Bitcoin technology company Virtual Crypto Technologies has launched NetoBit Trader, a software for ATM operators worldwide to enable users to buy and sell Bitcoin at regular ATMs. The company is able to remotely install the software in ATMs.
Virtual Crypto’s NetoBit Trader might render crypto ATMs obsolete. As of the end of July 2018, there were fewer than 3,500 Bitcoin ATMs worldwide, while the ATM Industry Association estimated that there were more than three million regular ATMs worldwide in October 2017. The global ATM market is still set to grow at an annual rate of 8% between 2017 and 2025.
Any regular ATM in the world is capable of processing bitcoin transactions once
Virtual Crypto installs the NetoBit Trader software, including the ability to withdraw fiat currency from a Bitcoin account at any regular ATM, including ATMs that are not equipped with a camera.
Any Bitcoin holder can sell Bitcoin using the software by scanning a QR code that will appear on the ATM screen – a code which represents a series of variables regarding the Bitcoin transaction that the user wishes to make. Fiat money will then be withdrawn in accordance with the amount of Bitcoin sold, converted into cash. The purchase of Bitcoins require ATMs equipped with a camera.
The company’s software processes ATM bitcoin transactions by applying a verification algorithm that can predict with a very high degree of precision and speed whether the cryptocurrency transaction will be authorized by the Blockchain immediately following the sending of the transaction and before the block is signed. NetoBit Trader verifies the cryptocurrency transaction at the ATM within seconds to minutes, following the current process of six authorizations.
Alon Dayan, Chief Executive Officer of Virtual Crypto Technologies, commented:
“As a company whose motto is to make cryptocurrencies available to the general public, it is clear to us that the possibility of buying and selling cryptocurrencies at regular ATMs can create an unprecedented boom in payment options by currencies such as Bitcoin. This is why Virtual Crypto is starting to make its proprietary software for enabling real-time crypto transactions available to ATM operators, such as banks, worldwide. We are convinced that banks and other institutions will realize the advantage in letting ATM users buy and sell Bitcoin on the world’s most accessible financial hardware – the ATM.”