BlockchainTechnology

BTM & ATM

TECHNOLOGY

 

BTM & ATM

 

What’s the ATM?

BTM & ATM

An automated teller machine (ATM) is:

an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, or account information inquiries, at any time and without the need for direct interaction with bank staff.

This year, the automated teller machine turns 50.

It’s come a long way since 1967 when the very first ATM was installed in London.

 

In 1970, just a few years after the introduction of the ATM, the patent was granted for British engineer James Goodfellow’s concept of a personal identification number that could be stored on bank cards.

This was a landmark moment in the growth of self-service banking, as it allowed machines to verify the identity of a customer without human intervention.

BTM & ATM

Asea Metorier’s Bankomat was the first ATM installed in Spain on January 9, 1969, in downtown Madrid by Banesto.

This device dispensed 1,000 peseta bills (1 to 5 max). Each user had to introduce a security personal key using a combination of the ten numeric buttons.

In March of the same year, an ad with the instructions to use the Bancomat was published in the same newspaper.

The first switching system to enable shared automated teller machines between banks went into production operation on February 3, 1979, in Denver, Colorado, in an effort by Colorado National Bank of Denver and Kranzley and Company of Cherry Hill, New Jersey.

In 2012, a new ATM at Royal Bank of Scotland allowed customers to withdraw cash up to £130 without a card by inputting a six-digit code requested through their smartphones.

 

 

ATMs are known by a variety of names, including automatic teller machines(ATMs) in the United States (sometimes redundantly as “ATMs”).

BTM & ATM

In Canada, the term automated banking machine (ABM) is used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM over ABM.

In British English, the terms cashpoint, cash machine, and hole in the wall are most widely used.

Other terms include any time money, cash line, bank, tyme machine, cash dispenser, cash corner, bankomat, or bancomat.

Many ATMs have a sign above them indicating the name of the bank or organization that owns the ATM, and possibly including the networks to which it can connect. ATMs that are not operated by a financial institution are known as “white-label” ATMs.

Using an ATM, customers can access their bank deposit or credit accounts to make a variety of financial transactions, most notably cash withdrawals and balance checking, as well as transferring credit to and from mobile phones.

ATMs can also be used to withdraw cash in a foreign country.

If the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution’s exchange rate.

Customers are typically identified by inserting a plastic ATM card (or some other acceptable payment card) into the ATM, with authentication being by the customer entering a personal identification number (PIN), which must match the PIN stored in the chip on the card (if the card is so equipped), or in the issuing financial institution’s database.

BTM & ATM

There are a survey of more than 300 consumers in the U.S. and 200 stakeholders representing every aspect of the ATM industry.

 

 

ATM in the future :

ATMs will become the banks of the future as more branches close, said Bill Versen, chief product officer at Transaction Network Services, in the report.

He believes ATMs will adopt biometric identifiers like fingerprint and facial recognition to enable cardless usage.

They’ll also include “services as diverse as applying for loans, buying lottery tickets and dispensing foreign currency,” he said.

BTM & ATM

What is the difference between ATM & BTM?

Does it exist  BITCOINS ATM?

Bitcoin ATM (abbreviated as BATM) is a kiosk that allows a person to buy Bitcoin using an automatic teller machine.

Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash.

Bitcoin machines are not the same as traditional ATMs but work similarly.

BTM & ATM

 

What Are Bitcoin ATMs and How Do They Work?

Bitcoin ATM kiosks are machines that are connected to the Internet, allowing the insertion of cash or a credit card in exchange for Bitcoin.

They look like traditional ATMs, but they do not connect to a bank account and instead connect the customer directly to a Bitcoin exchange for a localized and convenient way to purchase Bitcoin in person.

Common locations for Bitcoin ATMs are inside of a retail store, shop, tavern, restaurant, mall or airport. Keep reading to find out how Bitcoin ATMs work.

There are two main types of Bitcoin machines: cash kiosks and ATMs.

Both types are connected to the Internet, allowing for cash or debit card payment, respectively, in exchange for bitcoins given as a paper receipt or by moving money to a public key on the blockchain.

Bitcoin cash kiosks look like traditional ATMs, but do not connect to a bank account and instead connect the user directly to a Bitcoin exchange.

Bitcoin-enabled ATMs are traditional ATMs and connect to a bank account to allow for the cashless purchase of bitcoin.

According to an advisory issued by the Consumer Financial Protection Bureau, “they may also charge high transaction fees – media reports describe transaction fees as high as 7% and exchange rates $50 over rates you could get elsewhere”.

BTM & ATM

 

History :

On October 29, 2013, a Robocoin machine opened in the Waves coffee shop in downtown Vancouver, Canada.

