Bitcoins can be obtained online, either through mining (whereby participants verify and record payments in exchange for transaction fees and newly minted Bitcoins) or in exchange for products, services, or other currencies, as such, these new ATM machines would provide Bitcoin owners with far greater ability to manage their online currency. According to CEO Chris Guzowski, the machine works after Bitcoin owners enter the number of coins they want to sell. The machine would then connect to an international Bitcoin exchange, completing the transaction for them. The ATM will release the cash once the Bitcoin exchange is successful. Additionally, those who want to buy Bitcoin can simply do so by using the ATM and paying cash.
Bitcoin
recently received much negative publicity in regards to its use on
the illicit online marketplace 'Silk Road'. The underground website
allowed visitors to browse nearly 13,000 listings, many of them for
illegal drugs, but also offered forged documents, computer hacking
services and pirated media content, all to be purchased using the
virtual currency. Both its' popularity and use regarding illicit
trade has compelled authorities around the world to look at ways to
regulate commerce in the currency, which have impeded its adoption
and sometimes weighed on its price.Bitcoin lost nearly half of its value after China cracked down on trading of the virtual currency among some of its financial firms including banks from handling Bitcoin related transactions, amid fears of money laundering. However, games maker Zynga revealed plans to trial Bitcoin transactions on Farmville 2 and several other games in January, which boosted Bitcoin's value back to $1000!
The global virtual currency market is forecast to grow over the next few years. One of the key factors contributing to this market growth is the increasing usage of social media and online games. The Industry Report Store has a newly written report comprehensively covering the global virtual currency market. The report provides essential insight into the market trends, drivers, challenges and opportunities, as well as SWOT overviews of the major companies operating within the market.
If you would like to request free sample pages or to find out more about any other reports we might have please don’t hesitate to contact us.
If you would like to request free sample pages or to find out more about any other reports we might have please don’t hesitate to contact us.
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Marketing
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