News

New software enables standard ATMs for bitcoin transactions

September 4, 2018

Virtual Crypto Technologies Ltd., an Israeli cryptocurrency technology company, now offers software that will enable consumers to buy and sell bitcoin at traditional ATMs.

According to a press release, Virtual Crypto will remotely install its NetoBit Trader software in fiat currency-dispensing ATMs.

To sell bitcoin via the software, users enter their credentials and scan a QR code displayed on the screen. The code represents a series of variables regarding the bitcoin transaction to be executed.

Shortly afterward, the ATM dispenses fiat currency in exchange for the bitcoin. The bitcoin-to-cash conversion uses the lowest commission offered in the market at the time of the sale, Virtual Crypto said.

Similarly, the user can securely purchase bitcoin at camera-equipped ATMs, the release said. Identification of the user via camera is not required for bitcoin sale transactions.

For these transactions, NetoBit Trader software applies a verification algorithm that can predict with a very high degree of precision and speed whether the cryptocurrency transaction will be authorized immediately by the blockchain. As a result, the software can verify the cryptocurrency transaction at the ATM within seconds to minutes, rather than 10 minutes to 24 hours, which is often the case with transactions.

"As a company whose motto is to make cryptocurrencies available to the general public, it is clear to us that the possibility of buying and selling cryptocurrencies at regular ATMs can create an unprecedented boom in payment options by currencies such as bitcoin," Virtual Crypto CEO Alon Dayan said in the release. "We are convinced that banks and other institutions will realize the advantage in letting ATM users buy and sell bitcoin on the world's most accessible financial hardware — the ATM."