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At yesterday's senate meeting, Cavirtex's CEO Joseph David cut Bitaccess ATM at the knees and rightfully so! BitAccess should have had a demo Bitcoin ATM ready and tested with a premium set below 5%. The Canadian senators now have 'ammo' to propose consumer protection pricing rules.
What is the point of atms if they're going to shut down operations everytime the price goes down?
I'm in Toronto, I've had this problem several times. First time the price dropped below $400 CAD i went to buy Bitcoin at the Robocoin machine on Bloor street and it didn't work, once the price went up to $480-500 the machine was functioning again. Then I went yesterday when the price was still around $400 CAD and the machine stopped working again. Then I went to Cavirtex atm at Yorkdale, my first time there, out of service. Called their number no support. Such a terrible look.
Canada: Crypto Exchanges Must Register With Financial Watchdog Next June
https://preview.redd.it/fgd8rfu9sl931.png?width=1024&format=png&auto=webp&s=fe8c918b175166c68e6966e88861d8b4708f818a Cryptocurrency exchanges in Canada will be legally required to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) as of June 1, 2020, according to a notice published on July 10. This requirement will come into effect along with other amendments to Canada’s new anti-money-laundering (AML) laws next year. Crypto exchanges will also reportedly be required to observe Know Your Customer policies and report any suspicious transactions to the Canadian watchdog; this also includes keeping records of their clients and hiring a compliance officer for their platform. A report by The Globe and Mail notes that up until now, compliance with these policies has been voluntary, but some exchanges have chosen to do so anyway. The motivation for implementing the new policies is reportedly to get Canadian banks onboard and in cooperation with cryptocurrency exchanges. According to Lori Stein, a partner at business law firm Osler, Hoskin & Harcourt, Canadian financial institutions have historically been concerned about the risk of money laundering and terrorist financing via crypto exchanges. Stein said:
“The hope is that now that there is going to be a requirement to register and comply, and oversight by FinTRAC, that banks and other financial entities are going to be more open to providing services to and dealing with virtual-currency businesses.”
However, Stein points out that some international exchanges may not be willing to comply with the new Canadian rules. Some other experts reportedly agree, saying that having mandatory regulation requirements could result in cryptocurrency exchanges opting to exit from the Canadian marketplace. The CEO of blockchain startup Bitaccess, Moe Adham, told The Globe and Mail, “I expect to see a number of firms relocate outside of Canada, as well as international firms limiting access to Canadians.” The new regulatory policies may also drive crypto exchange customers away, some say. “This has the potential to drive cryptocurrency underground again," said Canadian crypto exchange Coinsquare’s AML officer, Charlene Cieslik. Cieslik said that customers who do not want to reveal their information to exchanges, would likely just transact with each other directly. As previously reported by Cointelegraph, a bill was signed in 2014 that required some foreign entities to register with FinTRAC for Bitcoin (BTC) payments.
Major Cryptocurrencies Are Rallying This Morning As the Jump in Bitcoin’s Price Following the Maintenance Shutdown of BitMEX Sparks Further Concerns About Price Manipulation in Bitcoin Markets
According to cryptocurrency exchange Bitfinex, short orders are nearing all-time highs. At the moment, there are 39,542 short orders outstanding on Bitfinex, the second highest level since April 12, 2018.
Bitcoin jumped 4% overnight after Hong Kong-based cryptocurrency futures exchange BitMEX shut down trading for a few hours for a regular maintenance update. In aggregate, the total market capitalization of call cryptocurrencies jumped USD$12bn in over a hour. Bitcoin commentators attribute the jump in Bitcoin to the fact that BitMEX permits traders to short Bitcoin on margin. Some other Bitcoin observers, like Alex Kruger, believe the price behavior of Bitcoin affirms concerns about price manipulation and should lead the SEC to reject the ProShares Bitcoin ETF proposal this week. Unlike the other Bitcoin ETF proposals, the ProShares Bitcoin ETF propose to own CME and CBOE Bitcoin futures.
Bitmain, the Chinese Bitcoin mining company, announced that it has invested an undisclosed amount in Lambda, a blockchain data storage startup. Bitmain hopes to help Lambda further develop its technology to launch “secure” blockchain-based infrastructure and decentralized applications. The startup, based in Singapore, recently cloised a token private sale round that included investments from FunCity Capital, BlockVC, BlueHill, Zhen Fund, and other well-known institutions.
Coinbase releases 5 core principles to help guide its release of a suite of institutional crypto products: "fair and orderly" markets, enforcing transparent market rules, offering "fair access to all market participants," disclosing listing practices and market rules publicly, and safeguarding clients "with institutional-grade infrastructure and processes."
