Growing Number of Bitcoin ATMs in Russia

June 26th, 2018

The popularity of digital currency is now known to all, following that many individuals are coming forward to digital currencies like any other fiat currency. Several online trading platforms or exchanges are available which makes buying of Bitcoin easy. In several developed countries Bitcoin ATM machines are coming up which makes digital currency exchanges much easier. Now you can use Bitcoin ATM in Los Angeles, CA or in Russia to buy digital currencies at ease. According to a recent update it was found that the number of Bitcoin ATMs in Russia is increasing. Recently ten new machines were installed in districts of Novosibirsk.

For digital currency enthusiasts in this part of the globe, it’s amazing as they can use these machines for fast and easy access to digital currencies. What’s more interesting many startup firms are installing machines in prime locations around the globe. Several new firms are also sharing their interest in installing new Bitcoin ATM machines in prime locations. Recently a new business group announced their plans of installing over hundred Bitcoin ATM machines in airport terminals and Moscow hotels. Like Bitcoin ATM in Los Angeles, CA, Bitcoin ATM machines are also similar where enthusiasts can buy digital currencies using any currency of choice. Meanwhile, regulators in Russia recently said that they are not legalizing digital currencies anytime soon, but its craze is increasing.

Ten Bitcoin ATMs in Novosibirsk

Keeping aside regulators there is a rise in demand for Bitcoin ATM in Los Angeles, CA and other cities. Recently Novosibirsk which is the third most populous city in Russia installed ten one way Bitcoin ATM machines. BBFpro is a startup firm which came up with these installations in different parts of the country; it will help digital currency users to buy Bitcoins fast and at ease. These machines were all places in five different districts of the city: Zheleznodorozhny, Kalininsky, Leninsky, Kirovsky, and Oktyabrsky districts.

Most of the terminals are situated in shops or stores selling bottled beverages. These Bitcoin ATM kiosks are centrally located which helps serve a maximum number of users in this part of the world. The startup wants to place machines in all large shopping centers but the rent was too high. Bitcoin ATM in Los Angeles, CA rent is much cheaper compared to Russia, making it almost impossible for startup firms to install in shopping malls. According to the authorities, the demand was around 15 to 20,000 rubles while in beer shops only 2,000 rubles for each place secured the deal.

Increase in use of Bitcoin ATMs

Many regulators are against Bitcoin ATM machines in this part of the world but several new installations are taking place. This clearly shows the growing popularity of Bitcoin ATM machines in Russia. BBFpro revealed that they are excited with the initial responses and revealed that the team took three months to develop software and install it in all terminals. The overall investment of this project was around two million rubles. These new installations are charging a commission of around 6 percent, which is quite low. Bitcoin ATM in Los Angeles, CA charges bit more but again the demand for digital currency in the United Statesis much more compared to that of Russia. Low commission charge will excite many users and they will start using Bitcoins on regular basis.

Seeing the initial response many new startups are showing interest in the Bitcoin ATM business in Russia. The existing Bitcoin ATM operators are also planning to expand the network in other neighboring areas. Some operators are trying to come up with machines where users can both buy and sell digital currencies at ease. These are good signs for digital currency enthusiasts.

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