This machine is understood to be the world’s first publicly available Bitcoin ATM.

Robocoin ceased operations in January 2016.

[citation needed] The first machine in the United States went online on February 18, 2014, in a cigar bar in Albuquerque, New Mexico.

It was removed 30 days later.

In April 2014, Coinme became the first Bitcoin ATM provider with a money transmitter license installing a unit in Belltown in Seattle, Washington.

On December 8, 2013, Europe’s first Bitcoin ATM was installed in Bratislava, Slovakia.

BTM & ATM

 

 

 

The difference between  BTM  and ATM

 

However, unlike the traditional fiat ATMs, some Bitcoin ATMs allow you to withdraw bitcoins from it.

Some help you convert your bitcoins into fiat currencies, while some help with both!

A notable aspect of these ATMs is that it allows you to buy/sell bitcoins anonymously.

No KYC or AML is required to transact using a Bitcoin ATM which means it is a very good way to secure your identity and privacy.

However, privacy doesn’t come free. Bitcoin ATMs typically charge between 7-10% for buying/selling bitcoins, a fee worth paying for some of us.

But to use a Bitcoin ATM, you need to find it first which is the tough part because of the low number of Bitcoin ATMs around the world.

BTM & ATM

 

How To Locate A Bitcoin ATM Near You?

Locate Bitcoin ATMs/machines closest to you.

  • Get all the details about that particular ATM (fees and limits).
  • Get directions from your location to the chosen ATM.
  • Also, via these ATMs, not only can you buy Bitcoins, but you can also sell your Bitcoins and get fiat currency in return. This, however, is subject to the type of ATM you are using.
  • Bitcoin ATMs also charge a fee for the exchange of fiat into Bitcoins so don’t get surprised if you are charged an amount.
  • To find a Bitcoin ATM you can go to the main website that features a live map of the ATMs.
  • Add your location/city etc (I have added ‘Davos’), and click enter to search ATMs.
  • Choose the nearest ATM and click to see the details of the price, limits, etc.
  • Click ‘Get directions’ to get the Google maps location and direction.
  • The good thing is, this service has both Android and iOS mobile apps that can help any traveller to locate a Bitcoin ATM.

You can find a Bitcoin ATM near you by using the Coin ATM Radar service that provides you with the option of searching nearby ATMs using the live worldwide Bitcoin ATM map.

BTM & ATM

With this service you can get the following benefits:

  • Find the Bitcoin ATM map.
  • Locate bitcoin ATMs/machines closest to you.
  • Get all needed details about that ATM (fees, limits, Buy Only, Sell Only, Buy/Sell).
  • Get directions from your location to the chosen ATM.

To find a Bitcoin ATM, you can go to the main website that features a live map of ATMs.

  • Add your location/city and click enter to search ATMs (I have added ‘Davos’).
  • Choose the nearest ATM and click to see the details.
  • Click ‘Get directions’ to get the Google maps location and direction.

Some Bitcoin ATMs even accept Bitcoin debit cards so you can also withdraw cash in case you need it while travelling to a foreign country.

This feature eliminates the headache of exchanging currencies while travelling abroad.ATM & BTM

Who said exchanging cryptocurrency had to be complicated?

  • Bitaccess BTM hardware and software solutions enable any business to easily broker transactions.
  • Physical kiosks can be deployed nearly anywhere to accept and dispense cash on-demand with no on-site presence required.
  • Bitcoin ATMs are one of the easiest and quickest ways to buy and sell bitcoins.

 

Is there another way?

 

QR :

When using bitcoin to pay at the point-of-sale or for a face-to-face transaction, there is the problem of how to communicate the Bitcoin address to be paid in a way that the person paying can use.

A bitcoin address is just data, but it is between 27 and 34 characters so that is way too much info to expect the person paying to have to manually type in.

A QR code can easily represent this amount of data in a machine-readable manner and do so reliably.

The QR code can contain other information as well — such as an amount and a message and other fields as well — thanks to a URI scheme for Bitcoin.

So with a mobile, a convenient way to pass that data is for the payment recipient (e.g., a merchant) to display a QR code with the Bitcoin address for the transaction, and then for the person paying to scan that QR code to obtain the bitcoin address.

A mobile app called Barcode scanner from ZXing is the most widely used app on Android for this.

If you are paying using the Blockchain for Android mobile app, then that app will let you touch the QR code button to launch the Barcode scanner app.

When the scan is complete, the Bitcoin address field (and amount field if the QR code contained the amount) will then be populated with the data from the QR code.

The person paying then hits send and the bitcoin transaction gets created and broadcasted by the mobile app.

