ATMs are cruicial not just for ease of adoption, but also for remittance, which looks to be one of the earliest “real” advantage Cryptos have over fiat currencies. But, in order for remittance to truly work, those on the receiving end need to have a simple method for turning their coins into their local currency.
ATMs are an obvious solution. Low over head allows for lower fees than a traditional money changing service and the experience is more familiar and requires less trust than handing over bank information to an exchange (not to mention how it helps the unbanked).
Genesis' ATMs are unique in one big way: they allow the purchase and sale of various altcoins. So far we have seen Dogecoin, and Litecoin in addition to Bitcoin being supported at Genesis ATMs, now we are seeing the first PoS (Proof-of-Stake) coin to be supported by the system.
Genesis ATM quietly made the announcement on Twitter by posting pictures of receipts from the first Blackcoin transaction to go through a Genesis 1 ATM.
#Blackcoin is now the 1st PoS coin on 2-way #Genesis1 ATM platform. @bitcoin42 @coindesk @newsbtc @Coinblack #bitcoin pic.twitter.com/uMqA0D2rRB
— Genesis Coin Inc. (@genesiscoin) August 18, 2014
According to a post on Reddit, the news also seemed to drive the final nail into the coffin of the planned BlackNote project. The BlackNote project was an effort to release Blackcoin exclusive ATMs, with Blackcoin being accepted on the already popular Genesis ATM, it appears that the BlackNote project's creator felt it was no longer needed. Instead, he is considering selling off the parts he had purchased so far and is now working on project “BlackBean” a Blackcoin accepting coffee machine.
While Genesis has not gotten into the specifics of why they chose Blackcoin as the first supported PoS coin, the Blackcoin developers pointed to its fast confirmation time as one possible explanation. The San Diego based company recently launched a new ATM in San Paulo, Brazil before the World Cup took off.
As a prime example on how valuable a coin's community can be, we have heard reports that a Blackfeed/Blackcoin community member sealed the deal with Genesis.
Genesis ATMs are full two-way machines, can hold 1,700 – 6,800 notes for dispensing (and an additional 2,200 for accepting) an optional finger print reader, an HD security camera and free software updates (meaning the ATMs out there should easily be able to begin accepting Blackcoin).
We should have more from Blackcoin coming soon.
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