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United Kingdom: vending machines convert bitcoins into cash

Published February 03, 2021 - 2 mins reading time
Bank watch
Since Christmas, 16,000 vending machines in the UK have made it possible to convert bitcoins into physical currency. The operation was made possible by fintech BitcoinPoint and the ATM network of operator Cashzone.

Converting bitcoin into cash: a simple operation

For UK bitcoin holders wishing to exchange their cryptocurrency for banknotes, the procedure is straightforward.

They must first register on the BitcoinPoint website, enter the amount they want to convert and scan a QR Code. They then receive an SMS containing a PIN code to enter when they visit the ATM, which then delivers the corresponding amount in cash.

It is thus possible to withdraw between £10 and £500 in banknotes, without a card, for a fixed BitcoinPoint commission of £2.70 per transaction, plus a fee of 3.99% of the transaction amount.

The UK already had 200 ATMs for converting bitcoins into cash, but until now these were specific ATMs, intended solely for converting cryptocurrency. By comparison, there are 10,000 in the USA and 1,100 in Canada.

A transaction that does not satisfy the European Central Bank

The fintech BitcoinPoint allows users to acquire bitcoins via its application, but also through a physical network comprising some twenty agents.

For Benoit Marzouk, the startup's CEO, the primary objective is to enable the less tech-savvy, whether young or old, to access bitcoins without going through a cryptocurrency platform for purchase or resale.

It also ensures that the transaction is secure: below the threshold of 500 pounds of bitcoins purchased per year, an ID and a selfie with biometric verification are required by the website, plus proof of address above 500 pounds and, above 1000 pounds per year, proof of the source of funds.

The prospect of bitcoin becoming a currency, however, is not to the ECB's taste. Its president, Christine Lagarde, recently called for global regulation of cryptocurrencies. For her, bitcoin is "a speculative asset, which has been used for strange business and some totally reprehensible money-laundering activities", she said in an online conference organized by Reuters.