Spanish police authorities are raising the alarm because a recent criminal case involved the use of bitcoin ATMs, making their jobs more difficult.
few days ago Londoners witnessed a bizarre movie-worthy scene: A
Bitcoin ATM suddenly started spitting bills non-stop in a shopping
Several people were able to record the odd event and share it on Reddit. On the footage, a security guard protects the machine from the curious people who saw the scene. None of them (at least as far as one can see in the video) tried to take a bill.
cashier was spitting out money for several minutes, which is why
several people speculated that it was not a malfunction but rather a
hack. The methodology, known as “jackpotting” basically
allows the hacker to operate the ATM remotely making it spit out
money on command.
If true, the perpetrator could be facing criminal charges.
Bitcoin ATM Operator: “It Was Not a Hack”
Shitcoins Club, a polish company that owns more than 60 Crypto ATMs distributed all over Europe, managed the Bitcoin ATM.
In statements to The Next Web, Shitcoins Club denied that it was a hack and commented that from their point of view everything was a trick to give the illusion that the ATM went crazy:
“Everything was going well during this transaction … As you can see there is a bag in front of the ATM.”
In fact, in a Reddit post, a spokesperson said that anyone can see the location and funds availability of each of their ATMs, so it was easy to withdraw such a large amount of money (as long as the necessary funds were available).
“Our ATMs are the only ones in UK which can handle large cash withdrawals. On our website shitcoins.club on the “locations” tab, you can find out exactly how much GBP ready to withdraw holds each of our ATMs. The ATM at Bond Street Station (West One Shopping Centre), has at the moment 30,000 pounds which can be withdrawn immediately, in exchange for BTC, LTC or DASH. Our ATMs are usually topped up to 20 000 pounds.”
So everyone is free to draw their own conclusions. Maybe it was all the work of a skillful hacker who somehow wanted to generate a negative image of Bitcoin ATMs or maybe it was all the work of a troll who wanted to make a joke by daring to lose his money at the hands of a crowd that one can never know for sure how will react before the opportunity to have free money.
Either way, cthe rypto-verse is one weird place to be sometimes
The Vancouver government is not very happy with the evolution of crypto in the locality, and the growing concern that digital currencies may facilitate money laundering operations has prompted the authorities to propose a ban on Bitcoin ATMs.
According to the Vancouver Police Department, the lack of regulations and the growing adoption of cryptocurrencies have turned Bitcoin ATMs into an “ideal money-laundering vehicle”.
This opinion has been gaining strength over the last few months. Back in February, Sergeant Alvin Shum wrote a report to the Vancouver Police Board warning about the possible dangers associated with the use of Bitcoin in non-controlled transactions:
“Given the lack of a central authority, there is no controlling organization who can monitor or regulate the transfer of funds to ensure a legitimate transaction. This creates a prime opportunity for the criminal element to capitalize on remaining anonymous, as they work to defraud unsuspecting citizens, launder money, and make large-sum anonymous transactions.”
Vancouver was the first city in the world to have a Bitcoin ATM, however, despite giving a lesson in innovation, it seems that the authorities do not hesitate to change their decision if this maintains the state of law that has so characterized the locality.
However, the decision is not without controversy. According to the local media outlet The Star, the authorities must weigh the pros and cons of this decision in order not to affect the legitimate businesses already established around the local crypto ecosystem.
Christine Duhaime, a Vancouver lawyer specialized in AML policies explained to the news site that the situation is not as easy as it seems:
“Vancouver definitely has connections to, unfortunately, digital currencies being used for nefarious purposes, but on the other side, it also (includes) legitimate businesses where they’re trying to get regulations to operate more legitimately.
now it is not possible to know with certainty whether this ban will
be a reality or is simply a possibility that is being studied, but
the rumor has already generated discontent in the ecosystem. One of
those affected, Mr. Drew Glover explained that it is ” absurd ”
to think that the municipalities could have the competence to
restrict or regulate the operations with cryptocurrencies when this
matter is clearly a competence of the federal regulations.
“The new regulation will define what businesses dealing in the space are required to do to monitor and prevent those sort of activities,”
The post Vancouver Wants to Ban Bitcoin ATMs Due to Money-Laundering Concerns appeared first on Ethereum World News.
Bitcoin is activism, not a get rich quick scheme or a startup platform, says Lamassu’s Zach Harvey.
