In the early days, cryptocurrencies could only really be used for investing and trading. If you wanted to make a purchase using digital assets, you’d probably end up disappointed. Crypto debit cards have burst onto the scene in recent years — paving the way for these cutting-edge currencies to be used for everyday products. There’s just one problem… many products on the market have their limitations. More often than not, the owners of these debit cards need to top them up before they can be used, and their prepaid nature sometimes means they can’t be used to book hotel rooms, …

Puerto Rico-based blockchain and robotics firm Bots Inc. has announced it is exploring its options with “a major law firm” to launch litigation against firms operating Bitcoin ATMs across the United States. Two weeks ago, the company acquired a patent for protocols underpinning the operation of Bitcoin ATMs, which it believes makes it eligible for millions in monthly royalties. As the owner of intellectual property for technology it claims is fundamental to the operation of Bitcoin ATM networks, Bots’ chief executive Paul Rosenberg is eying “per-transaction” royalties from Bitcoin ATM manufacturers: “Per-transaction royalty payments will be negotiated for a several-year …

In 2013 the world saw the debut of the first-ever Bitcoin ATM when a company called Robocoin placed a machine in a Vancouver coffee shop. Allowing customers to trade Bitcoin for cash, and vice versa, the machine saw $10,000 in BTC transacted on its first day. Now that we are a month away from the end of 2020, the estimated number of crypto ATMs around the world that allow customers to buy and sell Bitcoin (BTC) and other altcoins for cash is about 11,665 ATMs, according to CoinATMRadar. This reflects a remarkable rise in the number of crypto ATMs compared …

Colombia now has the largest number of Bitcoin (BTC) ATMs in Latin America. According to CoinATMRadar, Bogota, the nation's capital, has 34 ATMs, followed by Medellin with 11, and Bucaramanga and Cali with 4 each. Other cities with one ATM at least include Armenia, Barranquilla, Cartagena, Cúcuta, La Hormiga, and Pereira. Until recently, countries such as Venezuela and Argentina were more frequently discussed as crypto hotspots in terms of regional adoption due to factors like political and economic turmoil. Colombia has taken important steps towards regulating the nation’s crypto sphere, however, with its government approving a pilot program to test …

LibertyX, a major retail network of Bitcoin (BTC) ATMs in the United States, is expanding Bitcoin sales options at thousands of its ATMs. According to an Oct. 26 announcement, LibertyX has enabled a Bitcoin cashout feature at 5,000 regular ATMs across the United States. As such, consumers can now sell Bitcoin for cash at any of the participating ATMs. LibertyX CEO and co-founder Chris Yim said that previously, the firm’s software only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive cash for selling their Bitcoin. Yim noted that Bitcoin has reached new yearly highs. “With …

It’s been a good week for the crypto markets. Bitcoin finally burst through the $11,000 ceiling, and kept going. According to some experts, the coin could be on its way to a full 2017-style bull run. Other analysts have identified five events that could move the markets this week, including the election’s effect on the dollar, Europe’s struggles with Brexit and the coronavirus, and Bitcoin’s high hash rate. The investment experts at Stone Ridge Asset Management have been paying attention. After executives had made personal investments in cryptocurrencies, the company created a billion-dollar spinoff with a $115 million investment in …

Blockchain forensics firm CipherTrace has published comprehensive guidance to assist law enforcement officials in identifying signs of cryptocurrency use when carrying out criminal investigations. The report notes that the U.S. Department of Treasury has identified a “consistent decrease in reported bulk cash seizures by agencies throughout the United States” since 2013, suggesting the trend may indicate increased cryptocurrency adoption among criminals. “The signs of cryptocurrency usage, however, can easily be overlooked by investigators unfamiliar with what to look for.” The report encourages law enforcement to scour confiscated phones and computers for cryptocurrency-related applications, bookmarks and authenticator apps, supplying a list …

A delicatessen in the Canadian town of Kelowna, British Colombia has been severely damaged after two bumbling crooks attempted to steal a Bitcoin ATM installed in a store adjacent to it. At roughly 3am on October 7, the two suspects unsuccessfully attempted to steal the Bitcoin ATM located on the back wall of the neighbouring store. While attempting to flee empty-handed they backed their white GMC Sierra pick-up truck into L&D Meats and Deli and smashed its front wall. The chance they’ll be caught seems quite high, as local police noted that the thieves managed to leave their tailgate behind. …

The total number of Bitcoin ATMs has now passed 10,000 worldwide. According to Norwegian financial services company AksjeBloggen, the number of Bitcoin ATMs (BTMs) has jumped 87% in the past year, from the 5336 recorded in September 2019. In 2020 alone, nearly 3,900 new ATMs were added. Monitoring resource CoinATMRadar shows there are currently 10,014 ATMs in 71 countries allowing users to buy and sell Bitcoin (BTC) and altcoins for cash. “2020 has witnessed a surge in the number of ATMs supporting digital coins,” stated the AksjeBloggen report. “3,885 new BTMs [opened] worldwide between January and September, a 67% increase …

In an effort to increase the country's legal overwatch, Germany now says Bitcoin (BTC) ATMs require regulatory approval before they are allowed to operate. ATMs that offer assets such as Litecoin and Bitcoin now requires a license from Germany's financial regulator, BaFin, a Sept. 8 statement from the entity said. "Proprietary trading is a financial service and financial commission business is a banking business, for which prior approval from BaFin is required." This does not appear so much as a new ruling as it does a clarification of current legal requirements. "Those who set up such crypto machines that do …

What are some of the biggest providers offering these services? There’s no shortage of options for on-ramps and off-ramps, including some of the most well known names in the industry. Starting with custodial exchanges, big-name companies such as Coinbase and Binance all offer purchases of cryptocurrency with a debit card, as well as a variety of options for moving fiat off-exchange. This can be ideal for those looking to get their hands on some assets to trade. However, there will generally be a commission paid when the client eventually does want to withdraw their assets. While this can be ideal …

Authorities recently took three men into custody following their alleged swindling of $226,000 in Hong Kong dollars from Bitcoin (BTC) ATMs in the territory. The apprehended male trio, ranging from age 26 to age 55, allegedly exploited six different Bitcoin ATM machines, manipulating them to cough up the Hong Kong dollar equivalent of roughly $30,000 U.S. dollars, an article from the South China Morning Post detailed on Aug. 15. The alleged robbers took the cash out across 11 transactions. Authorities think the three males in question reportedly make up part of a larger criminal operation, the South China Morning Post …