Hong Kong Gets First Bitcoin ATM, More Ahead

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Hong Kong Gets First Bitcoin ATM, More Ahead
Hong Kong Gets First Bitcoin ATM, More Ahead

Hong Kong Gets First Bitcoin ATM, More Ahead

platform company launched it. Though earlier last month, there were some reports about the installation of Bitcoin ATMs in the city, later on some issues appeared and the company decided to delay. Several other Bitcoin ATMs are expected in the next couple of days.

However, a peculiarity with this BTC ATM is that it only accepts deposits. Though there is no feature for withdrawals, it allows people to exchange Hong Kong dollars for the virtual currency. According to Ken Lo, the chief of the Hong Kong company ANXBTC expressed his happiness on the development and said that it will take away one of the biggest hurdles for Bitcoin users.

According to an ANX estimate there are around 10,000 regular users in Hong Kong. A steep increase has been noticed recently.

Bitcoin Will Become more Accessible for Users

Bitcoin which according to him is a revolutionary concept in digital currency faces a huge problem of accessibility; however, now the first ever Bitcoin ATM has been installed in the city, people won’t have issues. Now, this spot will be a center where people can buy and sell Bitcoin with comfort and ease.

Ken Lo said that the installation of the Bitcoin ATM will help with the adoption as people are creatures of convenience and it is going to provide a convenient tool for them. Nonetheless, the market for the digital currency has though been disappointing for thousands of stakeholders after Mt. Gox collapse, some encouraging news have been appearing to cheer them.

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Earlier, at the ANX headquarters, Dave Chapman, the company’s chief operating officer, demonstrated how to use the newly arrived machine. Though called ATMs, these machines are more or less functioning like vending machines.

Some More Bitcoin ATMs on the Way

Apart from ANXBTC Bitcoin, the Bitcoin Group Hong Kong too has announced that it is planning to launch ATMs within days. The third Bitcoin ATM Company that is going to install BTC ATM is Alitobit. With three ATMs becoming operational in Lan Kwai Fong, Tsim Sha Tsui and Sha Tin, Hong Kong will be in the map of Bitcoin economy.
The founder of Alitobit, Kif Hong was appreciating the development in Bitcoin economy in

Hong Kong. Costing around US$4,000 to US$6,000 each, the BTC ATMs will transform the landscape for Bitcoin and it won’t be inaccessible anymore.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com