There’s no doubt that crypto has been gaining public attention, whether it’s the EU finalizing its Markets in Crypto-Assets (MiCA) regulation or the significant gains of meme coins. However, the one primary concern remains that cryptocurrencies, especially altcoins, are not easily accessible to the public, mainly if they are not sitting in the top 10 by market cap. New cryptocurrency ATMs have emerged as a solution to bridge the gap between digital currencies and traditional financial systems.
These ATMs provide a tangible and convenient way for individuals to sell or buy cryptocurrencies, particularly those who face barriers to online exchanges or traditional banking services. For instance, Bitcoin ATMs provide a user-friendly way for people to interact with physical machines, similar to traditional ATMs, in a process that is more familiar to the average person. Instead of dealing with online exchanges and digital wallets, users can purchase with a bank card, receiving a QR code containing their token key.
Limitations
The current setup of Bitcoin and now more generalized cryptocurrency ATMs face several limitations as they are not widely available, and the availability of altcoins that are not ranked in the top 10. ATMs only support popular cryptocurrencies like Bitcoin, Ether, Binance, and Litecoin. Less well-established altcoins are often not available through these ATMs.
The cryptocurrency industry faces a challenge due to a need for more variety and user convenience. While well-known cryptocurrencies like Bitcoin dominate, many altcoins outside the top 10 solve the issues leading cryptocurrencies face. For instance, some altcoins use different methods to reach consensus, requiring less energy than Bitcoin’s proof-of-work (PoW) algorithm, making them more environmentally friendly. Others prioritize stronger security measures, implementing advanced encryption techniques and robust network protocols to guard against potential vulnerabilities.
Although Bitcoin ATMs play a crucial role in cryptocurrency accessibility, it is worth noting that these machines usually only support Bitcoin. This limitation restricts users’ exposure to the broader cryptocurrency industry and hampers their participation in other currency projects.
Simplifying Purchases
To improve accessibility barriers for users, several modern cryptocurrency networks are partnering with established Bitcoin ATM companies. These ATMs allow users to convert traditional fiat currency into the network’s cryptocurrency on the spot. Moreover, users can purchase cryptocurrencies directly using their bank payment cards, eliminating the need for extensive verification processes and complicated account setups commonly found on online exchanges.
By leveraging their existing bank cards, users can easily purchase digital tokens and participate in the crypto market without the hassle of lengthy registration procedures. In certain countries, Bitcoin ATM users can utilize voucher programs as an alternative to the traditional Know Your Customer (KYC) process, according to experts at 7Bitcoins Official. These voucher programs offer a convenient way to top up digital wallets without extensive verification of personal information.
Smooth Interaction
One of these strategic partnerships has been formed between Callisto Network, a smart contract platform built on a proof-of-work blockchain, and Bitcoinmat, a well-known crypto ATM company operating in Central and Southern Europe.
Commenting on the partnership announcement, Chief Strategy Officer of Callisto Network, Karel Fillner, said, “The collaboration with Bitcoinmat is a testament to our dedication to broadening the reach of CLO and making it readily accessible. This is not just an achievement for Callisto Network, but a stride forward for the entire crypto industry in bridging the gap between digital and traditional financial ecosystems”.
The partnership with Bitcoinmat is a significant milestone for Callisto Network. It will bring them closer to achieving widespread adoption of its native cryptocurrency, CLO, by making it more accessible. This collaboration also opens up new possibilities for new and existing Callisto Network users. The partnership represents a single stepping stone to a world of opportunities as they can now conveniently interact with their preferred digital assets using Bitcoinmat’s user-friendly ATMs. Bitcoinmat currently operates 60 ATMs across Slovakia, the Czech Republic, and Greece, with plans to expand to additional locations.
About Callisto Network
Callisto Network is a decentralized open-source crypto platform based on go-Ethereum source code with its cryptocurrency (CLO). The company’s website noted, “By efficiently using miners’ resources, we can give purpose to the Proof of Work blockchain. Miners will not only confirm transactions but also provide computing power to anyone. Clients can leverage that computing power for rendering, machine learning, artificial intelligence, and more. ZPoW is a technology that addresses proof-of-work consensus limitations by allowing up to 100,000 transactions per second with the same level of security as Bitcoin”.
To stay updated and informed, members of the Callisto Network community can easily access the latest information, insights, and announcements directly from the company. This article is intended solely for enlightening purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
