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Bitcoin ATM News on Page 1 in Local Newspapers in India: Unocoin

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India's cryptocurrency Exchange Unocoin has launched a Cryptocurrency ATM or Kiosk which allows people to buy and sell cryptocurrencies.

India’s cryptocurrency Exchange Unocoin has launched a Cryptocurrency ATM or Kiosk which allows people to buy and sell cryptocurrencies by deposit and withdrawal of cash in and from the machine. Customers of Unocoin or Unodax are allowed to deposit or withdraw a minimum of Rs 1000 (INR) and a maximum of Rs 10,000 (INR) per transaction in a day.

 

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The finance ministry of India banned banks and financial institutions from allowing bitcoin or cryptocurrency related transactions in February this year after  which the exchanges such as Unocoin and Zebpay were forced to shut down their operations, Unocoin has come up with a solution to this challenge by launching a cryptocurrency ATM service or Kiosk service which doesn’t need a collaboration with any national bank and lets the customers buy or sell cryptocurrencies easily with cash.

The first Unocoin ATM Machine has been set up in a mall in Bengaluru, also know as the Silicon Valley of India. The machine has been manufactured by an ATM manufacturer NCR. The ATM machine is similar to any ordinary bank ATM with just some modifications such as no debit/credit card slot.

 

How does it work?

The customers of Unocoin or Unodax Exchange are allowed to deposit or withdraw a minimum of Rs 1000 (INR) to a maximum of Rs 10000 (INR) per transaction in a day. Only the denomination of Rs 500 notes  are allowed to be deposited or withdrawn from the ATM at the moment. Unocoin Exchange only allows the dealing with Etheruem Cryptocurrency while Unodax allows deals in more than 30 other cryptocurrencies as well. So the customers of both Unocoin and Unodax Exchange can at anytime withdraw the amount of cash they want from the cryptocurrencies they hold in their Unocoin or Unodax Account.

 

Not much effect of the cryptocurrency ban on the trading volumes

The CEO of Unocoin or Unodax Exchange, Sathvik Viswanath told the Times of India ” We have a customer base of 13 lakh users and we are hoping that this step will ease the pain points of the customers after the ban”.

Viswanath also told that despite the cryptocurrency ban in India, his platform has seen an 18% user growth since then.

In the 2018-19 Budget speech in India, the Finance Minister of India had announced that the government does not consider cryptocurrency as legal tender or coin and will take all measures to eliminate the use of such cryptocurrencies in financing illegitimate activities or as a part of the payment system.

On this statement, Unocoin founder responds to as: “The finance minister’s statement was very clear. He said cryptocurrencies are not legal tender but he did not say that they are illegal tender”

 

Will the launch of cryptocurrency ATM’s in India boost the bitcoin or cryptocurrency prices by helping to mainstream cryptocurrencies? What do you think? Tell us in the comments section below.

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#Bitcoin

Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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Crypto News: Bitmain $500 million loss, Bitcoin Mining Scam, RippleNet

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Let's discuss three recent big crypto news. Bitmain losing $500 million within 3 months, bitcoin mining scam in Thailand and RippleNet adoption.

Bitmain Posts $500 million loss amidst crypto winters:

We all are aware of the bear run that has been impacting the crypto market for the last year. From the hardware elements to the software elements, every element of the crypto space has been affected by this bear run. Recently Bitmain, a mining hardware giant company indirectly posted that it lost $500 million loss in the third quarter of 2018.

Let us analyze the post posted by the Bitmain. It has earlier stated that it gained a profit of $1 billion in the first half of 2018. Further, it posted that total benefits it had by the third quarter of 2018 were $500 million. This means that if we subtract the benefits it had by the third quarter 2018 from the benefits it has by the June 2018, it clarifies that Bitmain undergoes the loss of $500 million within 3 months. This is really a big loss that the company faced from July to September 2018. Also if we talk about the revenue, it has a total revenue of $2.8 billion in the first half of 2018 and $3 billion by the third quarter of 2018. This means that the total increase in revenue of $200 million in three months.

The bear run has affected almost every organizations. The price of bitcoin went down to $2600 from almighty $19783. However, it is expected that the next bull run of the crypto space is on the way and could hit at any nearby time.

 

Bitcoin Mining Scam:

Where is a market, there is a  risk of fraud and scams. Recently, news came into light for a major scam in bitcoin mining. Victims of this big bitcoin mining scam have filed a case in Thailand. As per the sources, around 30 victims were frauded by a scam involving a bitcoin mining company named ‘CryptoMining.Farm’. The firm made fool of the 142 victims and cost them a scam of a total of $1.34 million.

Initially, the company promised to give 70% as annual return and the facility to withdraw at any time but later on, they started avoiding the facility of instant withdraw and said that they would pay in 84 installments. The installments would take 7 years to get the amount and also, the company promised to pay in form of foreign currencies which is completely against the norms of Thailand. This has costed all the victims to lose around $1.34 million. However, the technology crime branch of Thailand has filed the case and the investigation has been started.

One must require to get all the details of the crypto company in which they are investing. One should always read all the terms and conditions mentioned in the paper. And even after that if a company do these kinds of fraud, one must inform the technology crime bureau of the country.

 

RippleNet:

Recently, the second largest bank of Oman, BankDhofar has announced that it has started using the RippleNet technology for performing cross-border payments to countries like India. For the first time in the history of Oman, any bank has accepted the RippleNet for performing transactions. With this feature, the customers will be able to transfer cross-border funds using a mobile application within 2 minutes. This feature would be a great help to the Indians living in this country to transfer payments.

BankDhofar, which started in 1990, in Oman’s second largest bank. It had an amazing revenue of $28.2 million out of which the revenue itself in the year 2017 was around $2.4 million. On the other hand, RippleNet, based on blockchain technology, is an international payment provider for cross-border payment. It is a product of the third largest firm in the crypto space, Ripple XRP. RippleNet has expanded its service all across the globe and is one of the leading service providers for institutional payment.

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