Zero to 30: Bitcoin ATMs Come to Argentina as Peso Dives and Inflation Soars

With inflation in Argentina expected to rise above 40 percent before the close of the year, the demand for bitcoin in the South American country has surged, resulting in cryptocurrency ATM firms projecting a large increase in the number of devices they plan to install in the country.

Argentina Prime Real Estate for Bitcoin ATMs

Currently, there are only two bitcoin ATMs in Argentina, both of them located in the country’s capital Buenos Aires, but by the end of the year, this figure could rise to 30, according to Reuters. The two machines were installed in the last three weeks with one activated on Sept. 18 while the newest came online on Oct. 3, according to Coin ATM Radar.

Per Dante Galeazzi, the operations manager of Athena Bitcoin, the firm that launched Argentina’s first cryptocurrency ATM last month, the loss in value of the Argentinian peso vis-à-vis the U.S. dollar has resulted in the marked growth of cryptocurrency transactions.

“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market,” Galeazzi told Reuters.

For now, the two ATMs that have already been installed by Athena only support bitcoin, though there are plans to include other cryptocurrencies such as bitcoin cash, ethereum, and litecoin in the future.

Besides the U.S.-based Athena Bitcoin, another firm which is eyeing Argentina’s cryptocurrency ATM market is Odyssey Group, also a U.S. company. Odyssey’s ATMs will, however, not be restricted to the buying and selling of digital currencies but will offer other services associated with regular ATMs, such as withdrawing and depositing cash as well as money transfers between accounts.

Regional Ambitions

The U.S. firm is planning on installing 150 crypto ATMs in Argentina before the close of next year, with 80 percent of them being cryptocurrency-operational in the course of the first few months of 2019.

Besides the economically-ravaged Argentina, the two firms also plan on expanding their operations to other countries in Latin America, which is relatively underserved. According to Coin ATM Radar, South America only has 0.89 percent of the cryptocurrency ATMs in the world despite approximately 5.61 percent of the world’s population living there. Athena Bitcoin, for instance, intends to set up operations in Brazil, Chile, and Mexico. Brazil and Chile currently boast of just two bitcoin ATMs each, while Mexico has 11 machines.


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The Future of Cryptocurrency ATMs has Arrived

The market demand for cryptocurrency ATMs has grown rapidly. Cryptocurrency owners need ATMs to quickly exchange and spend their invested cash when they need to, and the competition between cryptocurrency ATM providers is heating up.

LIONBIT

Cryptocurrency ATMs: The Stats

The number of Bitcoin ATMs quadrupled across 2017 according to Statista and is still rising.

Number of Bitcoin ATMs worldwide from January 2016 to April 2018 (Source: Statista)

The first cryptocurrency ATM was installed in a coffee shop in Vancouver in 2013 and, according to data from coinatmradar.com, there are now 3502 Bitcoin$7109.73 -0.23% ATMs in operation globally.

Over half of current cryptocurrency ATMs support at least one altcoin as well as Bitcoin. 49% offer Litecoin transactions and 32% offer Ethereum. The average fee for using a cryptocurrency ATM transaction is around 8%.

Cryptocurrency ATM makers are thriving, opening up a further new channel for cryptocurrency investors and capital inflow to the cryptocurrency ecosystem.

Genesis Coin has a 33% share of the ATM market followed by General Bytes at 26%.  General Bytes says it has sold 1,700 ATMs in 53 countries, since 2014.  EasyBit, founded in 2013, has 60 ATMs in operation.

Coinatmradar estimates new cryptocurrency ATMs are being installed around the globe at a rate of nearly 9 per day. At this rate, there will be nearly 5000 cryptocurrency ATMs in operation by the end of 2018.

TIP

Demand for Cryptocurrency ATMs

The need for cryptocurrency ATMs is driven by cryptocurrency users, some of whom prefer to avoid centralized financial institutions like banks. Other cryptocurrency users are just looking to access tied up assets quickly while on the move. By allowing withdrawals in fiat, from cryptocurrency balances, cryptocurrency ATMs permit exactly that.

Mike Dupree, CEO of ATM makers EasyBit, says his firm is targeting customers already using cryptocurrencies and that building customers outside of this niche is a challenge. Dupree recognizes that the fall in cryptocurrency prices and regulatory concerns affects the market, but predicts:

The beauty of cryptocurrencies is that you don’t have to trust a financial institution to back your wealth. Decentralization is the future, and regulation will eventually fall in line.

In July 2018, Malta saw the installation of its first two way Bitcoin and Litecoin cryptocurrency ATM by Maltese ATM startup Moon Zebra.


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Author: Melanie Kramer
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Coinsource Installs 20 Bitcoin ATM Machines Around Washington DC

Buying cryptocurrency has just become easier for all residents of the US capital, as the American bitcoin ATM network, Coinsource, has now expanded into the Washington DC metropolitan area. With this latest installment, the company now boasts of operating almost 200 machines across the US.

Crypto Capital

Coinsource, Texas-based bitcoin ATM network, has announced its first entry into the American capital. The company will install twenty machines across the District of Columbia and Maryland, saying it received significant demand from local users and merchants. The machines will be spread in convenient locations across the area, including a dozen in Washington DC, five in Baltimore, one in Towson, one in Oxon Hill, and one in Takoma Park.

Before this development, the city already had about five machines being serviced by five different operators. Additionally, several local restaurants, bookshops, and record shops have been accepting bitcoin as payment since last year.

“We are meeting Washington D.C. at an inflection point, where regulators are looking at the value and potential of decentralized currencies and blockchain technology,” said CEO of Coinsource Sheffield Clark. “All innovation over time has passed through our Nation’s Capital in one way or another, and we are happy to be now servicing Washington D.C. and the surrounding communities so that they can have easy access to buying and selling Bitcoin.”

Bitcoin Nation

The DC installation caps off a quarter of growth for the company after launching 10 machines in Rhode Island, New Hampshire, and Massachusetts in early February. Additionally, Coinsource introduced eight new machines in Denver, Colorado earlier this month. Coinsource currently has 182 machines across 18 American states, plus the District of Columbia.

CMO of Coinsource, Bobby Sharp, said, “We are expanding the Bitcoin ATM market further than it’s ever been in D.C., offering the lowest rates, exclusive remote enrollment and allowing for at-home account registration. This installment is especially significant to Coinsource, as the philosophy behind decentralized currency is and has always been about giving freedom back to the people. As a company I feel that we have been able to provide financial freedom to the underbanked and unbanked, and I am happy to bring our services to D.C.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Avi Mizrahi
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