A BITCOIN cashpoint machine has been installed Alcúdia (Mallorca), the first in the Balearics and only the 20th in Spain.
The cashpoint has been installed by the company ATMs Bitcoin Exchange in Girona, Catalunya, which was founded in 2015, the cashpoint was designed by BTC Fácil and allows users to buy and sell bitcoins, a ‘virtual’ currency which has been in circulation for seven years.
Known as a crypto-currency, bitcoins are a digital value exchange method using software based upon cryptography, and does not depend upon any government, State or central bank.
Bitcoins can be exchanged almost instantly for ‘traditional’ money, and a growing number of businesses are now accepting them as a method of payment.
This ‘alternative money’ carries a number of advantages over ‘physical’ coins and notes or ‘mainstream’ currency, since it is anonymous, cannot be embargoed, is transferred instantly – at the same speed as an email takes to send and receive. It does not need a third party involved for receiving and sending it either nationally or internationally. It can be fractioned as the payer or receiver wishes. It is extremely difficult to forge given its lack of a tangible location and the complex nature of the cryptography used to create it.
A total of 20 bitcoin cashpoints are now in operation in Spain, including the one in Alcúdia, which is the first in the Balearics.
ATMs Bitcoin Exchange is also starting to go international, having set one up in Montpellier, southern France.