New Partnership Could Turn 100K Regular ATM to Bitcoin Vending Machines

LibertyX, Bitcoin ATM firm and Genmega, a traditional ATM manufacturer have entered into a partnership that could possibly turn regular ATM machines into Bitcoin vending machines by making it possible to purchase Bitcoin using a debit card.

If this happens buying Bitcoins will be available to about 100,000 locations in the United States.

However it must be noted that Genmega caters largely to the independent ATM deployers, adding the bitcoin-buying feature at the ATMs will depend on the willingness of the operators to offer the service.

Converting the existing ATM machines to dispense Bitcoin only entails a software upgrade.

The total number of Bitcoin ATM operating in the United States is around 2330 which is the highest in the world.

It is also home to Genesis Coin Inc., the world’s leading ATM manufacturer with a market share of more than 32% according to Coin ATM Radar, an online website that monitors the number of cryptocurrency ATM operating worldwide.

It remains to be seen how many of the 100,000 ATM will opt to upgrade for Bitcoin feature but one thing is for sure, the U.S. Bitcoin ATM dominance will continue well into the future.

Globally there is a little over 3,800 with an average of 5.58 Bitcoin ATM being added daily.

Cyclebit Making It Possible To Pay Crypto At Over 130 Coffee Shops In Europe

The limited options by which one can use crypto has been one of the main frustrations of crypto users worldwide.

Cryptocurrencies has yet to establish itself as a credible means of payments as it has not gone mainstream.

However a start-up from Europe plans to change all that by enabling stores and other business establishment to accept crypto payments.

Cyclebit is presenting a payment solution that could make cryptos go mainstream much earlier than expected.

While most projects are still working on a payment solution Cycylebit have acquired one from a payment platform called Ibox, a company with turnovers of more than $1 billion USD.

Cyclebit’s aims to use Ibox’s system to enable point-of-sale devices to process cryptopayments.

Merchants just needs to install a ready app that runs on both Android and iOS to be able to use the system.

The app can channel payments from Banks and online crypto wallets that which the company believes will open up the industry for more revenue inflow.

It plans to do this by making it super easy for users to use the system doing away with the complexities when using cryptocurrencies, which is said to be one of the barrier to entry of consumers to use them in their day-to-day transactions.

Cyblebit is already operating in South Korea and Europe with the payment system being rolled out in Spain.

Neteller Launches Crypto Exchange Service

Neteller, a digital fiat currency wallet provider has recently announced a new feature in their platform where users can buy, sell and hold cryptocurrencies.

Its platform currently supports 5 cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin.

The cryptocurrency service is now live in 10 countries and the company plans to roll it out to more than 50 additional markets.

Neteller is wholly-owned subsidiary of Paysafe Group which was founded in 1999 to provide an online alternative to traditional payment methods.

The group announced that they are expecting to include more currencies in the future.

Upon its announcement of the new feature, the company added that users can currently exchange from more than 100 payment methods into cryptocurrencies without additional verification.

The supported fiat currencies includes the Australian Dollar, Brazilian Reals, Canadian Dollars, Euros, British Pounds, Indian Rupees, Japanese Yen, Mexican Pesos, Russian Rubles, Swiss Francs, U.S. Dollars and Colombian Pesos.

There is a minimum of 10 EURO worth of cryptocurrency that should be purchased by users with a maximum that depends on the transaction limits associated with each account holder.

There is a 1.5% fee for every transaction for buying or selling cryptocurrencies from wallets with EURO and USD while 3% for other currencies.

Network Congestion Reaches 95%, Fees Hold Steady In Bitcoin Network

Willy Woo, a popular cryptocurrency analyst has pointed out a very important fact that the whole cryptocurrency community have seemingly missed, that despite the utilization of 95% of Bitcoin network’s capacity, the community has not seen an uptick in transaction fees.

Fees has remained at around $0.1 even for transactions as large as $194 million USD.

Woo compared the congestion in 2017 that reached about 85% versus 2018 peak congestion of 95%.

It is reportedly a sign that developers are keeping their heads down working on updates without being distracted by the noise that surrounds cryptocurrency prices.

Bitcoin has a block size limit of about 1MB block which is roughly equivalent to 2,000 transactions with the adoption of SegWit, which has a 4 million unit block weight ceiling expanding the capacity for blocks.

Currently the Bitcoin Blockchain has the capacity to perform approximately 7 transactions per second (TPS) which is well below of the Visa network which has tens of thousands of TPS capacity.

However pundits express that Bitcoin, to make an analogy to internet, is still in its dial-up days in which architecture has not been built yet to scale-up programmable money.

Ripple Partners with MoneyNetInt and MoneyMatch

Ripple has never failed to catch media attention as it lets out another positive announcement about its organization and its cryptocurrency Ripple (XRP).

Currently XRP is the third largest cryptocurrency in terms of market capitalization and has once in the past grabbed the no. 2 slot from Ethereum.

Recently, Ripple has partnered with two financial institutions that have integrated with their network.

The first of this company is MoneyNetInt which have disclosed on their twitter that they have joined RippleNet.

The U.K.-based trading and currency converting firm highlights that it will use the technology offered by Ripple’s team to process foreign-exchange trades.

Another company that recently integrated with RippleNet is Moneymatch through the use of xVia which has declared that it has moved money from Malaysia to Spain.

The CEO of MoneyMatch, Andrian Yap expressed confidence on the ability of young Malaysians developers to integrate with the Ripple Blockchain and performing a live legitimate international money transfer bringing blockchain innovation to the traditional Malaysian Financial services industry.

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