Bitcoin holders will be able to cash out at thousands of ATM machines across the UK as the cryptocur25 Dec 2020 10:47
Bitcoin holders will be able to cash out at thousands of ATM machines across the UK as the cryptocurrency strives towards becoming more mainstream. East London-based BitcoinPoint, which offers services to buy and sell Bitcoin, has struck a deal with independent cash machine operator Cashzone. Bitcoin holders can now sell their cryptocurrency at 16,000 Cashzone ATMs and instantly cash out between £10 and £500.
To do so, they need to register with BitcoinPoint, decide how much they want to cash out, scan a QR code and enter a pin code sent to them via text message into the ATM. BitcoinPoint charges a fixed £2.70 commission, plus a 3.99 per cent on the amount of the transaction.Benoit Marzouk, BitcoinPoint chief executive, said: 'When we started the service early 2018, there was not enough emphasis on making it easier for people to simply buy £5 of bitcoin.
'Since registering on a crypto exchange could be a complex process for non-tech savvy people, the scarce availability of bitcoin ATMs made accessibility of bitcoin problematic.'
BitcoinPoint's app also allows people to buy and sell bitcoin at a network of agents, from Bureaus de Change to newsagents, as well as online.With Bitcoin holders now able to covert their Bitcoin into cash at ATMs, the potential for a widespread adoption of the cryptocurrency has increased, according to Marzouk.