30 of the machines have reportedly been installed since the beginning of the year in the area.

As at November last year, Bitcoin News reported that the numbers of Bitcoin ATMs globally were breaching the 4,000 mark, currently, stats by Coin ATM Radar has it at 4,262. According to the same source, Chicago has about 226 Bitcoin ATMs / Tellers in and around Chicago.

The current wave of ATMs introduced to the city of Chicago is by Atlanta-based Lux Vending company using the tag ‘Bitcoin Deport’ and that takes the total numbers of ATMs in Chicago near 100, says Chicago Business. As for the company, this comes to a total of 200 ATMs distribution in the US.

While the competition for providers in the area may be fierce, “there’s a large degree of adoption”, says CEO of Red Leaf Chicago Eric Gravengaard whose 60 of the company’s 200 Digital Mint machines are installed in Chicago, with the others spread across the US.

Probably one of the major daunting challenges with these ATMs at present is the 10 to 20 percent transaction fees which typically cost more than an equivalent average transaction done on the US exchange Coinbase. To facilitate the rapid patronage of these new ATMs, Lux is doing a short-term waiver on its fees. Still, something has to be done about the fees; once the waiver is over, people will still have to deal with the realities of having to choose between Bitcoin ATM kiosks and other alternatives.

The good news is that there are numerous point-of-sales services for Bitcoins and while having an increased distribution of Bitcoin ATMs makes crypto sort of ubiquitous, leaving the options open will appeal to many crypto enthusiasts especially when considering the cost of exchanging their asset.

 

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New Yorkers Can Now Buy Bitcoin at ATMs With Debit Cards

New Yorkers Can Now Buy Bitcoin at ATMs With Debit Cards

With cryptocurrency ATMs on the rise around the world with machines globally passing the 4,000 total at a rate of five installations a day, both New York and Chicago are showing continued US dominance in the sector.

New York now offers customers the opportunity to purchase Bitcoin using a regular credit card at machines supplied by ATM provider LibertyX. The company now has selected ATMs across the city able to provide the new service. It has been installing crypto ATMs across the US since its first opened in Boston in 2014, later providing campus machines at Harvard and MIT.

The debit card ATMs having been finding homes across the US since last year, but have only just come to New York City having just gained approval from New York’s Department of Financial Services (DFS).

A customer can use one of the new ATM debit card facilities by simply downloading a LibertyX mobile app and then registering their account. Once done, users have access to Bitcoin withdrawals to the tune of USD 3,000 a day by using their debit card. The move is hoped to encourage more widespread use of cryptocurrency ATMs by illustrating the ease of access to crypto funds.

The windy city has no plans to be left behind, and Chicago is currently undergoing its own battle of the ATMs with many providers vying for trade. The latest provider to hit town is Atlanta-based Lux Vending which has now added 30 of its own machines already across the Chicago area this year, taking its total in the city to 200.

Other companies in the race for planting their machines across the nation include home-based Red Leaf Chicago, who, apart from having 60 machines across the city, has another 120 machines across 21 states, including Iowa, New Jersey, Florida, and California. Another Chicago-based company has gone worldwide choosing to place its ATMs internationally, with only three in Chicago. With 65 machines across the US, it has found many of its 100 remaining machines doing huge business in Colombia and Argentina, a trade which could increase dramatically given the current economic and political unrest in the region.

 

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Bitcoin ATM Industry Set to Breach 4,000 Machines Worldwide

The number of Bitcoin ATMs sits at 3,989 on CoinATMRadar as of 11 November 2018 and at the average installation rate of 6.29 Bitcoin ATMs per day, the total worldwide should pass 4,000 over the next few days. The number of Bitcoin ATMs has been growing exponentially, with a 100% increase likely in 2018. This article analyzes the Bitcoin ATM industry by type of ATM, cryptocurrencies offered, countries and manufacturers.

There are only two fundamental types of cryptocurrency ATMS, 1-way which offer buying services and 2-way which offer buy and sell. There are 2,038 1-way ATMs, and 1,081 2-way machines. While 1-way Bitcoin ATMs are important, 2-way models are more optimized for spreading cryptocurrency adoption, since these turn Bitcoin into a currency that can be used in everyday life, allowing users to sell cryptocurrency for essential things like food and rent.

Just about all (99.9%) cryptocurrency ATMs offer Bitcoin: 2,335 offer Litecoin, 1,799 offer Ether, 1,302 offer Bitcoin Cash, 693 offer Dash, 82 offer Monero, 70 offer Dogecoin, and 56 offer Zcash. These are the most popular and reputable cryptocurrencies and at this time, no ATM offers all possible cryptocurrencies.

North America dominates the Bitcoin ATM industry with 2,371 in the United States and 677 in Canada. This leaves fewer than 1,000 in the rest of the world.

Europe is in second place, with 248 in Austria, 208 in the United Kingdom, 77 in Russia, 67 in Spain, 67 in the Czech Republic, 42 in Switzerland, 38 in Italy, 35 in Slovakia, 26 in Poland, 25 in the Netherlands, 23 in Romania, 19 in Finland, 18 in Greece, 13 in Slovenia, 12 in Hungary, and surprisingly, only 2 in France and 1 in Germany. Despite its second place in continental rankings, they are still considered a rarity in Europe.

Outside North America and Europe, less than 5% of Bitcoin ATMs can be found. The massive continent of Asia only has 100 machines – fewer than 1 ATM for every major city. An outlier in the Middle East is the tiny country of Israel, which has 8 Bitcoin ATMs. Australia has 55, and New Zealand has a mere 2. South America has fewer than 40 Bitcoin ATMs, and Africa fewer than 10.

While the Bitcoin ATM industry is booming, these figures clearly show that Bitcoin ATMs are a rarity in most of the world, and there is a vast amount of room for the industry to grow. Aside from in the United States and Canada, it is still the very early days for the Bitcoin ATM industry.

As far as manufacturers go, Genesis Coin and General Bytes dominate the global Bitcoin ATM industry with over 1,000 each. Lamassu, BitAccess, Coinsource, and Covault have more than 100 Bitcoin ATMs each. Beyond this, there are 38 manufacturers with fewer than 100 Bitcoin ATMs, 4 of which have no machines deployed yet. Although the deployment number for some of these manufacturers are insignificant, it only takes one contract with a country that has practically no Bitcoin ATMs to propel any of these manufacturers to the top of the ranks.

 

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