Bitcoin Holders can now Sell Their Pieces On 16,000 UK ATMs

In short

  • Holders of Bitcoin can now exchange for 16,000 ATMs in the United Kingdom.
  • Cryptocurrency company BitcoinPoint negotiated a deal with ATM operator Cashzone, in a step that could accelerate mainstream adoption of Bitcoin.
  • Globally, dedicated Bitcoin ATMs are on the rise, with the figure hitting 10,000 in September this year.

Around 16,000 ATMs across the UK now offer them Bitcoin an opportunity for holders to sell their coins, thanks yea deal between the crypto company BitcoinPoint and ATM operator Cashzone.

The partnership between BitcoinPoint and Cashzone will enable Bitcoin holders to exchange their cryptocurrency in Cashzone ATMs throughout the UK.

The move will increase access to Bitcoin among mainstream consumers, explained Benoit Marzouk, chief executive at BitcoinPoint. “Because registering on a crypto exchange can be a complicated process for tech-savvy people, the limited availability of Bitcoin ATMs made Bitcoin accessibility problematic,” he said in a prepared statement.

To use Cashzone’s Bitcoin ATM facility, users need to register with the BitcoinPoint website, enter the amount they would like to withdraw (in multiples of £ 10), scan a QR code, and enter a PIN code received by SMS. The PIN code can then be entered into a Cashzone ATM machine; no card or bank membership is required for the transaction.

Bitcoin ATM machines are spread all over the world

Dedicated Bitcoin ATMs has also been seeing growth worldwide. In September this year, the the total number of Bitcoin ATM machines– or BATMs – has reached 10,000, with installations worldwide increasing by 167% year-on-year; over a thousand opened in November only. What’s more, websites like CoinATMRadar now allow users to do so find a Bitcoin ATM machine close to them.

In October of this year, there were even reports LibertyX– Who produces Bitcoin ATM machines – who came across a BATM in a Tesla gigafactory.

Bitcoin’s strong finish to 2020

The news comes in the middle of a strong finish to the year for Bitcoin. In end of November, the cryptocurrency broke what was at an all time high before experiencing a price correction just before reaching the unforgettable $ 20,000 bracket.

Just over two weeks later, Bitcoin slammed past that $ 20,000 bracket on its way to registration high price always above $ 24,000.

Overall, Bitcoin has experienced a price increase of about 230% since the beginning of the year at around $ 7,200.

Although other major cryptocurrencies embroidered in regulatory battles with US lawmakers, making Bitcoin accessible in cash machines could help the cryptocurrency establish itself as the mainstream option for new investors.