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Soon, 3 Million Traditional ATMs Will Double Function As Bitcoin ATMs

Bitcoin ATM

There has been a remarkable growth in
the use of crypto ATMs globally. Data from CoinATMradar.com says that by June 1,
2019, there were a total of 4,858 crypto ATMs globally. It is estimated that
these machines have now hit the 5000 milestone. In contrast, there are over 3
million functional traditional ATMs in the world today. It is estimated that
there will be 4.3 million
conventional fiat ATMs around the globe by 2020. 

Crypto enthusiasts say that the
disparity should not be a source of alarm. They, in fact, say this extensive
traditional ATM network is good for Bitcoin. A Reddit user RickDawkins, for
instance, says:

 “I operate a couple dozen regular ATM kiosks. There is Bitcoin capable software coming to them soon, so someday those 3 million traditional ATMs will double function as Bitcoin ATMs. No other details are known yet. It’ll take a couple years to get all the updates out I’m sure. This industry is slow, and they always postpone deadlines.”

Double Functioning Bitcoin/ Fiat ATMs

 Robocoin, a Bitcoin ATM manufacturer, designed a software pack in place that turns any regular ATM into a BTC dispensing machine. Through these dual machines, any kiosk or ATM, can accept, transfer, or dispense cash alongside the digital currency. The software, known as Coin SDK, was Robocoin’s initiative to encourage crypto mass adoption.

According to Robocoin, all an ATM kiosk operator needs to do is drop the software into a running machine and the token’s transactions are automatically managed and identified through a wallet system. Jordan Kelley, the Robocoin CEO, has in the past, said that they are “upgrading the world’s existing kiosk and ATM infrastructure into a globally interconnected bitcoin cash exchange and remittance network.”

Currently, the crypto ATM manufacturer General Bytes has installed most of the newest machines in the business. Twenty-four other BATMs have been produced by maker Lamassu.  Bitacess has also quite recently installed a further 24 crypto ATMs. The country with the highest number of crypto ATMs globally is the US.

At least 60 percent of all crypto ATMs reside here. Canada is home to 12.4 percent of all crypto ATMs. This implies that over 70 percent of all these machines are based in North America alone. Europe holds 22 percent of the world’s population of these ATMs, while Asia has 2 percent.

Challenges Facing Bitcoin ATMs

The very first BATM went live in 2013.
The Robocoin BATM was installed in the Waves coffee shop in downtown Vancouver.
Robocoin nonetheless halted the production of the machines three years later.
The firm then announced that it was instead setting is sights software and
remittances rather than hardware.

The crypto ATMs have not been without
criticism. During Robocoin’s time, there were many software and hardware issues
to grapple with. Additionally, the fees levied by crypto ATMs have been so high
that many crypto enthusiasts find them impractical. They would instead stick to
the exchanges, but other crypto fans believe that it is all part of the
evolution.

Every life-changing technology from mobile to the internet has had its difficulties. There is also the increased issue of regulation that puts crypto ATMs under a critic’s microscope. In Vancouver, for instance, the mayor has recently proposed a ban on the machines to eliminate money laundering.

The post Soon, 3 Million Traditional ATMs Will Double Function As Bitcoin ATMs appeared first on Ethereum World News.

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Global Bitcoin ATM Growth Continues – Now More than 4,000

Recent statistics by Coinatmradar reveal that Bitcoin ATMs globally have crossed the much touted 4,000 threshold.

Bitcoin ATMs Surpass the 4,000 Mark

According to Coinatmradar, the current number of Bitcoin ATMs globally is 4,060, a figure surpassing the 4,000 milestone. The number is a testament to the continuous growth of BTC ATMs worldwide, despite the current plunge in cryptocurrency prices. An earlier report stated that Bitcoin ATMs were almost crossing the 4,000 mark, with 3,991 BTC ATMs.

Bitcoin ATM installation continues to spread across continents with North America still maintaining its number one spot. The continent controls a staggering 71.2% of the market, with a total of 2,888 BTC ATM installed. Europe, at the number two spot but far behind, has 23.7% with a total number of 961 Bitcoin ATMs. Africa is still far behind with 0.2%.

The number of BTC ATMs in different countries has also increased. The United States, still on top of the BTC ATM food chain, boasts of 2,240 Bitcoin ATMs across the country. Canada holds on to second place, with a total number of 619, as against its former figure of 600 BTC ATMs. Other countries like Zimbabwe, Guatemala, Armenia, and Iceland have one BTC ATM each.

The competition among Bitcoin ATM manufacturers continues to grow tough, with new entrants trying to carve a niche in the market. Genesis Coin is still the top manufacturer of BTC ATMs, controlling 31.6% of the market share. General Bytes, however, follows very closely with 30.2%, while Lamassu lags, controlling just 10.8% of the market share.

