NCR Atleos, a leading ATM provider, has introduced a new LibertyX Bitcoin Cashout feature that allows customers in the U.S. to easily convert their Bitcoin into cash using ATMs.
The feature is currently supported in more than 30 states and allows users to withdraw cash from Bitcoin sales at participating ATMs, making it easier for those interested in cryptocurrencies to get their money.
To use the service, customers have to pre-stage their transactions through the LibertyX app. They choose an ATM, transfer their Bitcoin to an address given by the application, and then use an access code at the ATM to get their money. The service is convenient and easy to use, avoiding the need for long bank transfers or complicated wire transfers.
Chris Yim, the general manager of LibertyX, explained the importance of this feature by noting, “One of the remaining barriers to greater bitcoin adoption by consumers has been the ability to move easily and effortlessly from bitcoin to cash without waiting days for transfers facilitated by ACH or dealing with the complexity of wire transfers.”
The involved ATMs are only a small sample of the 280,000 ATMs that NCR Atleos runs in the U.S. Even though the cash withdrawal limit is $400 per transaction, users can transact as many times as they want. This feature requires that ATMs are fitted with Atleos’ ReadyCode API in order to support the feature.
NCR bought LibertyX in 2021 and later on, it was divided into two parts in 2022 and Atleos was handling the ATM business. Although Bitcoin ATMs can be profitable for merchants, the legal situation is still problematic.
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