#Bitcoin Bitcoin ATMs: A step towards bitcoin adoption Published 4 weeks ago on January 29, 2019 By Layla Harding Share Tweet 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. Related Topics:Bitcoinbitcoin atmBITCOIN ATMSbitcoinsBlockchainbtcBTC atmCRYPTO ATMcryptocurrencyCRYPTOCURRENCY ATMcryptocurrency atms Up Next Warning: Disadvantages of Leverage trading on Bitmex and Bitfinex Don't Miss Alert: Unknown BTC Miners taking over the Bitcoin Mining Network Continue Reading You may like German’s Giant Derivatives Exchange to launch BTC, ETH and XRP futures. STO: Thailand set to legalize Security Token Offerings Bitconnect Scam: How to receive $2.5 Billion Refund from FBI? Bakkt: How will it affect Bitcoin Price? BTC to the moon? Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes Brief: How do smart contracts work? 3 Comments 3 Comments Pingback: Bitcoin ATMs: A step towards bitcoin adoption - Satoshiuncle Pingback: Bitcoin ATMs: A step towards bitcoin adoption - Coinnounce 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. Reply Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes Published 23 hours ago on February 22, 2019 By Nadja Eriksson These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate. Record of BTC Contract Size on CME: As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices. Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading. When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action. This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle. As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report. Exchange traded funds are the future: In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC. GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund. Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want. Continue Reading #Bitcoin Elon Musk: Cryptocurrency is the future, Paper Currency going to end. Published 3 days ago on February 20, 2019 By Nadja Eriksson 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. Continue Reading #Bitcoin Tim Draper: Bitcoin Mass Adoption till 2021 Published 3 days ago on February 20, 2019 By Layla Harding 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. Continue Reading Advertisement Advertisement Advertisement Advertisement Latest Crypto News #Exchange5 hours ago German’s Giant Derivatives Exchange to launch BTC, ETH and XRP futures. #STO5 hours ago STO: Thailand set to legalize Security Token Offerings #Scam21 hours ago Bitconnect Scam: How to receive $2.5 Billion Refund from FBI? #Bakkt22 hours ago Bakkt: How will it affect Bitcoin Price? 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