Bitcoin hoping to soon be at most ATMs in South Korea

in bitcoin •  29 days ago

The South Korean company Hyosung has announced a partnership with Just Cash to enable bitcoin buying at all their ATMs.

Hyosung is a billion dollar South Korean industrial conglomerate. It was founded in 1966 and operates in many fields. Including IT, trade, construction, and automotive.

Though, it is perhaps best known for its automatic teller machines.

Just Cash is a US based company that seeks to provide it's customers with secure and convenient access to cash using their own mobile devices.

Just Cash's stated goal is to bring the banking experience completely into the mobile world.

What this partnership means:

The partnership will enable any ATM client to access their bitcoin directly from an ATM via their mobile device.

They will be able to buy bitcoins directly from the ATM, and there is a stated goal of adding more coins to the list in the near future.

Currently there is no ability to sell coins directly for cash from these ATMs, but that is also stated to be a future goal of the partnership.

Hyosung hopes that this will be a great way to introduce customers to the world of cryptocurrencies. Especially as those taking a keen interest may not be as tech savvy as many of bitcoin's earlier adopters.

How will it work?

According to the release, once a purchase of bitcoin is made on the ATM, a paper receipt will be printed with a public and private key.

Funds will then be accessible via the scanning of a QR code from a mobile device, much the same way it is done at other bitcoin ATMs.

An example can be found here:

The plan is to add Ether in the very near future as well as some of the other more popular coins.

Also, the plan is to have the ability to sell coins for local currency in the very near future as well.

Things are getting exciting over there!

This, along with the news that South Korea is testing its Upbit cryptocurrency exchange tied to its Kakao platform, is very exciting news for the region, and also for cryptocurrency in general.

Now we just need to get some options set up to where customers can buy steem directly with fiat...

Stay informed my friends.

Sources:

https://cointelegraph.com/news/koreas-hyosung-now-supports-bitcoin-at-atms-will-soon-add-ethereum

video from https://youtube.com

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Bitcoin's on a cool ride.....unstoppable!

Its really good to hear but in my country Pakistan btc trade are banned by govt. its too sad for me all over the world support btc and Pakistan govt ............

Awesome post
Informative thanks for sharing
waiting for your post @jrcornel

Hopefully other countries will follow Korea's example (e.g. Japan)

These are just a few of the businesses that are being build around bitcoin. I believe bitcoin has more wallets out there than any other currency. Naturally, this could change in the future. However, the fact that entities are basing their business models upon bitcoin tells me they see it as a good long term project.

That is HUGE! At this pace Bitcoin will literally go to the moon. 🌙🌙🌙🌙🌙🌙🌙🌙🌙🌙

who's next?! :)

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I googled bitcoin ATM, and there is one literally less than 2 miles away from me... who knew?!

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you waited that long? lol

this is the news that I want to hear. that's very good

Awesome. Talk about BIG MOVES!!! Great example for other nations to follow in the footsteps.

Good!
Every day there are plenty of new reasons all over the World which will push the price of Bitcoin higher and higher, faster and faster.

Wow great news. I wish it gets all over the world. I'm very curious to see if NK starts getting Bitcoin payments for food etc. This is a way for them to get money to the hungry masses.
Does it work both ways? Can you exchange BTC for fiat/Won?

Great news. There is also some bitcoin atms in South Africa although they are not as abundant as it will be in South Korea. Nice one

Wow. This is great from South korea.Where i stay, If a user buys a specific amount of Bitcoin from the ATM, they will not receive it. Instead, the machine just swallows cash without any further interaction. It will display a “transaction error” message, which forces customers to call up Torica. Unfortunately, this issue has arisen multiple times already. Thankfully, it can be solved by manually sending the bitcoins in question. It is not a convenient solution by any means, though. Moreover, it begs the question of how “useful” this machine really is.

This is something amazing.
It seems the prediction about bitcoin reaching a million dollar is happening. Bitcoin price will skyrocket now
Thank you soo much for sharing this information.

Wow this is a great news hope to see this adoption on latin-America the next year or so! the bitcoin is going to the moon!

Go South Korea! Amazing innovation, we need more of these in the UK!

If fiat crashes then they'll have a very good chance of becoming the richest nation on Earth. Even if fiat doesn't crash. Fiat has been crashing for more than a century.

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They would be well on their way, though we can't forget about the oil producing nations. I would assume oil will still be needed in a fiat crash :)

Thats one good news! Hoping more countries will follow the path Korea is heading.

I ordered a wirex BTC debit card the other day and waiting for it to arrive. Cant wait to spend some of that internet money

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I always thought it was too complicated a technology to take off. What a dodo. I am thrilled that it's come down to the simplicity and convenience of an ATM. Very exciting. Thank you for the enthusiastic post! Safe travels.

Wow.. a few countries are starting to go hard on installing these ATMs.

I think bitcoin will do really well when users are using bitcoin without even knowing it.

Shared !
This is a great news.

Wow.. Korea!! Always first to try new stuffs..
This will spread the speculation of BTC. :)