Tech will allow the purchase and sale of Bitcoin at regular ATMs
Virtual Crypto Technologies will offer ATM operators worldwide software that will enable users to buy and sell Bitcoin at regular ATMs. Virtual Crypto will remotely install its NetoBit Trader software in ATMs which until now only handled regular money. Virtual Crypto said that the new software will make possible to sell Bitcoin and convert it into standard cash (cash out) at any regular ATM, including ATMs that are not equipped with a camera.
To sell Bitcoin via the software, the user scans QR code that will appear on the ATM screen, a code which represents a series of variables regarding the Bitcoin transaction that the user wishes to make.
Shortly afterwards, the user will receive from the ATM fiat money in accordance with the amount of Bitcoin sold, converted into cash at the best exchange rate and the lowest commission offered in the market, which Virtual Crypto's proprietary algorithms located at the time of the transaction.
Similarly, the user can easily, quickly, and securely purchase Bitcoin at regular ATMs equipped with a camera.
For both the purchase and sale of Bitcoin at an ATM, Virtual Crypto's NetoBit Trader software installed on the ATM will apply a verification algorithm that can predict with a very high degree of precision and speed whether the cryptocurrency transaction will be authorised by the Blockchain immediately following the sending of the transaction and before the block is signed.
As a result the software can verify the cryptocurrency transaction at the ATM within seconds to minutes, instead of ten minutes to 24 hours, following the current process of six authorisations.
Virtual Crypto's new move helps break one of the main barriers to making cyrocurrencies available to the general public – the fact that, at present, the main way to carry out a Bitcoin transaction at an ATM is by special ATMs adapted to cryptocurrencies (crypto ATMs), which are not widely deployed at this time.
According to Coin Radar, as of the end of July 2018, there were fewer than 3,500 Bitcoin ATMs worldwide. Compared with this limited deployment, in October 2017, the ATM Industry Association estimated that there were more than three million regular ATMs worldwide, and that the global ATM market would grow at an annual rate of 8% between 2017 and 2025, when it is expected to reach more than $30 billion.
"As a company whose motto is to make cryptocurrencies available to the general public, it is clear to us that the possibility of buying and selling cryptocurrencies at regular ATMs can create an unprecedented boom in payment options by currencies such as Bitcoin," said Virtual Crypto Technologies CEO Alon Dayan.
"This is why Virtual Crypto is starting to make its proprietary software for enabling real-time crypto transactions available to ATM operators, such as banks, worldwide. We are convinced that banks and other institutions will realise the advantage in letting ATM users buy and sell Bitcoin on the world's most accessible financial hardware – the ATM."