CryptoCurrencyWire
Editorial Coverage: As cryptocurrency seeks a route to
mainstream adoption, ATMs may pave the way just as they have with
other non-cash forms of payment in the past.
- ATMs encouraged the adoption of electronic payments through a
gradual move away from cash.
- Cryptocurrency ATMs may offer a similar route for
cryptocurrency into the mainstream.
- Focus on overcoming challenges to adoption, including
technological practicality.
Previously only usable on the internet, cryptocurrencies are
becoming a mainstream option through the proliferation of
specialist ATMs such as those provided by Virtual Crypto
Technologies, Inc. (OTCQB: VRCP) (VRCP
Profile). These establish a crypto equivalent to the
ATMs of companies such as Diebold Nixdorf Incorporated
(NYSE: DBD), the provider of a third of the world’s ATMs.
Cryptocurrency is also appearing in other electronic payment
systems, such as the point-of-sale solutions of Worldpay,
Inc. (NYSE: WP), which is looking to add blockchain
payments to its technology. Square, Inc. (NYSE:
SQ), whose technology turns phones and computers into
point-of-sale systems, is also looking at adding bitcoin to its
services. Meanwhile, PayPal Holdings, Inc. (NASDAQ:
PYPL) continues to expand upon its established electronic
payment system, showing how smooth integration with everyday life
can lead to swift adoption of new technology.
ATMs in the New Economy
More than 50 years has passed since ATMs (automatic teller
machines) came onto the financial scene. In the past five decades,
they’ve become an essential part of life around the world, a way
for people to access their money as well as a growing range of
other services. For wealthy nations, these machines have created a
bridge from an era when most payments were made by cash in hand to
a modern era of electronic payments, whether by bank card, online
transfer, or newer systems such as PayPal. But in many parts of the
world, cash is still king.
Now a new form of payment is emerging in the form of
cryptocurrencies. These offer a way to overcome many of the
problems and inefficiencies inherent to the current financial
system; however, they have not yet achieved mainstream use. ATMs
may once again provide a way forward, making cryptocurrency
accessible for consumers around the world.
Bridging the Gap
While many people continue to choose a more traditional method
of completing transactions, companies such as Virtual Crypto
Technologies (OTCQB: VRCP) are providing access to
main street electronic payment systems. Although the majority of
consumers in North America use payment cards when shopping,
globally, most people stick with cash. In most countries, more than
half of all payments are made in notes and coins rather than
digits. Even in India, a rising economic power with one of the
world’s largest populations, more than 90 percent of payments are
in cash despite the country’s growing embrace of technology.
Making the jump from cash to electronic payments can be
intimidating. Humans naturally prefer familiar patterns to taking a
risk on something new. For a change to take hold, it often needs to
be introduced gradually. ATMs provide that gradual introduction to
electronic payments.
An ATM provides individiuals with instant access to their cash
through the use of a bank card, thus providing a way for them to
become accustomed to using a card while still using the traditional
method of making cash payments. This services creates a bridge for
consumer behavior, providing the perfect transition for consumers
to establish trust in a new payment method.
No wonder the use of ATMs is spreading. Currently, there are
more than 3 million ATMs in use worldwide, and on average, a new
ATM is installed somewhere every three minutes. This trend creates
the perfect market environment for companies, such as Virtual
Crypto, that want to introduce the world to a new type of ATM.
Cryptocurrency ATMs
The past few years have seen huge growth in the popularity and
value of cryptocurrencies, including bitcoin. Unlike existing
electronic payment systems, cryptocurrencies allow users to make
direct payments to one another without banking system
intermediaries. They can provide people with greater control over
their finances and reduce friction in the global economy. But while
cryptocurrencies have garnered plenty of attention in tech circles,
they haven’t yet made the jump to the mainstream.
Virtual Crypto is trying to change that through its about
NetoBit ATMs.
These ATMs allow users to instantly convert cash into
cryptocurrencies and vice versa, always at the best available
exchange rates. As more people become aware of cryptocurrencies,
these ATMs allow them to easily access the new form of payment for
the first time, gradually introducing it to the main street.
