The first two-way cryptocurrency ATM has been installed in the European island of Malta. The country has been a very active participant in the crypto space offering a clear regulatory environment for crypto and blockchain-related companies.
Malta Installs a Bitcoin ATM
In order to keep with this crypto revolution, a company called MoonZebra reported on July the 14th that it decided to install a two-way Bitcoin ATM in the country. The company is already offering ATMs to buy and sell Bitcoin (BTC) and Litecoin (LTC).
With these ATMs users are able to buy or sell virtual currencies for cash. Buying cryptocurrencies on the ATM is safer than using an exchange that is in constant danger of a hack or attack. At the same time, crypto platforms control the information uploaded by the user.
Back in 2017, Malta installed its first Bitcoin ATM but it went missing, causing a loss of over €3,000 to MoonZebra. But the situation looks different now with other crypto experts installing the ATM.
The ATM is very easy to use, and it works in a similar way as cash ATM. The first necessary thing to do is deposit the fiat money, enter the public key, and virtual currencies will be received by the respective wallet.
As these virtual currency ATMs are two-way, it means that it is possible to convert virtual currencies into fiat money instantly. That means that the ATM is performing a very similar action to the one implemented by crypto exchanges that allow individuals to buy and sell virtual currencies.
According to ATM Radar there are 72 different countries with a Bitcoin ATM and there are 3474 ATMs operating worldwide. The most important countries in the ATM market are the United States with 2137 locations, Canada (596), Austria (206), the United Kingdom (165), the Russian Federation (63), Spain (58) and many others.
In the past, some crypto ATMs have been destroyed by robbers to steal the funds those ATMs had.
A Reddit user known as ScarHand69 reported:
“So a Bitcoin ATM near my house was robbed for a 2nd time…. A few weeks after the first unit to be robbed/destroyed was replaced.”