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Bitcoin ATMs: A step towards bitcoin adoption

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Around mid-November 2017 Bitcoin took to new heights. This time, a news report confirmed that there are almost 4,000 Bitcoin ATMs.

Around mid-November 2017, the most well-known cryptocurrency, Bitcoin, took to new heights. This time, a news report confirmed that there are almost 4,000 Bitcoin ATMs. A Bitcoin ATM is an ATM that allows people to exchange Bitcoin for cash. While many retailers and service providers have welcomed Bitcoin – ranging from online food service providers to shopping giants of the online world – not everyone has fully gotten onto the Bitcoin influence, the harsh reality can’t be neglected. With success stories pouring, it’s seen as a massive step forward that Bitcoin users now have a way to turn their cryptocurrency into the local currency used to pay for goods or services.

There is still a long way to go. This is especially the case of what Bitcoin ATMs are (or rather, aren’t) spread out across the world. Of the 75 countries with the Bitcoin ATMs, statistically 2000+ of in the United States, followed by Canada. Even MEDCs (more economically developed countries) such as Italy, the Netherlands, and Portugal have less than 100 of these Bitcoin ATMs between them.

Still, Bitcoins users are positive. Not just because it provides them with an easy way to turn their cryptocurrencies into real cash while they’re traveling but because it addresses a longstanding issue within the community using cryptocurrencies.

 

How Are Banks Embracing Cryptocurrencies?

We’re a long way off until the big banks include a Bitcoin option too. Many of the Bitcoin ATMs are operated independently. However, big banks may eventually get to that point and we have already seen significant movements when it comes to cryptocurrency adoption at mainstream financial institutes.

Facts abound. On November 16, it was reported that Amazon and the Bank of America had both been awarded cryptocurrency-related patents. One of the Amazon patents, according to filings, shows an additional layer of security in order to protect digital signatures and encrypted communication. Regards are also to data storage and how it will be grouped together and distributed. Both of these patents related heavily to cryptocurrency, including KYC (Know Your Customer) proof and verification and blockchain maintenance. The patent held by the Bank of America, on the other hand, was submitted all the way back in 2014 discussing the way how enterprise accounts will store the cryptocurrencies of their clients.

Other banks in the list are Morgan Stanley and Maerki Baumann. A report explains that the firm plans to offer Bitcoin swap trading for its clients. This will reportedly begin when the firm confirms to demand from its clients, very soon. Meanwhile, Bitcoin Magazine’s report on Maerki Baumann states that the private Swiss bank is prepared to go ahead, by offering to manage its clients’ cryptocurrency assets for them.

 

Why Banks Need to Adopt Cryptocurrencies

While the steady adoption of cryptocurrencies will be great news to enthusiasts, some may be concerned that banks are mostly doing this out of fear. A major concern within the financial community is that cryptocurrencies could become even more of a significant rival to fiat money.

It worth concerns, especially considering that some of the most valuable industries have already begun to embrace cryptos in a big way. Cryptocurrency is being used in the fashion and beauty worlds to track the popularity of clothing connect people with dermatologists. Meanwhile, Bitcoin’s value is currently too small for small-stakes gamblers to play casino games with, but, benefits such as instant transactions make it especially useful for the casino market where players want to enjoy games instantly.

In fact, the speed of transactions was recently in a new Ripple ad, which noted that its users can send the cryptocurrency via text. As Ripple noted, trading fiat currency overseas digitally is really slow, and new technology needs to replace it with immediate effect so that the industries can work much smoother. Similar to this, the stable values of different cryptocurrencies are putting pressure on banks, according to the managing director of the IMF, giving banks another reason to be concerned.

If banks are to heed the words of economists, it will take a lot more than a few thousand more Bitcoin ATMs being installed until they have fully embraced cryptocurrency. Financial newspapers of UK noted that banks employ lesser cryptocurrency experts than the demands and actual requirement, in a startling highlight of just how unprepared banks are for this digital revolution. Progress is being made, though, which means there is every reason to wait and watch for the unfolding world of cryptocurrencies.

 

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4 Comments

4 Comments

  1. Pingback: Bitcoin ATMs: A step towards bitcoin adoption - Satoshiuncle

  2. Pingback: Bitcoin ATMs: A step towards bitcoin adoption - Coinnounce

  3. TraderHelp.Info

    February 7, 2019 at 11:47 am

    While the U.S. remains the dominant country with 70 new installations, Peru, Albania and South Korea had their first bitcoin ATMs installed in November, the data from Coin ATM Radar revealed.

  4. Pingback: In Depth: Can Bitcoin Be Traced? - Coinnounce - Crypto News Views

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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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