Increase in Bitcoin Investment Despite Price Drop

The continued rise in BTC ATM numbers despite the year-long bear market is indicative of the confidence of big-money players in the sector. One of the hallmarks of a paradigm-shifting technology is its ability to remain relevant post-mania period.

Across the market, there are examples of investors continuing to keep faith with cryptocurrencies despite the bear market. Recently, Nasdaq declared that it would move ahead with its planned BTC futures launch slated for 2019. According to the company, it has come too far to turn back now.

Even investment firms and Trusts like eToro and Grayscale say their clients are increasing their BTC holdings. Even with the price crash that started in mid-November, Grayscale reports that its clients have an even greater appetite for BTC. Presently, the company owns about one percent of the total BTC in circulation.

Image courtesy of Ethereum World News archives.

The post Global Bitcoin ATM Growth Continues – Now More than 4,000 appeared first on Ethereum World News.

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Global Bitcoin ATM Growth Continues – Now More than 4,000

Recent statistics by Coinatmradar reveal that Bitcoin ATMs globally have crossed the much touted 4,000 threshold.

Bitcoin ATMs Surpass the 4,000 Mark

According to Coinatmradar, the current number of Bitcoin ATMs globally is 4,060, a figure surpassing the 4,000 milestone. The number is a testament to the continuous growth of BTC ATMs worldwide, despite the current plunge in cryptocurrency prices. An earlier report stated that Bitcoin ATMs were almost crossing the 4,000 mark, with 3,991 BTC ATMs.

Bitcoin ATM installation continues to spread across continents with North America still maintaining its number one spot. The continent controls a staggering 71.2% of the market, with a total of 2,888 BTC ATM installed. Europe, at the number two spot but far behind, has 23.7% with a total number of 961 Bitcoin ATMs. Africa is still far behind with 0.2%.

The number of BTC ATMs in different countries has also increased. The United States, still on top of the BTC ATM food chain, boasts of 2,240 Bitcoin ATMs across the country. Canada holds on to second place, with a total number of 619, as against its former figure of 600 BTC ATMs. Other countries like Zimbabwe, Guatemala, Armenia, and Iceland have one BTC ATM each.

The competition among Bitcoin ATM manufacturers continues to grow tough, with new entrants trying to carve a niche in the market. Genesis Coin is still the top manufacturer of BTC ATMs, controlling 31.6% of the market share. General Bytes, however, follows very closely with 30.2%, while Lamassu lags, controlling just 10.8% of the market share.

Increase in Bitcoin Investment Despite Price Drop

The continued rise in BTC ATM numbers despite the year-long bear market is indicative of the confidence of big-money players in the sector. One of the hallmarks of a paradigm-shifting technology is its ability to remain relevant post-mania period.

Across the market, there are examples of investors continuing to keep faith with cryptocurrencies despite the bear market. Recently, Nasdaq declared that it would move ahead with its planned BTC futures launch slated for 2019. According to the company, it has come too far to turn back now.

Even investment firms and Trusts like eToro and Grayscale say their clients are increasing their BTC holdings. Even with the price crash that started in mid-November, Grayscale reports that its clients have an even greater appetite for BTC. Presently, the company owns about one percent of the total BTC in circulation.

Image courtesy of Ethereum World News archives.

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Prague Metro System Has Now Installed Bitcoin ATMs Everywhere

Prague’s metro system has now 10 Bitcoin ATMs in several important stations that connect the whole city. The local company General Bytes, that is also one of the largest Bitcoin ATM manufacturers in the world, has been in charge of the installation of the ATMs.

Prague’s Bitcoin Metro System

Prague has one of the most important metro systems in Europe and the 5th busiest in the continent, transporting over 1.6 million passengers a day. With the new ATMs several individuals will be able to have access to the crypto market. People traveling in the metro that want to gain some exposure to cryptocurrencies will now be able to buy these digital assets.

The information has been revealed by the Czech firm, General Bytes which is one of the most important cryptocurrency-related companies in the country. The machines will be located in 10 of the most important metro stations in the city: Mustek, Nádrazí Veleslavín, Dejvická, Florenc, Černy Most, Zličín, Pankrác, Flora, Skalka, and Hlavní Nádrazi.

Some of these metro stations are located in very touristic places, something that could be very promising for the crypto community in the city. At the moment, there are several places and shops that accept virtual currencies, including a Coffee Shop that accepts only BTC; and the Crypto Anarchy Institute known as Paralelní Polis.

