Over the past few years, bitcoin and other cryptocurrencies had become very popular and since more and more people own in one way or another cryptocurrency, vending machines were invented, in order to facilitate the exchange of fiat money into bitcoins or other virtual currencies.
Source: www.coindesk.com
Bitcoin ATMs had reached Asia as well
One of the areas we saw this trend developing is Asia and in particular Singapore, where you can find a big number of bitcoin ATMs. For those of you who are interested in using these machines, you can find a list here, but let’s explain a bit how they work.
First and foremost, it is worth to mention that ATMs offer a much better alternative to exchanges like Bitstamp or BTC-e. What consumers need to have, in order to be able to use this machines, is a bitcoin wallet.
The wallet then creates a QR code that represents the public bitcoin address of your account.
The Asian markets are one of the fast growing markets for cryptocurrencies and recently there has been reported that the Japanese electronics giant OKI is launching a new “cash-recycling” ATM for all the emerging Asian markets, in order to help cryptocurrency owners to exchange them into local currency. Since the industry is developing at such a fast pace, the operational costs are decreasing, thus the consumer benefit from lower fees.
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