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Why Bitcoin ATMs are the next big thing

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Bitcoin ATMs are here, for our rescue. Buying the future cryptocurrency has been made very simple and fast due to the Bitcoin ATMs

Realizing the advantages of Bitcoin ATM when compared to the traditional ones

 

Opening remarks

Thanks to Satoshi Nakamoto’s efforts, that are paying off in this manner. The Bitcoin along with the Blockchain Technology is bringing transformation in the industry where its popularity has reached nooks and corners of the world. It is certainly no surprise that the top members of the elite family are trying to find out the inventor behind this technology who has completely shifted people interest from the central banks which were under their control towards the cryptocurrencies which are solely under the people jurisdiction.

Bitcoin has spurred a number of cryptocurrencies who claim to be solving the issues of the current Bitcoin network. The initial coin offerings and the application of the blockchain technology in a number of applications are turning out to be a boon. The blockchain era seems to be like an industrial revolution in the financial sector.

Bitcoin along with many other cryptocurrencies, now, are actively being used as a currency rather than an investment asset, due to the number of provisions provided by the payment gateway service providers by integrating the Technology with a number of merchants both offline and online.

 

Bitcoin ATM

Now the investors, as well as traders, don’t need to follow intense procedures of the cryptocurrency exchanges in order to buy Bitcoins. Bitcoin ATMs are here, for our rescue. Buying the future cryptocurrency has been made very simple and fast due to the Bitcoin ATMs that are installed in a number of countries around the world. The user needs to follow 6-7 steps in order to purchase Bitcoins.

One must not get confused with traditional ATMs which are connected to the banks. These Bitcoin ATMs are connected to the Blockchain Network and just adds or removes the number of Bitcoins at a public address in the network. Bidirectional ATMs are also available which provide the interconversion between Fiat currency the Bitcoin.

 

Money Transfer

The ease of use of access has been increased by the Bitcoin ATMs. This would surely help people to consider it as a currency. They can even be used for money transfer through the world. At one end of the world, a person can send convert the cash into Bitcoins and send those Bitcoins to the receivers wallet. The receiver then can similarly go to any Bitcoin ATM and convert his Bitcoins into cash. This hassle-free process has lesser transaction fees when compared to the heavy transaction duties levied upon by companies like MoneyGram or Western Union Money Transfer.

According to statistics for 2017, there are almost more than 800 Bitcoin ATMs in the United States alone. The merchants that provide space for the Bitcoin ATMs earn about $300 on an average per month. The only drawback in the Bitcoin ATMs is the high transaction fees of 16% when compared to the traditional fees of 7.5 %.

 

Privacy and anonymity (Bitcoin ATMs)

Genesis Coin along with General Bytes are some of the leading Bitcoin ATM manufacturers around the world. Bitcoin ATMs are preferred over LocalBitcoins because they provide higher anonymity to the users as they don’t have to meet someone and interacts only with a machine. They even provide privacy to the users as they do not have to deal with huge cryptocurrency exchanges for their conversions. Any problems that arise due to the technical faults of the ATM can be reported to the respective ATM providers in order to reimburse the loss. Hence it is highly secure.

Bitcoin ATMs are available only during the business hours unlike the cryptocurrency exchanges which are available 24/7. However, they are still preferred because almost 40% of the world population doesn’t own a bank account which is a prerequisite in order to transact cryptocurrencies on an exchange.

 

Conclusion

It is obvious that with more number of Bitcoin ATMs in working condition the transaction fees is bound to reduce. This will also be a great benefit to the long-term cryptocurrency investors, as they do not have to abide by the legal compliances of an exchange, and can just buy Bitcoins and Hodl them without the intervention of any intermediaries. The accessibility of the cryptocurrencies is bound to increase with these Bitcoin ATMs. ATMs for other cryptocurrencies also would soon be available in the market.  With all these advancements happening in cryptocurrency space at such a rapid pace, the centralized banks have no resort but to accept the fact that this is the future economy.

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#Exchange

Vietnam launching a regulated cryptocurrency exchange

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Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and licensing for a crypto exchange.

Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and obtaining licensing for a cryptocurrency exchange.

Partnership for the cryptocurrency exchange:

According to an article published by PRNewswire, Linh Thanh Group, which is the biggest distributor in the country is partnering with Kronn Ventures AG, a blockchain company located in Switzerland for the development of the cryptocurrency exchange.

Recently, Kronn Ventures AG created an association with the financial committees around Asia which included countries like Bangladesh, Sri Lanka, Cambodia as well as Vietnam. The motive of the association is to use blockchain technology to create a worldwide wiring system that suits the environment of the Asian continent.

According to the report, Linh Thanh Group has officially stated that partnering with the Kronn Ventures AG will help both the companies in creating a cryptocurrency exchange that is world class. Kronn Ventures is quite famous for their work in the field of blockchain in Switzerland.

 

Regulation in Vietnam:

The government of Vietnam had earlier seized the domain name of the biggest BTC exchange in the country as the company was accused of allowing e-commerce services without seeking regulations from the authorities.

Also at the end of last year, Vietnam’s ministry of justice had proposed various methods which could help in regulating cryptocurrencies in Vietnam. The regulatory authorities had also explored the pros and cons of cryptocurrency regulations in the country.

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#Exchange

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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