It is important to mark that General Bytes has an important share of the worldwide Bitcoin ATM market. At the moment, it has installed 861 crypto ATM’s in different countries, and in the future this number is expected to keep increasing.

The Czech Republic is one of the countries with the highest number of crypto ATMs installed in the world. At the moment there are 46 locations with Bitcoin ATMs and is the 7th country after the United States (1965 locations), Canada (532 locations), Austria (177 locations), United Kingdom (134 locations), Spain (55 locations) and Russia (49 locations).

The Czech Republic Moves Towards Cryptocurrencies

The installment of 10 new ATMs in the Metro is just one of the latest events related to virtual currencies in the European country. Some days ago, an important Czech utility company, known as Pražská Plynárenská started to accept cryptocurrency payments for its services. The company is one of the major suppliers of natural gas in the country, and is engaged in other commercial activities.

Pavel Janeček, Chief Executive Officer of Pražská Plynárenská, said about it:

“In June we are opening a payment gateway, which will automatically transfer our bitcoin payments into regular currency, so that we don’t have to speculate with cryptocurrency. But if anyone wants to pay in an alternative way, we want to allow them to do that.”

At the same time, the important retailer in Czechia, Alza.cz, accepts Bitcoin payments and since the beginning of this year, it decided to accept Litecoin (LTC) payments.

There are many other smaller places in Prague that are working with virtual currencies and involved in the market. Moreover, the community is very active and there are crypto-related meetings in the city very often.

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ATM Giant Cardtronics Cites Crypto As Business Risk

The biggest operator of automated teller machines (ATMs) has joined the growing chorus of financial firms that are warning about the competitive impact of cryptocurrencies.

Cardtronics noted the potential impact of cryptocurrencies on its business prospects in its most recent 10-K annual report to shareholders filed with the U.S. Securities and Exchange Commission (SEC). The tech was mentioned alongside other digital payment methods, including apps like Venmo, that would reduce the need for people to carry cash.

The company said in the filing, which was published on March 1:

“New payment technology, such as Venmo, Zelle, and virtual currencies such as Bitcoin, or other new payment method preferences by consumers could reduce the general population’s need or demand for cash and negatively impact our transaction volumes in the future.”

“Changes in consumer preferences and usage behavior” could ultimately lead to reduced cash flows, the company continued.

Cardtronics joins a list of U.S. financial companies, namely banks, that have sounded the alarm in this manner in recent days. That list includes SquareJPMorgan Chase, Goldman Sachs and Bank of America, as well as smaller regional banks like WesBanco and IberiaBank.

Yet whether cryptocurrencies themselves will affect the use of ATMs remains to be seen, since cash is already fading away as a payment method in many countries. Research published in December by Australia’s central bank notes declining ATM withdrawal rates despite a growing number of actual machines in use.

Other companies have warned about how the shifting fortunes of cryptocurrency markets could impact them in the long term, including graphics card maker AMD, which has seen demand grow thanks to the need for chips as part of the mining process. AMD noted that volatility in the cryptocurrency markets could have an impact on its GPU sales.

ATM machine image via Shutterstock

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Bitcoin ATM Installations Draw Warning from Russian Prosecutors

Prosecutors in the Russian state of Tatarstan have issued a warning to a local businessman about two bitcoin ATMs.

In a statement from Nov. 16, the Prosecutor’s Office of the Republic of Tatarstan referenced cryptocurrency kiosks that had been installed in two locations in Kazan, the capital city of Tatarstan.

The office’s investigation appears to have been sparked by local media reports. Although the connection isn’t clear at this time, a Nov. 3 from Business Gazeta and a photo from state-owned media source TASS dated Nov. 5 reference a recent installation in Kazan at a local grocery store.

The reports triggered an audit of the bitcoin ATMs, which are said to be installed by a firm based in the Russian state of Bashkortostan and then leased to an unnamed 34-year-old businessman.

Officials said in a translated statement:

“During the audit, the prosecutor’s office announced to the businessman an official warning about the inadmissibility of violation of the law. Simultaneously, the information was sent to the Office of the Federal Tax Service for the Republic of Tatarstan to conduct a check for possible violation of cash discipline and other violations of tax legislation, as well as to the prosecutor’s office in Ufa[…]to assess the legality of the activities of the tenant.”

Officials for the office in Tatarstan added that the investigation is ongoing.

The scrutiny over the ATMs is perhaps unsurprising, given that authorities in other parts of the world have conducted similar investigations – sometimes ending with the closure of those kiosks – in the past. Additionally, regulatory uncertainty persists around cryptocurrencies in Russia itself.

Editor’s Note: Some of the statements in this report have been translated from Russian. 

Bitcoin ATM receipt image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.