As with the change of consumer behavior toward card payments,
VRCP’s NetoBit platform could well provide a bridge leading to
wider use of crypto. The more customers become accustomed to using
these currencies, the more they will look for stores that accept
this form of payment, creating a natural demand, hastening the
mainstream acceptance of cryptocurrencies and their benefits.
The Challenges to Making Crypto Mainstream
It’s only taken 10 years for cryptocurrency to go from a fringe
interest to an internationally recognized form of exchange, with
bitcoin worth thousands of times what it once was. But if this pace
is to continue and crypto is to achieve widespread use, several
challenges must be overcome. Research by Etoro and academics from
Imperial College London has identified six factors standing in the
way of mainstream adoption of cryptocurrency. Of these, usability
appears to be one of the most fundamental.
While cryptocurrency is theoretically already accessible to
everyone, the reality is different. The use of crypto wallets
currently requires a level of technological ability that might seem
simple to established crypto enthusiasts but is beyond many
people’s understanding and comfort level. To achieve wider use,
cryptocurrency needs to become more technologically practical, so
that both large organizations and private individuals can adopt it
with ease.
As a leading player in the world of crypto ATMs, Virtual Crypto
is committed to overcoming this challenge, as evidenced by its
NetoBit system, which paves the way for users to buy and sell
bitcoin using both ATMs and mobile devices. For individuals,
NetoBit makes cryptocurrency accessible without complications. The
currency is presented through the familiar format of an ATM. Behind
the scenes, the system provides access to a range of crypto
exchanges, allowing users to get the best exchange rate without
having to work their way through the complexities of multiple
platforms.
Virtual Crypto also removes much of the challenge for companies
running these ATMs. NetoBit’s financial management system allows
the operation of a large number of points of sale and ATMs, with
tools to manage the flow of cash through them.
By meeting the market needs of both customers and businesses,
Virtual Crypto’s machines can help overcome the challenge of
usability, increase awareness of cryptocurrency and encourage
broader adoption.
Providing Payment Methods
As the potential of electronic payment grows, companies are
jumping in to provide supporting systems.
Diebold Nixdorf Incorporated (NYSE: DBD) is an
end-to-end provider of services, software and hardware for the
financial and retail industries. It provides one in three of the ATMs in service around the
world. Among other advances, it was the first company to integrate
mobile phone technology with ATMs, bringing together important
elements of the modern payment processing ecosystem. The company
recently teamed up with
Mastercard to provide a new managed self-service solution for
banking and retail customers, creating greater efficiency and
convenience in electronic payments.
Worldpay, Inc. Class A (NYSE: WP) provides
point-of-sale solutions with the aim of making payments simpler for
customers. As part of this mission, it supports credit card
processing, online transactions and in-store payments. The
company’s co-CEO, Philip Jansen, has stated that blockchain, the
technology underlying cryptocurrency, provides an opportunity for
his company. The adoption of blockchain technology by mainstream
payment companies such as Worldpay will provide an important step
in cryptocurrency’s gradual transition to the mainstream.
Also making this transition is mobile payment provider
Square, Inc. (NYSE: SQ). The company’s technology
helps merchants turn their existing phones and computers into
point-of-sale systems, reducing the friction involved in taking
electronic payments. The company is currently exploring the option of integrating bitcoin into its
systems, and the rise in its stock price that followed this
announcement indicates the interest investors have in the future of
cryptocurrency.
The email payment system provided by PayPal Holdings,
Inc. (NASDAQ: PYPL) is increasingly ubiquitous because of
the way it smoothly integrates into people’s lives. By letting
customers send a payment using only an email address, PayPal makes
it easy for anyone to make payments and transfer money. The
company’s recent acquisition
of Hyperwallet adds to its capabilities through a comprehensive
payments solution that includes multicurrency payment distribution
capabilities with disbursement options including cards, checks and
cash pickup.
Companies around the world are offering a growing range of
payment systems that integrate smoothly into people’s lives. As
cryptocurrency companies provide solutions such as these, the
probability that blockchain will go mainstream becomes increasingly
sure.
For more information on Virtual Crypto Technologies, please
visit Virtual Crypto
Technologies (OTCQB: VRCP)
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