An analysis by Cointelegraph and Chinese law firm L&Y Law Office finds irregularities in the Bitmain pre-IPO investor deck. Specifically, the wording of the document suggests DST Global has already invested in the Bitocin mining equipment company though no investment has been confirmed.
Diar Ltd, a research firm using data from CoinAPI, finds that cyrptocurrency trading volumes are shifting away from US exchanges to foreign exchanges (primarily Asian). According Diar’s analysis, Coinbase and Bitstamp have seen their total volumes drop 83% and 73% YTD.
A research firm from Slovakia has reported another scam application on the Ethereum network. Next Web reports that Lukas Stefanko, a malware researcher, found a fraudulent Ethereum app in the Androd Google Play Stores that had an offer price of USD$388.
Hyper Deflationary Monetary System (HDMS) cryptocurrencies are a new class digital money that is meant to provide mechanisms to support the increase in real buying power. In comparison to other cryptocurrencies, HDMSs have an objective to create upward price pressure on their valuations in comparison to other digital currencies. Some examples include BNB, OPTI, and BAY.
The South China Morning reports that Kripto University Center has opened the largest cryptocurrency mining site in Russia in a former Soviet fertilizer-producing lab.
The National Research Council of Canada (NRC) announced the release of a blockchain explorer on the Ethereum network. The Industrial Research Assistance Program (IRAP) is now hosting the explorer on the InterPlanetary File System (IPFS) with help from Bitaccess, a blockchain startup.
The Central Bank of Thailand is exploring the possibility of launching its own digital currency and expects to release phase 1 of the proof of concept by March 2019. The Central Bank-backed digital currency will be on distributed ledger technology developed by R3. In addition to R3 as a technology partner, the Thai Central Bank is also partnering with Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank (Thailand) and HSBC to bring the digital monetary currency to market.
Ripple Labs is rumored to be thinking of combining xVia, xCurrent and xRapid Solutions to solidify its market-leading positions in cross-border FX transactions. The solution will be called Convergence and will offer the benefits of speed and security while also keeping fees low.
The United Arab Emirates is preparing to launch the first Shariah-compliant cryptocurrency exchange. The crypto trading platform, First Islamic Crypto Exchange, will operate globally with the hopes of increasing the involvement of Muslims in the global cryptocurrency market.
The Union of European Football Associations (UEFA) announced it successfully used a blockchain-powered Android App to successfully trial a blockchain ticketing system for last week’s Super Cup match between Real Madrid and Atlético Madrid.
Several blockchain-powered news apps have been suspended by WeChat according Lanjinger, a local financial news outlet. The accounts were purportedly suspended after being suspected of pushing ICO and cryptocurrency “hype” which is in conflict with WeChat’s terms of services. Deepchain, Huobi News, Node Capital-backed Jinse, and CoinDaily are some of the news apps impacted by WeChat’s decisions.
Bitcoin ATM Global Market Overview By DOBI ATM The BitLicense aroused a big buzz when the a big ATM operator Coinsource announced its granting of BitLicnese, a virtual currency trading license for cryptocurrency trading service; As reported from Cointelegraph, it took 3 years to be granted since the first application to New York Financial Securities(NYFS). This obviously indicates the advancing development of Bitcoin ATM industry since the first Bitcoin ATM came out in Vancouver, Canada on 29th October 2013.
Overall Global Data
After about 5 years development, bitcoin ATM industry sees increase in market capital and maturity. Bearish Bitcoin price meet downturn though, Bitcoin ATM is growing continuously in installation, capital, distribution and the manufacturer. The latest statistic from CoinatmRadar( the biggest bitcoin ATM data research institution) reported that there are 3949 bitcoin ATMs in total worldwide until Nov. 05, 2018. Although increasing speed declines with the sluggish bitcion market, we can still see 1849 ATMs increased with 89% growth rate from 2079 ATMs to 3927 in 2018. Now, the crypto ATMs installation speed rises to 6 machine per day. It’s estimated to reach a figure of $16.3 million of market capital in 2018 https://preview.redd.it/drmennyhpow11.png?width=660&format=png&auto=webp&s=4187176abc3f5d892911085a894fb5cc40d089c7
Industry：Continuous Increase in installation, profit, manufacturers
Distribution of bitcoin ATMs across Continents:
The wide awareness of bitcoin and cryptocurrency promote the bitcoin ATM adoption cross the world. It’s no strange that North America and Europe share the large percentage since the economic and population provide the best environment for the use of bitcoin ATM by the majority. https://preview.redd.it/3vu1hoyipow11.png?width=648&format=png&auto=webp&s=d0bc39d87d17032f5f7fd3e16ed46e0320d2788b A study conducted by MarketsandMarkets reported that the Bitcoin ATM market will see annual growth of 54% between 2018 to 2023, when the whole industry is forecast to reach $145 million.
