Bitcoin ATMs Reign Supreme in East and South London

By Brian Njuguna   Nov 22, 2019 2 Min Read


The confidence of residents of East and South London has been boosted as they no longer have to fear crypto scams based on the
flourishing number of Bitcoin ATMs. 

With around 15 ATMs spread across this area, the trading process is continuously being simplified across the entire ATM network, which consists of at least 150 machines in the whole of London. 

Based on statistics availed by BCB ATM, an operator of Bitcoin ATMs in East London, these machines are used 30 to 40 times daily. 

Bitcoin ATMs Gaining Traction among Users

Small traders and individuals are favoring the Bitcoin ATMs as they are an easy way of getting started in Bitcoin usage. Additionally, the instant processing payment offered is advantageous as users avoid the online market thriving with scam websites. 

Some of the limitations provided when using the Bitcoin ATMs include trades that must not exceed £500 daily. Additionally, a user is subjected to an ID verification process before any transaction is permitted. 

The CEO and Founder of BCB ATM, Landry Ntahe, acknowledged: “In London, especially in East London, we are seeing more interest from retailers to install ATMs as they recognize that they drive traffic into stores, and shoppers then tend to spend [a] while in the shops.”

He also added: “Over the last year, we have seen rapid growth in the adoption of Bitcoin, and consequently for our machines, as people become more confident about using the online currency.” 

The Bitcoin market in East and South London is projected to continue thriving as it is seen as the new way of doing business, making Bitcoin ATMs ideal.  

 

Image via Shutterstock

About the author

Brian Njuguna
He is an accomplished corporate writer and entrepreneur based in Nairobi, Kenya. He holds a Bachelors of Economics & Statistics, Second Class Upper Division, from Kenyatta University. Brian has a penchant for Blockchain and Cryptocurrency because he believes the present systems will be altered by these innovations as they reign supreme as we gear towards the fourth industrial revolution or 4IR.




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