Belgium Very First Bitcoin ATM Launched - Essay Example

From the rise of the Bitcoin industry, it seems that its global reach has set the way for Bitcoin ATMs too. It is expected that soon, Bitcoin ATMs will be ubiquitous.

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They will all over the world, giving access to everyone living in different corners of the globe.

Until that happens, the community will eagerly wait for new machines and celebrate when they are introduced in a new location.

One of the recent celebrations among Bitcoin users was because the very first Bitcoin ATM in Belgium was set up. Now, there is a brand new Bitcoin ATM in Belgium.

The Bitcoin ATM machine is positioned in the Flemish region in the city of Ghent, Belgium. There, it is installed inside the Gameswap HQ store. Many of you might have understood from the store’s name, it sells video games.

Tom Mestdagh is the shop-assistant of Gameswap HQ. In a statement, he explained that the shop accepts Bitcoin payments because the system is fair.

He said that instead of having just one central bank to supervise payments, there is a full network of people who are related with Bitcoin to supervise the payments. This is a good way to ensure everything pans out.

Orillia is a popular bitcoin services company in Belgium. Filip Roose of the company shared that the aim behind launch of this ATM was to bring Bitcoin, the leading digital currency, out from obscurity.

She said that the aim was to bring the digital currency out of the incomprehensible world. They wanted to do something with a machine to allow the Bitcoin users to see and hold it. It is in the shop.

Even if something goes terribly wrong, all their contact details are in the shop, so customers can always contact the people involved with the system.

The ATM machine is very simple looking, like people would expect it to be. Using it is not at all complicated either. Anyone familiar with traditional ATM machines can use this one without any problems.

First, user inserts cash. Then, he is prompted with a message to scan his mobile device to mention which wallet address the digital should be deposited to. After that is done, the transaction is completed. It does not take more than a few seconds. The transaction fee is very low too.

The address is encrypted into a unique QR-code. People can display the QR-code from their smartphone and allow the machine to scan it.

The money is converted into Bitcoin immediately after it is put into the machine.

It seems like Bitcoin ATMs have taken over the world of crypto currency. In the past year, users were present with this convenient machine to ease their transaction experiences.

As users always look for easier and more convenient methods to get their hands on the crypto currency, ATM machines are perfect.

The price of this convenience is low too. ATM operators earn money by charging fees on the transactions. The end user is charged a small percentage.