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Convert Bitcoin to cash NCR Atlas, a prominent provider of Automated Teller Machines (ATMs), has launched a new feature through its Lyberty network that enables Bitcoin (BTC) users to convert their cryptocurrency into cash at ATMs across the United States. This innovative service aims to simplify the process of accessing fiat currency from Bitcoin holdings, enhancing convenience for users who want to avoid the delays and complexities associated with traditional methods of cashing out crypto. Convert Bitcoin to cash,
Introducing the Lyberty Bitcoin Cashout Feature
The newly introduced Lyberty Bitcoin Cashout feature allows users to exchange their Bitcoin for cash through a network of ATMs. The process is designed to be simple and easy to use. To initiate a transaction, users first need to utilize the Lyberty app, where they can “pre-stage” their Bitcoin sale. This involves selecting the ATM where they wish to withdraw cash, sending the BTC to a designated address provided by the app, and then using a unique access code to retrieve the cash at the selected ATM.
This service will be available at ATMs in over 30 states initially, although it is expected to expand further. While these ATMs represent only a small fraction of the more than 280,000 ATMs operated by NCR Atlas in the U.S., the introduction of this feature marks a significant step forward in the integration of Bitcoin with everyday financial transactions.
How It Works
The process for converting Bitcoin to cash using Lyberty is as follows:
Pre-Stage the Transaction
Users start by using the Lyberty app to select an ATM location and initiate the sale of Bitcoin.
Send Bitcoin
The app provides a Bitcoin address where users send their cryptocurrency for sale.
Receive Access Code
Once the transaction is processed, users receive an access code.
Withdraw Cash
At the selected ATM, users enter their access code to withdraw the equivalent amount in U.S. dollars.
A notable feature of this service is the $400 limit on cash withdrawals per transaction, though users can make multiple transactions if needed. This cap helps manage the risks associated with large cash withdrawals and ensures the security of both the user and the ATM network.
Overcoming Barriers to Bitcoin Adoption
Chris Yim, General Manager of Lyberty, highlighted a key advantage of this new feature: “One of the remaining barriers to greater Bitcoin adoption by consumers has been the ability to “Seamlessly convert Bitcoin to cash without waiting for days due to ACH transfers or navigating the complexities of wire transfers.”
By providing a more immediate and user-friendly option for converting Bitcoin to cash, the Lyberty Bitcoin Cashout feature addresses a significant pain point for many cryptocurrency users. It removes the need for lengthy waiting periods and complex transfer processes, which can often deter users from fully engaging with their Bitcoin holdings.
Technical Requirements and Expansion Plans
To utilize the Lyberty Bitcoin Cashout feature, participating ATMs must be equipped with the NCR Atlas Ready Code API. This integration allows the ATMs to process Bitcoin transactions and dispense cash accordingly. The feature’s rollout will initially focus on a select number of ATMs across the country, with plans for broader implementation as the service proves successful.
Lyberty, which holds a New York Bit License, already facilitates Bitcoin purchases at over 30,000 ATMs. The company has long aspired to create a seamless digital-to-physical bridge for Bitcoin users, and the new feature represents a significant milestone in achieving this goal. The acquisition of Lyberty by NCR in 2021 and the subsequent split of NCR into two units in 2022, with Atlas taking over the ATM segment, has provided the necessary infrastructure to support this innovative service.
Challenges and Industry Impact
Despite the potential benefits, the BTC ATM market faces several challenges. Regulatory hurdles can be significant, as operators must navigate complex legal and compliance requirements. Additionally, the Bitcoin ATM installation rate has recently experienced a decline, with more machines going offline than being added. This trend reverses a previous 10-month period of growth and highlights the ongoing challenges within the sector.
However, the introduction of features like the Lyberty Bitcoin Cashout is a positive development for the industry. By making it easier for users to access cash from Bitcoin, the service has the potential to increase Bitcoin adoption and encourage more widespread use of cryptocurrency.
Conclusion
The launch of NCR Atlas’s Lyberty Bitcoin Cashout feature marks a significant advancement in the integration of Bitcoin with traditional financial systems. By allowing users to convert their cryptocurrency into cash quickly and efficiently at ATMs, this service addresses a major barrier to Bitcoin adoption and enhances the usability of digital currencies in everyday transactions. As the feature rolls out across more states and additional ATMs, it is expected to play a key role in bridging the gap between digital and physical currencies, driving greater acceptance and use of Bitcoin.
