The Electronic Funds Transfer Association in conjunction with the ATM Industry Association have issued a release on a case study about bitcoin. The release was written by Value Partners Management Consulting and is titled Bitcoin: Virtual Currency with Real Opportunities.
EFTA and ATM Industry Association
CEO of ATM Industry Association, Mike Lee, stated:
“As industry associations liaising with regulators, ATMIA and EFTA are keen to develop industry positions on the current and future significance of Bitcoin. This excellent report presents a history and comprehensive international analysis of Bitcoin, while at the same time showing how virtual currencies and ATM systems can interface for their mutual benefit.”
Lee adds that despite bitcoins ups and downs, he feels the digital currency may be long standing.
The EFTA CEO and president, Kurt Helwig, said that digital currencies are not restricted by borders, which can pose as a big problem for regulators. This makes the CEO question this as an issue of success, or as an issue of failure.
In addition, partner at Value Partner Management and organizer of the research study, Francesco Burelli, adds that digital currencies are providing loads of opportunity in the ATM industry. ATM’s can be easily operated, even by those who aren’t necessarily tech-savvy, making bitcoin’s transition to the mainstream all the more basic.
The ATMIA employs over 4,000 members in 65 different countries. The association promotes ATM awareness and convenience across the globe.
The EFTA is an institution that has been around for over 40 years, and is dedicated to the advancement of electronic payment systems and commerce.
Bitcoin ATM Industry
The bitcoin ATM industry has served all corners of the globe, and shows no signs of slowing. Just recently, Japan and Saskatchewan received their first bitcoin ATM units.
The first ever bitcoin ATM was manufactured by Las Vegas-based Robocoin, and was installed in Vancouver, Canada. Such hardware is essential to gaining mass appeal for bitcoin. Each day, cash dispensing ATMs are used by people all over the world, and charge fees for each withdrawal. Bitcoin ATMs allow fiat currencies to be exchanged into digital coins in mere seconds. Additionally, after each transaction, a confirmation is sent to the user, securing and verifying the process.
Bitcoin ATMs are definitely making waves in every city they reach. With other manufacturers racing to target new cities that lack the hardware, bitcoin continues to spread to new customers like wildfire.
For extensive coverage on Bitcoin ATMs, check out our article: The Global Impact of Bitcoin ATMs.