Web-based wallets (e.g., Instawallet.org) can use a QR code as well, except the user may need manually do a paste of the clipboard contents after scanning.

The merchant or trader might use the same mobile app (e.g., Blockchain for Android) which has a built-in method to create and display the QR code for the customer to send payment to which occurs in just one step.

Many clients (including Bitcoin-Qt), EWallets and payment processors such as BitPay and WalletBit will show a QR code (or a method to get the QR code displayed) for receiving payment.

For those wishing to create a QR code manually can do so using a web-based service such as Wolfram Alpha or several other methods.

This does introduce a vulnerability however in that the provider of the QR code could detect that this is a Bitcoin address and maliciously interject another address that the provider controls — thus directing the consumer to pay the wrong address. So using only a trustworthy source to generate the QR codes is recommended.

  • Simply enter your phone number, and a verification code will be sent instantly by SMS to verify your identity.
  • Using your mobile phone, scan your Bitcoin wallet using your favourite app.
  • Insert cash and receive Bitcoins. It is that simple! No debit cards needed.

Follow us to find Other methods…

                                

Why do we need Bitcoin?

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography.

Cryptocurrency leapt from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009.

While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record of $266 per bitcoin after surging 10-fold in the preceding two months.

Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular.

So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday?

Or are cryptocurrencies a fad that will flame out before long? The answer lies with Bitcoin.

 

The Future of Cryptocurrency

 Some economic analysts predict a big change in crypto is forthcoming as institutional money enters the market.

Moreover, there is the possibility that crypto will be floated on the Nasdaq, which would further add credibility to blockchain and its uses as an alternative to conventional currencies.

Some predict that all that crypto needs is a verified exchange-traded fund (ETF).

An ETF would make it easier for people to invest in Bitcoin, but they still need to be the demand to want to invest in crypto, which some say may not automatically be generated with a fund.

 

Understanding Bitcoin

Bitcoin is a decentralized currency that uses peer-to-peer technology, which enables all functions such as currency issuance, transaction processing, and verification to be carried out collectively by the network.

While this decentralization renders Bitcoin free from government manipulation or interference, the flipside is that there is no central authority to ensure that things run smoothly or to back the value of a Bitcoin.

Bitcoins are created digitally through a “mining” process that requires powerful computers to solve complex algorithms and crunch numbers.

They are currently created at the rate of 25 Bitcoins every 10 minutes and will be capped at 21 million, a level that is expected to be reached in 2140.

These characteristics make Bitcoin fundamentally different from a fiat currency, which is backed by the full faith and credit of its government.

Fiat currency issuance is a highly centralized activity supervised by a nation’s central bank. While the bank regulates the amount of currency issued by its monetary policy objectives, there is theoretically no upper limit to the amount of such currency issuance.

Also, local currency deposits are generally insured against bank failures by a government body. Bitcoin, on the other hand, has no such support mechanisms.

The value of a Bitcoin is wholly dependent on what investors are willing to pay for it at a point in time. As well, if a Bitcoin exchange folds up, clients with Bitcoin balances have no recourse to get them back.

Rogoff argues that unlike physical gold, Bitcoin’s use is limited to transactions, which makes it more vulnerable to a bubble-like collapse. Additionally, the cryptocurrency’s energy-intensive verification process is “vastly less efficient” than systems that rely on “a trusted central authority like a central bank.”

Bitcoin’s main benefits of decentralization and transaction anonymity have also made it a favoured currency for a host of illegal activities including money laundering, drug peddling, smuggling, and weapons procurement.

This has attracted the attention of powerful regulatory and other government agencies such as the Financial Crimes Enforcement Network (FinCEN), the SEC, and even the FBI and Department of Homeland Security (DHS).

In March 2013, FinCEN issued rules that defined virtual currency exchanges and administrators as money service businesses, bringing them within the ambit of government regulation. In May that year, the DHS froze an account of Mt.

And in August, New York’s Department of Financial Services issued subpoenas to 22 emerging payment companies, many of which handled Bitcoin, asking about their measures to prevent money laundering and ensure consumer protection.

 

Conclusion

The emergence of Bitcoin has sparked a debate about its future and that of other cryptocurrencies.

Despite Bitcoin’s recent issues, its success since its 2009 launch has inspired the creation of alternative cryptocurrencies such as Litecoin, Ripple, and MintChip.

A cryptocurrency that aspires to become part of the mainstream financial system would have to satisfy very divergent criteria.

While that possibility looks remote, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.

 

 

If you want to trade with simple and accurate tools, please be in touch with us

ARANCO
ARANCO GROUP

If you want to trade with simple and accurate tools, please be in touch with us

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