The cryptocurrency industry has in the past year reached a level of public interest that until recently was unimaginable. Previously associated with black market dealings, security flaws and speculation, Bitcoin, Ethereum and the many other altcoins have this year drawn unprecedented positive interest from banks, governments and businesses.
The underlying Blockchain technology (which allows totally new types of economic transactions) has drawn praise from such reputable institutions as Microsoft, Goldman Sachs and the US Senate. And as a payment method, businesses are lining up to participate in the crypto industry.
This is a level of interest that even the biggest trends in tech (like Big Data, sensors, or quantum computing) haven’t achieved. However, this is overshadowed by a big problem with cryptocurrencies: they are still not easy to use.
Long term investors and early adopters might not see any issue when transacting in crypto, but newcomers often complain about the difficulty of using exchanges, mining fees and managing security. The fact is, using your bank card to withdraw fiat is easier, quicker and more secure.
This situation creates a bottleneck: many new and old crypto users are clamouring for an easier way to use the currencies. Whoever can make this easier and cheaper stands to gain big market share in this rapidly expanding industry.
Going back to the cash example, nothing is more convenient than ATMs for accessing funds quickly. A European company, Cointed, is banking on the potential for a new generation of crypto ATMs to really drive home mainstream consumer adoption.
Cointed does not just provide a regular crypto ATM experience, they are an organisation that is making the entire ATM system more efficient and usable…