Cryptocurrency Latest: ATMs and solving the world's problems

Bitcoin - Financial Betting
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Can it solve the world's biggest problems and will acceptance from ICE help or hinder? The Tradefair team brings you the latest in cryptocurrency...

"Cryptocurrencies, and the blockchain technology they are based on, can do a whole lot more than just facilitate or collect payment. They can help promote a wide range of projects and initiatives."

- Amos Meiri, CEO and Co-founder of Colu.

Cryptocurrency investment often splits opinion but one thing most people can agree on; it's not boring. Whether it's innovations in its applications or new regulations to boost its legitimacy, there are almost constant changes that are evolving how people trade digital currencies.

Here are some of the latest stories emerging from the world of cryptocurrency:

ICE launches crypto market

Forbes reports that the Intercontinental Exchange (ICE) is launching a new trading platform for cryptocurrencies called Bakkt. The ICE, which is the parent of the New York Stock Exchange, announcement triggered a small drop in the price of bitcoin.

According to the Forbes report, the move is a "double-edged sword" because although it could bring cryptocurrency trading into the mainstream it could also lead to challenges from Wall Street. The latter may damage the value of bitcoin and other digital currencies.

Bakkt could attract more investors to the field and may also make regulators feel more positive about trading. On the other hand, it's likely that Wall Street will look to control investment and financialise digital currencies.

Are cryptocurrency ATMs the future?

The demand for cryptocurrency ATMs is growing rapidly, according to an article from Bitcoinist. Vancouver, Canada, was the home to the first ever digital currency cash machine in 2013 but it's now estimated that there are more than 3,500 in use around the world.

This has been primarily driven by the popularity of bitcoin but around half of the current ATMs also support another digital currency. As financial bodies seem to be growing to accept digital currencies, it's likely the demand for crypto cash machines will grow further.

Citing figures from Coinatmradar, the report estimates that around nine crypto ATMs are being installed every day, meaning there will be around 5,000 in use by the end of 2018.

Can crypto solve society's problems?

A CityAM article suggests that cryptocurrencies could have the potential to solve society's key problems. The sheer speed at which the sector is growing - and its untraditional nature - has sparked scepticism in many traders but if applied properly it could offer hope for some of the world's biggest issues.

Citing an example from the City of Berkeley Council which is launching its own digital currency to to raise funds for social housing, while in Sweden the government is already considering the potential of a cashless society.

"Cryptocurrencies, and the blockchain technology they are based on, can do a whole lot more than just facilitate or collect payment. They can help promote a wide range of projects and initiatives."

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