Category Archives: Coinsource

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Surge in Global ATMs Defies Crypto’s Downward Price Trends

Surge in Global ATMs Defies Crypto's Downward Price Trends

With Bitcoin trading at under USD 3,800 at the time, it marks a year of significant downward movement over a period of 12 months. Yet the rise in the number of global ATMs being installed is continuing.

Bitcoin’s recent slump hasn’t seemed to have affected the ATM industry with reports that it’s healthier than ever, given that at the beginning of 2017 there were only 1,000 machines worldwide. Bitcoin ATM startup BCB ATM saw its sales figures soar by 528% in just 11 months through 2017, and other companies are experiencing the same rise in sales in 2018. Rising Bitcoin prices over the past three years have accelerated the installation of machines with cryptocurrency’s wider adoption around the world.

Bitcoin machines are readily found in the US and Europe but are in increasingly being installed in most parts of the globe. A recent count revealed the US supporting a total of 2,133 ATMs, followed by Canada’s 604, United Kingdom’s 167, Austria’s 148, and the Russian Federation’s 72. Most ATMs only support five cryptocurrencies, which include Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Dash [DASH], and Litecoin [LTC].

The top 10 manufacturers include Genesis Coin (1,165), General Bytes (920), Lamassu (390), BitAccess (210), Coinsource (195), Covault (119), BitXatm (70), Coinme (66), Orderbob ATM (46) and RusBit (43).

Traditional ATMs offer individuals and business owners the ability to withdraw or deposit fiat currency into or from their banking accounts or credit cards. Machines which allow customers to both buy and sell have increased by 35% as manufacturers have improved hardware. These machines have proved to be profitable for global operators as they charge fees for both buying and selling transactions, charging an average fee to the client of 8.77%.

Customers can now purchase their Bitcoin through vouchers, gift cards, and web-money kiosks. Switzerland leads the way with Bitcoin now available as payment at 1,357 railway ticket kiosks around the alpine nation. Recent announcements that from January 1 2019, customers would be able to buy coupons – in values of EUR 50, 100 or 250 – from French tabacs has been viewed by many as a questionable decision and one that was not condoned by the French central bank.

 

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Coinsource is First Bitcoin ATM Operator with New York Bitlicense

Coinsource, a Texas-based firm with 192 Bitcoin ATMs across the United States, has become the first Bitcoin ATM operator to receive the New York Bitlicense. The company had previously been operating 40 Bitcoin ATMs under a provisional license in New York City, Westchester and Long Island.

Genesis Coin also operates numerous Bitcoin ATMs in New York but is still awaiting approval from the New York Department of Financial Services.

The CEO of Coinsource, Sheffield Clark, said, “Coinsource is the first and only company that operates BTMs [Bitcoin ATMs] to receive a New York virtual currency license. All New Yorkers — from the people that are unbanked to the people who own the banks — can use our kiosks in their neighborhood retail locations to buy bitcoin instantly in a convenient and familiar way. Now that Coinsource is a license holder, our customers can buy and sell with confidence that Coinsource meets and exceeds the high standards set by the New York Department of Financial Services. New York represents not just a center of global innovation but also one of our largest target markets. We are extremely proud to be the only BTM operator holding a New York virtual currency license.”

The New York Bitlicense is difficult to obtain and has been controversial since it was implemented in August 2015. Any individual or organization that buys or sells cryptocurrency as a customer business, performs exchange services, controls or issues a cryptocurrency, or stores cryptocurrency on behalf of others is breaking the law unless they have the Bitlicense.

For a period of time, this caused Bitcoin trading in New York to become illegal and to this day, Bitcoin dealing is illegal in New York. In 2017, that problem was alleviated when Coinbase got the Bitlicense. At this time, only 12 companies have received charters or Bitlicenses to operate in New York, including Circle, Ripple, bitFlyer, Coinbase, Genesis Global Trading, BitPay, Square, and Coinsource. Essentially, only the wealthiest and most reputable companies have been able to obtain the Bitlicense. Smaller companies and individuals have not had success applying for the same rights to operate cryptocurrency businesses in New York.

Coinsource’s Bitlicense can be revoked at any time if owners do not follow strict anti-money laundering (AML) protocols, take active steps to prevent the Bitcoin they sell from being used for illegal activity or market manipulation, allow the New York Department of Financial Services to fully monitor their business activities, and properly protect consumers and resolve all customer complaints.

 

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