A new cryptocurrency ATM allows cryptocurrency transactions to be approved before the block is digitally signed.
At Springwise, we have covered a growing number of innovations in cryptocurrency technology. These include a cryptocurrency piggybank and a platform that allows contactless cryptocurrency payments. The market in cryptocurrency has seen tremendous growth rates. According to one study, in 2017 the cryptocurrency market was around 14 billion USD. Furthermore, it is expected to grow at a compound average growth rate of 46 percent through to 2025. One limiting factor to the faster expansion of cryptocurrencies has been the inability to purchase, convert or sell the currency in real time. Now, tech company Virtual Crypto Technologies is introducing the NetoBit ATM, a new bi-directional bitcoin platform that allows real time conversion, purchase and sale of bitcoin.
The NetoBit ATM uses a validation algorithm. This can precisely and quickly predict if a cryptocurrency transaction will be approved immediately by a blockchain at the point of transaction. Even before the block is digitally signed. This allows the transaction to be approved within seconds to minutes, as opposed to the 10 minutes to 24 hours which approval normally takes. According to Virtual Crypto, increasing the transaction speed can also minimise the risk of fraud. Another advantage of NetoBit is that it allows customers to work with several crypto exchanges simultaneously for each transaction. The company’s algorithms can immediately locate the most attractive crypto exchange rate. This protects the transaction from currency volatility that can occur during a longer transaction approval process.
Virtual Crypto has also developed a financial management system that allows the operation of a large number of cryptocurrency ATMs and point of sale systems. The company provides tools to help manage and track the flow of money in each and every terminal. These include the ability to set currency price limits for each transaction, and tools for managing risk. Additionally it has the ability to conform to regulations in different countries and collect statistical data on transactions. Will NetoBit one day make cryptocurrency transactions as easy as fiat transactions?