Monday, January 04, 2021View Showroom
Bitcoin holders will be able to cash out at thousands of ATM machines across the UK as the cryptocurrency strives towards becoming more mainstream.
East London-based BitcoinPoint, which offers services to buy and sell Bitcoin, has struck a deal with independent cash machine operator Cashzone.
Bitcoin holders can now sell their cryptocurrency at 16,000 Cashzone ATMs and instantly cash out between £10 and £500.
To do so, they need to register with BitcoinPoint, decide how much they want to cash out, scan a QR code and enter a pin code sent to them via text message into the ATM.
BitocoinPoint charges a fixed £2.70 commission, plus a 3.99 per cent on the amount of the transaction.
'Since registering on a crypto exchange could be a complex process for non-tech savvy people, the scarce availability of bitcoin ATMs made accessibility of bitcoin problematic.'
BitcoinPoint's app also allows people to buy and sell bitcoin at a network of agents, from Bureaus de Change to newsagents, as well as online.
With Bitcoin holders now able to covert their Bitcoin into cash at ATMs, the potential for a widespread adoption of the cryptocurrency has increased, according to Marzouk.
It comes as Bitcoin had a remarkable rally last week, spurred by rising interest from institutional investors, who increasingly see it as equivalent to gold at a time when central banks continue to pump billions into economies across the world.
Bitcoin passed the $20,000 level for the first time last week, hitting a new record high of $24,299.75 on Sunday, although today it has fallen back towards $23,500.