General Bytes has installed 10 new Bitcoin ATMs across the subway routes in Prague, Czech Republic. At the ATMs, customers will also be able to buy and sell Litecoin, Dash, and Monero for fiat. The installation of these new ATMs brings General Byte’s global cryptocurrency ATM total to 867, 27.6% of the 3,138 cryptocurrency ATMs worldwide.
Bitcoin is the original cryptocurrency and continues to be #1 with a market cap of USD 128 billion; Bitcoin uses the SHA-256 algorithm. Litecoin uses the Scrypt algorithm and is ranked #6 with a market cap of USD 7 billion. Dash uses the X11 algorithm and is ranked #12 with a market cap of USD 2.5 billion USD. Monero uses the CryptoNight protocol and is extremely anonymous with transaction histories that are near-impossible to trace, and is ranked just behind Dash at #13 with a market cap of USD 2.5 billion.
Thus, the General Byte ATMs across Prague provide customers with a spectrum of the most successful cryptocurrency protocols. The ATMs are installed at Můstek, Nádraží Veleslavín, Dejvická, Florenc, Černý Most, Zličín, Pankrác, Flora, Skalka and Hlavní Nádraží. This provides thorough coverage to the entire Prague subway system.
There are now 46 cryptocurrency ATMs installed across the Czech Republic, with 27 of them being in Prague. Most of these ATMs are manufactured by General Bytes, since the company is based in the Czech Republic.
The Czech Republic so far has been very friendly towards cryptocurrency, not defining it as a currency or a commodity and therefore the government hasn’t regulated it. In the past week, the Czech Republic’s largest natural gas company has begun accepting Bitcoin from customers, and the country’s largest e-commerce site has sold tens of millions of USD of products via Bitcoin.
The installation of the 10 new cryptocurrency ATMs in Prague will help facilitate cryptocurrency becoming a true currency across the Czech Republic’s capital, where 1.3 million people reside. Now people in Prague will be able to rapidly move money between fiat and cryptocurrency just by going to the subway, making it easy for anyone paid with cryptocurrency in the city to convert their paychecks to cash, and anyone that needs to buy products online can easily convert their cash to cryptocurrency.
This news is another positive sign that Bitcoin and cryptocurrency, in general, is becoming a widely used and practical global currency.
Image source: Flickr – Lauri Rantala
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