Everyone is aware that there are a few handful bitcoin ATMs that are concentrated in very few countries around the world. However, another country can soon find itself on this list.
One of the largest bitcoin ATM manufacturers in the world, General Bytes, has installed 10 bitcoin ATMs in Prague’s subway stations in Czech Republic. Very soon, commuters riding the subway will be able to purchase bitcoin at various locations in Prague.
Currently the bitcoin ATM supports four kinds of cryptocurrencies namely bitcoin, litecoin, dash and monero. The tutorial on the website on General Bytes shows how exactly a person can purchase bitcoin within a matter of minutes. The website, however, recommends that a potential buyer should have the relevant wallet app downloaded beforehand for easier transfer of the cryptocurrencies.
Currently, the subway stations that have the ATMs installed include Nádraží Veleslavín, Dejvická, Můstek, Zličín, Pankrác, Florenc, Hlavní nádraží, Černý Most, Flora and Skalka.
Czech Republic is one of those few countries in the world which are friendly towards cryptocurrencies. It is also one of those rare countries where virtual currencies have not been regulated and politicians do not feel the need to classify them into securities or commodities like other states.
Although there is discussion among tax officials, last year, the central bank of the country- Czech National Bank- wrote a paper titled ‘Don’t Be Afraid of Bitcoin’. A portion of the paper read, “There really is no reason for banks to fear them. All of the alternative currencies are negligible in terms of size and scope: electronic transactions using bitcoin worldwide amount to only 16% of the electronic transactions conducted in the Czech koruna, a currency used by just 10.5m people.”
The paper elaborated that “The key principle of bitcoin is that its supply will be fixed, which makes it inherently volatile. This is the antithesis of our elastic money system, which is based on the principle that to keep the purchasing power of money relatively constant the amount of money has to change flexibly over time. The monetary policy lesson of the late 19th and 20th centuries is that price stability matters. People may take it for granted but this is the most beneficial feature of money in its present form and the monetary policy behind it. People can use a currency and not even think about why they trust it.”
Apart from that, last year, one of the most well-known online retailers Alza added cryptocurrencies as a mode of payment and installed two bitcoin ATMs in their company showroom.
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