Connect with us

Bitcoin

First Bitcoin [BTC] two-way ATM installed, Malta’s digital transformation on the go

Priyamvada Singh

Published

on

Bitcoin [BTC], altcoin ATMs have doubled in 2018, according to crypto data analytics firm
Source: Pixabay


Recently, Malta has been an active playground for all the crypto-related advancements and adoptions. About a week ago, Malta also passed three bills related to cryptocurrency and blockchain. On 14th July, a company called MoonZebra has reportedly launched a two-way Bitcoin ATM in Malta.

MoonZebra is an ATM firm that enables users to buy and sell cryptocurrencies like Bitcoin [BTC] and Litecoin [LTC] instantly with cash. It claims to strike off the hassles of trading on online exchanges that expose a user to hacking threats, misuse of sensitive information and other cyber crimes.

In 2017, Malta had its first Bitcoin ATM go missing, which caused a loss of over €3,000. MoonZebra, on the other hand, is confident in changing the scenario with four crypto-specialists on board, working on the installation of these ATMs.

How a Crypto-ATM works

The crypto-ATM works similar to a cash ATM. Following are the steps involved:

  • Deposit fiat money
  • Enter public key
  • Cryptocurrency will be received by the respective wallet

A two-way crypto ATM means that one can also convert their cryptocurrency into fiat money instantly. This takes over the role of cryptocurrency exchanges and other related platforms.

However, Malta is not walking alone in this technological progression. People have been spotting Bitcoin ATMs at several places in the USA and Europe.

According to the Detroit Free Press, an increasing number of Bitcoin ATMs are being found around ‘odd’ spots in Detroit. A recently opened Bitcoin ATM in the city read:

“The fastest and most secure way to turn your bitcoin to cash and your cash into bitcoin.”

According to Coin ATM Radar, a website that locates Bitcoin ATMs around the world, Detroit had as many as 80 Bitcoin ATMs during mid-June. In Michigan, the Bitcoin ATM count was about a dozen while there were over 2,000 of them around the whole country.

Bitcoin ATMs in the USA are slowly entering communities such as Union Gap, Washington; Indianapolis, Indiana; Charlotte, North Carolina; Fresno, California; Chicago; Washington, D.C.; Louisville, New York, and Kentucky.

Europe has not stayed behind in the establishment of cryptocurrency ATMs. Recently, a Netherlands citizen apparently spotted a Bitcoin ATM at the Amsterdam airport. The citizen also posted a picture on a subreddit of Bitcoin.

Bitcoin ATM at Amsterdam airport | Source: Reddit

Bitcoin ATM at Amsterdam airport | Source: Reddit

Earlier this year, a case of Bitcoin ATM robbery also took place at a convenience store in the city of Irving, Dallas. The robbery was carried out by two individuals using bear spray.

A few other robbery reports have also emerged in the recent past. Another Reddit user documented a Bitcoin ATM robbery in a picture and put it up.

Bitcoin ATM robbery | Source: Reddit

Bitcoin ATM robbery | Source: Reddit

This was posted by a Reddit user, ScarHand69 about a month ago. The location of the robbery was not disclosed. The user, on the post, wrote:

“So a Bitcoin ATM near my house was robbed for a 2nd time…a few weeks after the first unit to be robbed/destroyed was replaced.”

On this, a Reddit user -metabud- enquired:

“Did they get all dem coins?”

To which, a user named cryptomagic98523 replied:

“Haha! No! The idiots got only some paper “IOU” the government printed….. idiots…”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement