Finboy Blog, News

Crypto ATMS.

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Here is a fact you may not know off the top of your head. In the United Kingdom currently there are 271 bitcoin atm’s. Crazy isn’t it but they are there the image shows where they are and how many. It is no surprise London has most with 136 atm’s but the spread isn’t as bad as you’d think. for example Aberdeen has one as has Exeter. Also the type of coin in use on them is not just the “bitcoin” the name might suggest. The company behind it is “Cointed” aiming to bridge the gap between fiat, crypto coins and plastic cards, their own card

The exchange allows trade between crypto currencies or fiat to crypto currency. The users can access various market analysis tools to explore a currency and its real-time value. A few examples of cryptocurrencies traded on this platform are Bitcoin, ETC, XMR, LTC, ZEC, DASH. The fiat currency applicable is EUR. PayCo is a payment interface that can be integrated, via an API interface, into the existing cash register systems and online shops, allowing merchants anywhere to accept a variety of cryptocurrencies as a method of payment. Mobile hardware solutions have been developed for fast and smooth payment processing and can be shipped out with the PayCo software. At the moment, Cointed has installed MultiCryptocurrency BTMs locations.  There are two types of BTMs – one allows customers to purchase a wide range of cryptocurrencies, while the second also offers the option to exchange cryptocurrencies for cash. Cointed also features their own “multi-currency debit card” creating a fast and convenient way to exchange cryptocurrencies in to fiat currencies with cryptocurrencies, and an online shopping store.

Cointed isn’t the only one. Netcoins a Canadian, Vancouver based company also has it’s eyes set on this area for development. They have a global retail network of 170,000 locations in 53 countries across six continents, where people can easily walk into a store to buy Bitcoin and altcoins with fiat. Not quite the same as an atm but making access to cryptocurrencies more available.

In some ways the currents rate of “alt-coin” production seems crazy but it won’t be until these coins are accepted as normal way to conduct financial transactions that they become more widely available. It is still a long way from “decentralisation” which is the goal of all fans of cryptocurrency BUT they are only a few years into the rebellion against fiat and central banking. How many of us thought driving alongside a building to buy a burger and driving away would become a thing? Mmmm drive thru crypto … I’ve just had an idea!