Did you know there’s an ATM in the country that lets you convert bitcoins into cash and vice versa?
Malaysia first Bitcoin ATM in Ipoh, has been in operation since 2016 when local digital currency exchanger Pinkexc introduced the machine. Pinkexc’s founder told ChinaPress that they had imported the machine from Portugal, costing about RM70,000.
According to China Press, the inspiration to set up a bitcoin ATM in Malaysia came when the founders of Pinkexc, Fitry David were traveling in Japan and South Korea.
According to China Press, since the community has received a lot of cryptocurrency, the company sees an average of 50 transactions a day, which adds up to about RM80,000 worth of transactions where people buy and sell Bitcoins using their services.
Besides bitcoin, the machine provides trading services for other cryptocurrencies like Ethereum, Bch, Lite, and Dash.
In order to capitalize on the use of Bitcoin ATMs in the country, Pinkexc has applied to Bank Negara Malaysia (BNM) to be located nationwide. “However, BNM has yet to approve because Bitcoin is on BNM’s grey area which is not a legal or illegal transaction,” he said, adding that BNM had to approve the transaction as it is now a digital currency.
Fitry said Pinkexc is upgrading ATM software so other digital currencies such as Ethereum, Bch, Lite and Dash can use the machine to conduct transactions.
HOW TO USE ATM BITCOIN
It’s really easy to buy Bitcoin or get cash from the machine, all you need is your Bitcoin wallet with you on your mobile device. It almost has the same steps as a regular ATM; just click on “I want Bitcoin” or “I want cash” when you begin. Then, if you want to buy Bitcoin, simply scan the QR code on your Bitcoin wallet, insert the amount of cash for the Bitcoin you want and wait for the notification.
If you are getting cash from the machine, choose the amount of cash you want, scan your Bitcoin wallet’s QR code and simply wait for the machine to dispense your money. How simple is that?
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