The magic of Bitcoin crypto currency hanging over all over the world. The lucrative bitcoin business made people wealthy on a short duration of time.
Now the Bitcoin ATM become functional in some part of the world and two of these kind of ATM are operational in Israel and one of the ATM is shut down due to demand overload.
The bitcoin fever has hit Israel with full extent. Bitcoin has just arrived on the stock markets and its popularity is higher than ever. It is so demanding that certain bitcoin trading websites crashed within minutes of launching and unable to handle traffic.
There are currently two bitcoin ATMs, but only one of them is still operating; the other was shut down a week ago due to the extraordinarily long processing times.
There are many advantages of these bitcoin ATM. These ATM lets their customers to buy bitcoin and other kinds of cryptocurrency in a quick and uncomplicated manner. For one to buy bitcoin, All one need to do is download a digital wallet and open an account in a few steps. When cash is then inserted into the machine, the amount immediately appear in the wallet.
The two bitcoin ATMs operating in Israel charge 4-5% commission for each transaction, a slightly higher commission than for other methods of purchasing cryptocurrency. They are popular with first-time customers because the local shops assist in the process.
Israel’s first bitcoin ATM is located inside the Israeli Bitcoin Embassy, a Tel Aviv community center for the local bitcoin scene. The Embassy’s ATM is operated by currency exchange service Bits of Gold Ltd., which leases space in the same building. Operating hours were also cut back, and the ATM now closes at 6 p.m. every day, though the center remains open to visitors.
The second ATM, opened in October and located in Dizengoff Street, has been closed for the past week due to the pressure on the global cryptocurrency infrastructure.