- Number and value of cryptocurrencies continue to rise
- Cryptocurrency ATM market set for CAGR of 46 percent until 2025
- NetoBit ATM allows purchase and sale of bitcoin
Accurate estimates of the value of cryptocurrencies in circulation appear to be eluding analysts. Writing in December 2017, one suggested ‘the total value of all cryptocurrency in circulation is now almost $100bn’ (http://nnw.fm/x2kRx). Around the same time, the Washington Post estimated the value of the 16.7 million bitcoin then in circulation at $189 billion (http://nnw.fm/6W1Ig). Counting cryptocurrencies is tough, particularly as analysts take aim at a moving target. Not only the value but also the number of currencies keeps changing. In December 2017, ‘there were 1,324 cryptocurrencies listed on CoinMarketCap.com’. By June 13, 2018, with the addition of Aston, Press One and Candy, that number had increased by 23 percent to 1,628.
Regardless of the final figure, the consensus is of a market that is large and growing larger, factors that make it increasingly important to facilitate exchange between crypto and fiat currencies. Recognizing how crucial that link is, Virtual Crypto Technologies Inc. (OTCQB: VRCP), an Israeli-based company dedicated to the mission of making cryptocurrencies accessible to the public, is now offering a bitcoin ATM. By allowing bitcoin to be exchanged for fiat currencies and vice versa, Virtual Crypto’s NetoBit ATM is opening a gateway from the crypto to the fiat universe, an ideal environment for modern tech savvy consumers.
With a probable value of around $300 billion, alt-currency is no longer confined to the sidelines. It is now about one-fifth as large as traditional U.S. currency in circulation, which, as of March 21, 2018, was approximately $1.63 trillion (http://nnw.fm/U6lwc). The growth of cryptocurrencies is fueling a rise of the machines. In December 2013, there were just four ATMs worldwide that could handle bitcoin. Now, there are over 3,000 bitcoin ATMs in operation around the world, according to Coin ATM Radar (http://nnw.fm/7PxJx). Further growth is envisaged. The size of the cryptocurrency ATM market in 2017 was around $14 billion, and it’s expected to grow at a compound average growth rate (CAGR) of 46 percent until 2025, according to a study by Coherent Market Insights.
Generally, these crypto-ATMs grant access to bitcoin by allowing its purchase. However, Virtual Crypto’s NetoBit ATM is different. The platform is bi-directional, allowing the purchase of bitcoin with fiat currency and the sale of bitcoin for fiat currency (http://nnw.fm/gWw20). As such, the NetoBit ATM is the world’s first and only ATM that allows real-time conversion, purchase and sale of Bitcoin. Its hardware and software has embedded currency exchange transaction validation (CETV), which provides rapid confirmation of transactions, allowing customers to withdraw cash and transfer funds to and from their crypto accounts in seconds. Users also receive attractive exchange rates, since the system has links to several cryptocurrency exchanges. The ATM, which already supports most common currencies, is now available for purchase globally.
Virtual Crypto already has a solution on the market for retailers, which is based on the same technology. In April, it launched NetoBit Pay, a retail point-of-sale (POS) device that enables businesses worldwide to securely receive payments in bitcoin in real time, while at the same time enjoying protection against exchange rate volatility and guaranteeing transactions up to a value of $3,000. The company is rapidly executing its plan to bring cryptocurrencies to the masses (http://nnw.fm/u6f8Y). As part of this strategy, VRCP aims to target the online video game and ecommerce market, which employs cryptocurrencies extensively.
For more information, visit the company’s website at www.Virtual-Crypto.com
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