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Buying Bitcoin at ATMs is becoming more popular

Photo of: Nathan VDH
by Nathan VDH

In the UK, consumers can now sell their Bitcoin from one of the 16,000 Cashzone ATMs. This service is the result of an agreement with the startup crypto BitcoinPoint.

Will cash dispensers be enough to trigger mass adoption of Bitcoin? On their own, it is unlikely. However, this financial service is making its contribution, just like PayPal and its beginnings in cryptocurrencies.

In the UK, Bitcoin is becoming more accessible. Online services are no longer the only way to use its crypto. Indeed, Cashzone’s network of more than 16,000 ATMs is opening up to Bitcoin.

Asset holders can then resell their Bitcoin from one of these distributors. This possibility results from an agreement between the operator of the devices and the crypto actor BitcoinPoint.

This collaboration “promises to make practical access to the Bitcoin market a reality for everyone who lives, works or travels in the UK” enthuse both partners. Probably not overnight.

It’s still a bit of a hassle, as CoinDesk explains. Cashzone users have to register beforehand. Then they can enter an amount to be withdrawn on the BitcoinPoint website and scan a QR Code.

Finally, consumers receive an SMS message. This includes a PIN code. This number is indispensable. It will be used to withdraw cash from an ATM.

For BitcoinPoint, however, this is still necessary to democratize cryptocurrencies. Registration on an exchange is still aimed at an expert population. In addition, “the scarcity of Bitcoin vending machines has made the accessibility of Bitcoin problematic”, judges its CEO.

A partnership with vending machines and points of sale thus remained “a necessary step towards a true democratization”, for Benoit Marzouk. The partnership with Cashzone would thus promise “to finally realize the potential for massive adoption and ease of use of Bitcoin”.

Despite the complexity of the process, companies say that converting to Bitcoin “has never been easier”. Probably because it was or still is too complex? BitcoinPoint prefers to emphasize the absence of a card or bank subscription. In addition, “the transaction is processed within seconds.”