The news about Bitcoin has been bleak these days. The words like “scam” and “Ponzi scheme” are thrown in the mix without giving real evidence that is based on objective facts or data. So let us take a look at the companies that are Bitcoin-related. The first company that we are going to look at is BitAccess.
Who or what is BitAccess? BitAccess inc is located in Ottawa, Canada. This Canadian company was founded in November 2013. The main focus of the company is making Bitcoin easily accessible for everyone. They accomplish this by using their Bitcoin Automatic Teller Machines, which are operational in 26 different countries already.
How is it that BitAccess inc. so successful? First you have the near perfectly executed business strategy, which is making Bitcoin easy to access. This is accomplished by allowing the BTM’s to accept multiple currencies such as Euros and Pounds Sterling, US/Canadian Dollars and Pounds Sterling or a local currency and US/Canadian Dollars, etc. the combinations are endless. Add to that the option to create a free paper wallet and Bitcoin accessibility is even easier than a local bank ATM.
Note from the author : Multiple-currency support is not available for each BTM location at this point in time.
The BitAccess BTM’s also have top of the line security systems in place to prevent theft. For example the BTM’s from BitAcccess are enclosed in heavy steel case with Abloy Protec2 high security locks. Other security measures include: the BTM can be bolted to the floor and an additional vault can be added to the BTM. Combine all that with an excellent customer support that is available 24/7, a 3 year warranty on the touchscreen and a 1 year warranty on all other components and you see how BitAccess is taking the title of “one of the best Bitcoin ATM’s out there”.
Another feature that this BTM offers, is the possibility to buy and sell Bitcoins. If someone wants to sell their Bitcoins they can do so and they can even choose in which currency they want to be paid out in, assuming their local BTM supports multiple currencies. Fiat currency used to pay out “bitcoin sell orders” is recycled from earlier “bitcoin purchase orders”.
The success of the BitAccess BTM’s is also explained by the versatility and adaptability of the BTM’s. The BTM’s can be found in 26 locations at the moment but there will be a lot more places to be added in the following months.
Some people are wondering how the fees are being calculated. The BitAccess website offers some answers: “Unlike a traditional ATM, there is no fixed fee charged by the BTM. Instead, BTMs charge a calculated rate per Bitcoin, generally combining a market rate with a specified markup, so the displayed rate may be higher than what your wallet software or Bitcoin price calculator of choice says. The markup amount, as well as the base exchange used (which will itself vary), is at the discretion of the third-party operator. As such, the Bitcoin will vary BTM to BTM”.
Now that is not all. For the owner of the BTM(‘s) there’s an added feature called the ”BitAccess cloud management”. This app can be installed on every desktop, smartphone or other electronic device, which will allow the owner of the BTM a lot of freedom. For instance, he or she can choose the exchange where Bitcoins can be bought and sold from, the fees, ability to track the buy sell orders through blockchain, etc. There is even a full control option concerning the users of the BTM. If the owner of the BTM sees that there are irregularities with certain users they can block the harmful users.
All these things combined makes BitAccess one of the rising stars in the Bitcoin ATM world. 2015 will be a very interesting year because they are going to expand the places where they are putting up their BTM’s. Will success push BitAccess to new heights? Only time will tell.