In brief
- Bitcoin holders can now cash out at 16,000 ATMs in the United Kingdom.
- Cryptocurrency company BitcoinPoint negotiated a deal with ATM operator Cashzone, in a move that could accelerate mainstream adoption of Bitcoin.
- Globally, dedicated Bitcoin ATMs are on the rise, with the figure hitting 10,000 in September of this year.
About 16,000 ATMs across the United Kingdom now offer Bitcoin holders the chance to sell their coins, thanks to a deal between crypto company BitcoinPoint and ATM operator Cashzone.
The partnership between BitcoinPoint and Cashzone will enable Bitcoin holders to cash out their cryptocurrency at Cashzone ATMs located throughout the UK.
The move will increase access to Bitcoin among mainstream consumers, explained Benoit Marzouk, chief executive at BitcoinPoint. “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,” he said in a prepared release.
#News Release: Widely Available ATM Access in the UK Brings Bitcoin Ever Closer To Mass Adoption https://t.co/PLeVQw360M
— BitcoinPoint (@BitcoinPoint_) December 23, 2020
To use the Cashzone ATMs’ Bitcoin facility, users need to register with the BitcoinPoint website, enter the amount they would like to withdraw (in multiples of £10), scan a QR code, and enter a PIN code that will be received by SMS message. The PIN code can then be entered at a Cashzone ATM; no card or bank membership is required for the transaction.
Bitcoin ATMs spread worldwide
Dedicated Bitcoin ATMs have also been seeing growth around the world. In September of this year, the total number of Bitcoin ATMs—or BATMs—reached 10,000, with worldwide installations increasing by 167% year-on-year; over a thousand opened in November alone. What’s more, websites like CoinATMRadar now allow users to find a Bitcoin ATM close to them.
In October of this year, there were even reports that LibertyX—who manufacture Bitcoin ATMs—came across a BATM at a Tesla gigafactory.
Bitcoin's strong finish to 2020
The news comes amidst a strong finish to the year for Bitcoin. In late November, the cryptocurrency broke what was then an all-time high before experiencing a price correction just before reaching the ever-elusive $20,000 bracket.
Just over two weeks later, Bitcoin smashed past that $20,000 bracket on its way to registering an all-time high price above $24,000.
Overall, Bitcoin has experienced a price increase of about 230% since starting the year at approximately $7,200.
While other major cryptocurrencies are embroiled in regulatory battles with lawmakers in the United States, making Bitcoin accessible at cash machines could help the cryptocurrency establish itself as the mainstream option for new investors.