Over the last few months, crypto ATMs have grown popular in various regions in the global financial market, with many market players getting onboard. Crypto ATMs allow users to buy or sell their digital assets like Bitcoin, Litecoin, Ethereum, Dashcoin, and others. Greece is one of the countries where these machines are fast gaining popularity.
What Makes Them Tick?
At the moment, there’s one crypto ATM in the Greek region of Thessaloniki and 4 in Athens. Media reports indicate that more Greek cities will embrace the use of crypto ATMs in the near future, with more of such machines set to be installed in various parts of the country in the coming months. Stefanos Getsopoulos is the co-founder of a popular crypto company, Thess Cash Hallas, and he says that plans are underway to install 3 more crypto ATMs in Northern Greece.
The love of these ATMs is largely driven by many crypto users’ preference of a freer financial and investment market as opposed to the largely centralized institutions like banks. As such, many users opt to use cryptos to avoid the centralized system. Also, some cryptocurrency users embrace the use of the ATMs as they provide an easier way to access their assets faster. In fact, crypto ATMs allow users to liquidate and withdraw their digital assets in fiat currency wherever they are. This advantage makes the ATMs even more popular in the crypto community.
There’s A Boom In The Offing
A report released recently by MarketsandMarkets, a research firm, projects the global crypto ATM market to hit north of $144.5 million by the year 2023, with a Compound Annual Growth Rate (CAGR) of about 54%. Just last year, the market value totaled around $6.8 million. Currently, the market value stands at about $16.3 million, meaning that in the next 5 years, the global crypto ATM market is expected to grow eightfold.
Understandably, this projected market expansion might come as a shock to some, but a critical look at the figures of 2017 compared to the current figures gives all the indications of an exponentially growing market. In the last few months from 2017, the market has expanded by upwards of 50%.
According to the same report by MarketsandMarkets, the growth of the crypto market would also trigger an increase in the overall number of transactions conducted through the ATMs. This would, in turn, create the need for more crypto ATMs in service. There are now about 3,650 BATMs (Bitcoin ATMs) in service around the world, with about 4 machines being commissioned every single week.
Bitcoin has managed to rise above $7,000 after dropping below that price level on Monday (August 6, 2018). The top-ranked cryptocurrency leads a day of positive price movements for the greater majority of the crypto market. Experts point to the emergence of positive market sentiments as a precursor to an imminent bull run.
Bitcoin Back in the Green
At the time of writing this article, BTC is currently trading above the $7,100 mark cementing its place above $7,000. Traders will be hoping that the top-ranked crypto surpasses and maintain the $7,200 support level. BTC has so far gained more than two percent within the last 24-hour trading period.
Despite the current price growth, its weekly performance is still in the negative, following substantial declines in the first six days of August. BTC has declined more than eight percent since the start of the month. However, the crypto’s 30-day performance stands at 9 percent.
Commenting on the current market situation, Fundstrat analyst and BTC bull, Tom Lee, said that Bitcoin’s increased dominance over the cryptocurrency market is a sign of an imminent price rally. Lee also referred to his company’s legacy Bitcoin Misery Index (BMI), saying that BTC was currently at 37 which is close to the 27 level that signifies optimal price performance. According to Lee, the raft of recent positive developments in the space will soon begin to have an impact on the market.
Altcoins Post Positive Price Movements
Apart from BTC, the rest of the cryptocurrency market has enjoyed a moderately favorable day. Ethereum, Bitcoin Cash, and Stellar have all enjoyed positive price movements. In fact, only three out of the top ten coins has declined over the last 24 hours. MIOTA leads the losers pack, dipping by more than seven percent while XRP has shed almost three percent of its market price.
MIOTA’s performance is indicative of its apparent recent decoupling from the rest of the cryptocurrency market. During the bearish trend of the previous few days, MIOTA showed some significant albeit, short-lived growth.
In another development, the number of BTC ATMs in the world reached a milestone figure of 3,500 on Monday. According to Coinatmradar, there were only 1,000 of such ATMs worldwide as of February 2017. A large percentage of the BTC ATMs are located in the United States and Canada with Europe and Asia the other popular host regions.
Do you think this is the start of another Bitcoin price recovery? Keep the conversation going in the comment section below.
Image courtesy of Coinmarketcap and Coinatmradar.
