On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

ATMs Provide Potential Route for Cryptocurrency into the Mainstream

NetworkNewsWire Presents CryptoCurrencyWire Commentary: 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)

About NetworkNewsWire

NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

For more information, please visit https://www.networknewswire.com

NetworkNewsWire (NNW)
New York, New York
212.418.1217 Office

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by NNW are solely those of NNW. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW for any investment decisions by their readers or subscribers. NNW is a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment.


This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.  The forward-looking statements in this release are made as of the date hereof and NNW undertakes no obligation to update such statements.


Select A Month

NetworkNewsWire Currently Accepts



Bitcoin Cash

Bitcoin Cash

Doge Coin






USD Coin

USD Coin

Contact us: 212.418.1217