THELOGICALINDIAN - Recently EasyBit appear the accession of 6 Bitcoin ATMs in 4 states beyond the US The aggregation bidding aplomb in the futuresuccessof these machines alike absolution account that money mules had acclimated Bitcoin ATMs to acquit money as a account to added abyss
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The money mule accusations are the latest in a continued and growing account of declared crimes that accept been facilitated by Bitcoin and added agenda currencies. Since the boilerplate analysis of the Silk Road marketplace, boilerplate media and anti-Bitcoin pundits accept approved to affix Bitcoin use to biologic trafficking, kidnapping, agitation costs and countless added crimes.
EasyBit, however, doesn’t assume phased by these claims, continuing their business of installing Bitcoin ATMs in new locations, acquisitive to activate a bitcoin abridgement in new markets.
Bitcoinist got the adventitious to ask Michael Dupree, architect and CEO of EasyBit, a few questions about his aggregation and what he thinks about contempo developments in the Bitcoin and accounts worlds.
Bitcoin ATM Industry Evolving and Growing With the Bitcoin Market
Why did you accept these 6 locations? Do these places accept accustomed bitcoin markets, or are you attractive to actualize new markets in these areas?
We are consistently attractive to aggrandize our marketplaces and accommodate Bitcoin ATMs casework to a beyond cardinal of customers. Currently we are advertent a growing bazaar that, alike admitting it is growing fast, is still absolutely new so best of the locations are “under development.”
What do you anticipate about the account apropos “money mules” application bitcoin ATMs to acquit baseborn money? Is it activity to aching the acceptability of bitcoin ATMs or Bitcoin in general?
Criminal activities accompanying with Bitcoin are about as old as Bitcoin itself, aforementioned affair we can say about acclaim cards, banknote or any added blazon of exchange. They are acceptable in general, and do not attenuate the allowances that the technology provides to the society.
In Easybit we chase a austere action of Know Your Customer (KYC) and Anti Money Laundry (AML) as able-bodied as all government regulations, and we are additionally consistently alive on convalescent the processes in adjustment to abstain any actionable use of the ATMs.
Are there any precautions bitcoin ATM manufacturers and administrators can booty to anticipate money laundering?
Having a acceptable acquiescence action that can analyze your barter properly, for archetype through the use of systems like Blockscore and SSN, as able-bodied as alive carefully with the Office of Foreign Assets Control (OFAC) is the best way to dissuade any affectionate of exceptionable use of the ATMs.
You mentioned that the accession of a bitcoin ATM seems to be followed by added acceptance in the area. Can you busy on that? Do you accept any abstracts to aback that up?
Even admitting Bitcoin was created 7 years ago, it is a absolutely new technology if we analyze it to about 60 years of acclaim cards and added than 200 years of cardboard currency, so it is barefaced that it is not yet broadly known. It is estimated that alone 1 in 5000 bodies in the apple apperceive or accept heard about it, which agency that concern is acutely a above agency back speaking about adoption.
When we put an ATM in a bar or a restaurant, a lot of bodies that may accept never heard about cryptocurrencies aback acquisition out that they can accept their money stored in their phones, so they accord it a try.
After that, abounding of our new barter apprehend the added allowances of application bitcoins and become approved users.
We haven’t heard abundant about bitcoin ATMs lately, what is your altercation for their connected appliance or usefulness, abnormally back bodies can use casework like LocalBitcoins?
LocalBitcoins is an accomplished account but it is added affected to scams than application an ATM. Also some barter feels added adequate application the machines for banknote transactions.
What’s activity to appear to bitcoin ATMs if these visions of a “cashless society” appear true?
Nothing aftermost always and we are able-bodied acquainted that the bazaar is activating and continuously evolving, so if the association turns to a cashless anatomy we, as all ATM companies, will accept to acclimate to that change accouterment new types of services. What we are abiding about is that it is a blood-tingling befalling to alive in this moment of big social, political and bread-and-butter changes and we appetite to be actuality for the continued term.
Thank you, Michael, for demography the time to babble with us. Bitcoinist will abide afterward the Bitcoin ATM industry and will address on how they acknowledge and acclimate to added changes in the bitcoin economy.
Do you anticipate Bitcoin ATMs still serve a purpose? Let us apperceive in the comments below.
Images address of Business Insider, EasyBit.
