Whenever we run out of cash, the first thing we do is find a nearby ATM, so that we can withdraw money from our bank accounts without having to make a trip to the branch. The concept of ATM for banking has been there for decades. They were undoubtedly responsible for revolutionizing the banking sector, making it more customer friendly by providing easy access to their accounts. ATMs have been the digital gateway for physical currency, but now with Bitcoins, it is just the opposite.
Bitcoin is a digital currency, that has replaced fiat currency in many online and offline places. Bitcoin transactions can be converted to fiat currency of corresponding value, so far it is mostly done though online exchanges. Another way of withdrawing your Bitcoin balance in fiat currency is through Bitcoin ATMs. With the increasing number of Bitcoin users, there has been a considerable increase in the number of Bitcoin ATMs also. Chip-Chap, A Spanish Company is one of the leading Bitcoin ATM service providers. The company has a strong presence in Spain with over 10,000 bitcoin ATMs followed by Poland where it has over 4000 Bitcoin ATMs. The company uses an existing ATM network to provide Bitcoin services.
Chip-Chap, earlier known as Entropy Factory started as an incubator for startups focusing on socio-economic issues. Since then, a number of projects and startups later, it has evolved to become a digital currency platform. Chip-Chap enables users to exchange bitcoin to currency through their partner ATM networks, pay with Bitcoin and transfer money to others. These services are currently available in Spain and Poland. The company will soon be expanding its operations to England, France and Mexico.
Chip-Chap currently works with HalCash ATM service. HalCash provides an easier way for users to make transactions through their ATMs with just their mobile number. The withdrawal without card option on HalCash ATMs allows users to withdraw money by using a pair of security codes from both sender and beneficiary. HalCash ATMs can be accessed from select neighborhood bank branches in both countries.
The shift in the Bitcoin trend from being confined to the Internet to ATMs is a very good indicator of its growing influence on the economy.