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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 Only the denomination of Rs 500 notes  are allowed to be deposited or withdrawn from the ATM at the moment.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

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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