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.
In a Cryptocurrency raking issued by a research institute at the Ministry of Industry and Information Technology, China, the crypto don, Bitcoin was not really recognized as it was ranked 13th alongside, Verge (XVG), the secure and anonymous Cryptocurrency.
The listing which was tagged “global public-owned chain technology evaluation index and ranking” placed 28 Cryptocurrencies head-to-head in the table while Ethereum took the lead with a smart contract function technology assessment index of 129.4.
Steem and Lisk according to the table took position 2 and 3 respectively, as Cardano and IOTA were also levelled to position 7. Stellar in the table was in position 6 while Monero and Stratis took sits 9 and 10.
According to the release, the evaluation of the global public-private chain technology was done with a focus on the basic technical level, application level and innovation ability of the public chain.
NEO on position four in the table was given much recognition in the use of smart contract, placing it atop in application assessment because the altcoin has been able to use smart contracts to automate the management of digital assets, and it moves around the world to created solutions.
Examining the evaluation, observers have opined that China is still behind in the area of technological innovation as NEO is the only top-ranked public-chain projects in the listing.
As much as the evaluation is done on both public and private chain, the public chains on the list include are Styme chain, the application chain, NEO and Komodo.
Other altcoins included in the evaluation placed in position 16-28 includes:
Ether Classics, Reverb Chain, Dash, Cloud Storage Chain, Bitcoin, Litecoin, Ark, Big Zero Coin, Nano, Bit Cash, Decred, Super cash and new chain.
While it is ambiguous why China released the rating, some have opined that the country may be making move to give Cryptocurrency another chance after shutting down all exchanges and banned all form of domestic trading in the country last year.
It is believed that the release, which is the world’s first technology-focused public chain assessment index issued intermittently on monthly basis will help enhance the grasp of blockchain technology in innovating.
Different countries have started deploying Bitcoin ATM, and now, Argentina has also followed the trend. Yesterday, it was reported that some Russian residents of Rostov are now accepting Bitcoin and Bitcoin Cash. The trend is common among taxis and stores in the port on Don River with increasing number of Bitcoin teller machines installed in different supermarkets.
Those behind the development are up till now not deterred by regulations and growing clampdown on cryptocurrency.
According to a cryptocurrency survey conducted earlier this year among Russians, it was inferred that more than half of Russians know what Bitcoin is, with the knowledge more predominant among young people in metropolis.
Argentina Deploys 200 Bitcoin ATM
After the Central Bank of the Argentine Republic (BCRA) accepted Bitcoin Automatic Teller Machines in the country, there is indication that the country may receive massive 4000 new crypto-enabled ATMs.
A statement by the CEO of Odyssey Group, Sebastian Ponceliz gives more insight on the development saying, plans are ongoing to see that the country installs around 4000 ATM.
“We have pre-agreements to install 4,000 ATMs… but that is only a small part of the Central Bank’s expected 30,000 new machines throughout the country.”
Earlier, Odysssey Group made known it installed around 200 BTC ATM in the country, last year.
“The idea was born from the understanding that the world monetary order is changing,” he told the publication.
“There is what I call monetary convergence that makes us use different types of means of payment and exchange (cash, crypto, e-wallets, loyalty points, etc.) and the human contact point for that is an ATM that can transact multiple currencies, turning digital money into physical and vice versa.”
If the machines are dished out, Argentina now has the potential of being ahead in cryptocurrency since nearly all machines deployed in the past do not take cognizance of fiat and cryptocurrency at the same time.
“Odyssey is the first global platform integrating fintech, cryptocurrency and cash […] facilitating the movement of foreign exchange, commerce and reduction of transaction costs,” Ponceliz added.
Zimbabwe Deploys Bitcoin ATM
While countries are adopting Bitcoin ATM, the Sothern Africa country, Zimbabwe, has also joined in the move. The country has just a single Bitcoin ATM dispensing cash. Courtesy of Golix, Zimbabwe’s first and largest cryptocurrency exchange, the ATM is loaded with fiat US dollars.
Australia Also Join The Development.
Ahead of Argentina, Australia had announced that it is planning to install 500 machines with Bitcoin selling and purchasing power. Meanwhile, a UK-based BTM operator, Bitlish, also confirmed that it would deploy 5,000 BTC ATM in 2017.