Incredibly Increasing High Profit When Emerging Market’s Struggling
In bitcoin ATM, the profit is mainly from transaction fee with an average of 7%-10% both in buy side and sell side. It’s reported a bitcoin ATM machine comes with $10k to $30k transaction a month with the highest reaching to $100k. The average transaction is 130 times per machine per month. Coindesk even reported Lamassu's survey of $1,000–$3,000 each month earning which equates to annual earnings for ATM operators of between $12,000 and $36,000 per unit.
Increasing Bitcoin ATM Manufacrture:
The growing awareness of bitcoin also attracted many investors into Bitcoin ATM business. The biggest bitcoin ATM tracking Radar coinatmRadar reveals 42 typical bitcoin ATM manufacturers and 31 Bitcoin ATM service operators globally. DOBI ATM, as the biggest bitcoin ATM manufacuter in Chinawas also listed. It’s a newly but of great potential to in digital currency payment solution. It’s obviously seen from the market share below that Genesis Coin, General Bytes, Lamassu, BitAccess and Coinsource dominant the industry, though. Some newly manufacturer startups also see great potential. https://preview.redd.it/uhxd302kpow11.png?width=525&format=png&auto=webp&s=687460579650812e21808a736231931baf193855 DOBI ATM as highly potential newcomers is striving to provide everyone easy access to buy ans sell bitcoin in hardware solution and software development. Supported by the a capital group , Currently there’s over 200 business-to-business operators worldwide and now is the biggest Bitcion ATM manufacurer in China
Seeing from the whole cryptocurrency industry chain, there are mining, digital currency exchange, crypto wallet, media and services field, token release company and payment field. Cryptocurrency exchange functions most important for its huge power in liquidity and profitability. There’s no doubt the blockchain technology will overturn the whole world revelutionary after 10 year’s development since the release of Bitcoin Whitepaper by Satoshi Nakamoto.; And no one would suspect the financial role cryptocurrency is playing, especially in payment field. Bitcoin ATM can both work as an alternative for exchange and payment solution for daily life. It surely see great market confidence. DOBI ATM still holds that only project with practical solution in real world that survives at last. Bitcoin ATM just helps the adoption of wide use of bitcoin in daily payment among the ordinary. Let’s witness how the cryptocurrency and bitcoin ATM industry expand.
EDIT: I went with https://bitcoin.bitaccess.co/ Good price, cheap fees, easy Looking at EZBTC (2.5% fee), myBTC and Coinsquare, anyone know where I can get the best rate for my tiny Canadian dollars. I currently have a $20 voucher. I checked quickbt, who have a live quote, but the require a min of $50 and charge .001 in fees after that $20 would get about $12 in current pricing. EDIT: MyBTC: Flexepin: 6.75% or $10 minimum, whichever is greater. So Im going to avoid them for now. I am trying to find more info on what kid of rates and fees I would get before I dump the pin on a specific site, which would also be my choice of go-to site going forward. Iamnoticingthatevenwiththedropinbtcpriceto$2500manysitesarestillsellingat$3500
This is a tail-end scenario. How many mining operation and over all bitcoin 1.0 ecosystem companies will survive if the BTC price falls under / or up to double digits and continues to remain below 100 for next 18 Month after July 2016 block reward halving ? Speculative Names of the survivors:
Company % of Survival
This is a speculative non exhaustive list. Addition and thoughts should be interesting .
Alternative to Exchanges - Bitcoin Atms and my experience
I read all these storys about these bs exchanges and how people cant get bitcoin so this is my way of buying bitcoin its not the cheapest but it is instant and you can see each bitcoin atms fees very quickly and sort by cheapest. Rockitbitcoin- Total joke you only find out you must fill out an application and then be reviewed after you wasted your time going to one of there crappy atms I wasnt approved after 5 days. greenleaf-they require a text msg for 0-500 and then id scan for amount over that but within minute i received 1 confirmation. coinflip-my fav no id for up to $100 then text msg for up to $500 and id scan over that and they where the cheapest at 6% at that time.They also go off of bitfinex price and update live price plus 6%.Also very fast confirmations. Anyway here is a link to the site check it out and see if it helps you gain some precious. https://coinatmradar.com/bitcoin_atm/253/bitcoin-atm-bitaccess-chicago-merchandise-mart/
Investment Firm BiT Capital Commits $10m to Bitcoin ATM Startup
The BitAccess BTMs will also be the first to accept litecoin, the leading alternative cryptocurrency to bitcoin. The machines already work with multiple exchanges, ensuring optimal real-time price quotes for users.
An Interview with Moe Adham, Co-founder of Bitaccess
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