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The number of bitcoin atm continues to increase worldwide

Currently, according to the statistics of coinatmradar, there are 3,443 Bitcoin ATMs in 73 countries around the world, and 79.75% of ATMs in North America, followed by Europe with 20.03%, and Asia with only 2%.

 

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At present, more than 3,000 Bitcoin ATM machines in the world are manufactured by 35 different hardware manufacturers. Machines such as Genesis Coin (1163), General Bytes (897), and Lamassu (389) are the most popular.

The main function of the Bitcoin ATM machine allows Bitcoin customers to convert their bitcoin into cash and convert cash into bitcoin. Bitcoin ATMs are very different from the ATMs we know so traditionally. Bitcoin ATMs are connected to the Internet, can receive cash, exchange bitcoins, and use the blockchain to sell bitcoins.

Using ATM trading is very simple and convenient

Buy bitcoin

Step 1: put cash into the ATM.

Step 2: ATM displays the QR code, opens the transaction client of the mobile phone, and logs in the account to scan the QR code.

Step 3: The equivalent BTC will be deposited into your account at the current price.

Sell bitcoin

Step 1: Log in to your trading account and choose the amount to be sold for BTC withdrawal.

Step 2: The mobile client will generate a number plus the number of the withdrawal code.

Step 3: Enter the withdrawal code on the ATM and the withdrawal is successful.

The process of buying bitcoin and bitcoin to convert French currency in French currency is the same as the steps, and it can be completed in 3 steps.

However, the transaction cost of the Bitcoin ATM machine is very high, and the average purchase price requires an additional 8.29% transaction fee, and the selling rate is 7.16%. Although the transaction cost of the Bitcoin ATM machine is very high, it still cannot slow down the global expansion of the Bitcoin ATM machine. There are now six new machines on the world every day.

Now, in addition to some companies that deploy ATMs for business reasons, some private organizations have begun their Bitcoin ATM strategic plans. Such as Deloitte and EY. Deloitte placed an ATM in the Rubix Blockchain office in downtown Toronto, and EY chose to install ATMs in its Swiss offices, both of which are designed to encourage its customers and employees to experience the process of buying and selling bitcoins.

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In the case of stricter regulation, the future of Bitcoin does not seem so bright

Although bitcoin advocates claim that cryptocurrency and the blockchain technology behind it bring a new revolution to human life. However, Joseph Stiglitz, a Nobel laureate in economics against the camp, believes that an anonymous and decentralized transaction such as Bitcoin will give illegal companies a chance to sneak into the regulator.

Joseph Stiglitz pointed out: “When you try to establish a transparent financial system, it is difficult to have a security-based payment tool. If you open a loophole in Bitcoin, then all illegal activities will break into the gap, no government will let go. Regardless of.”

As he said, the US Securities and Exchange Commission (SEC) has indeed begun to focus on the virtual currency market, and the authorities of other countries have also begun to formulate policies to manage cryptocurrency transactions.

Stiglitz, who sneered at Bitcoin, said in his interview in January that the dollar is already very useful. Why do you need bitcoin? He advocates this kind of cryptocurrency that is of no use to society. It must strengthen regulation, so as to avoid illegal activities such as money laundering and tax evasion.

The security of Bitcoin stems from the competition of blockchain network members (miners). Every miner is looking for opportunities to add new deals to the blockchain to get Bitcoin in return. Miners use powerful computing power to solve complex numerical problems. An attacker can’t beat the system unless it has a powerful computing system that can smash the system and manipulate transaction records. If so, the attacker can reuse the same bitcoin. Such an attack is called Majority Attack and is the biggest threat to Bitcoin. But for now, mining is more profitable than subversion systems, so the system is temporarily safe. However, this protection mechanism is costly. In order for the Bitcoin network to function properly, the power consumed is similar to that consumed by Ireland.

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Recommended reading:

Cryptos in India: Which way a industry will move?

A history of the development of cryptocurrency in India

 

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