NCR Atleos has introduced the LibertyX Bitcoin Cashout feature, enabling users across the U.S. to convert Bitcoin into cash at select ATMs seamlessly.
This new service simplifies Bitcoin-to-cash transactions by allowing users to pre-stage their withdrawals through an app, addressing a significant barrier to cryptocurrency adoption.
Streamlined Bitcoin-to-Cash Transactions
The LibertyX Bitcoin Cashout feature lets users sell Bitcoin and withdraw U.S. dollars directly from LibertyX-affiliated ATMs. The process is straightforward: users select an ATM, input a Bitcoin address, generate a code, and withdraw cash, bypassing traditional, often slow banking transfers.
Currently available in 30 states, the feature is limited to a portion of the 280,000 ATMs managed by Atleos in the U.S. However, a broader rollout is anticipated if the trial proves successful. Chris Yim, General Manager of LibertyX, highlights that this service solves a significant hurdle for Bitcoin adoption by simplifying the cash-out process.
Service Implementation and Limitations
The ReadyCode API powers this new feature, facilitating Bitcoin-to-cash transactions at ATMs. However, there is a transaction limit of $400 per Bitcoin sale access code, though users can perform multiple transactions to withdraw larger amounts.
LibertyX, a licensed BitLicense holder in New York, has been a key player in the cryptocurrency ATM market, offering Bitcoin purchasing options at over 30,000 ATMs nationwide. Adding the Bitcoin Cashout feature strengthens its role in bridging the gap between digital and physical currencies.
Rising Cryptocurrency Adoption in the U.S.
The launch of LibertyX Bitcoin Cashout aligns with the growing adoption of cryptocurrencies in the U.S. According to Security.org’s 2024 Cryptocurrency Adoption and Sentiment Report, 40% of American adults now own cryptocurrency, up from 30% in 2023. Additionally, 63% of these owners plan to invest further in digital currencies within the next year.
The report also notes a significant rise in female cryptocurrency investors, growing from 18% in 2023 to 29% in early 2024. This trend underscores the increasing popularity of cryptocurrencies in the U.S. financial market.
While the U.S. remains the global leader in Bitcoin ATM installations, accounting for 82% of the total, a recent crackdown on machines linked to extortion and scams has led to a decrease in functioning Bitcoin ATMs. Between May and July 2024, the number of Bitcoin ATMs in the U.S. fell by over 400, leaving the total at 31,273.
