The ATM Industry Association, in association with the Electronic Funds Transfer Association, has announced the release of its second commissioned research report into the digital currency BitCoin. The intensive report, written by Value Partners Management Consulting, authors of the industry’s bi-annual Global ATM Benchmarking studies, is called “BitCoin: Virtual Currency with Real Opportunities”.
“As industry associations liaising with regulators, ATMIA and EFTA are keen to develop industry positions on the current and future significance of BitCoin,” Mike Lee, ATMIA’s CEO, said. “This excellent report presents a history and comprehensive international analysis of BitCoin, while at the same time showing how virtual currencies and ATM systems can interface for their mutual benefit.”
“A virtual currency not bound by international borders pose a unique set of challenges to regulators. How those challenges are met globally may well determine the success or failure of this fascinating new payment technology,” Kurt Helwig, President & CEO of EFTA said.
“Virtual currencies are proving to be a new opportunity for ATM Operators,” comments Francesco Burelli, Partner at Value Partners, who conducted the research. “The ATM is an ideal touch-point channel between the not-so-intuitive crypto-currencies and the consumers who may want to leverage the new payment methods but may not be sufficiently technically savvy to liaise directly with exchanges and cryptographic wallets.”
BitCoin, which allows people to send and receive payments within an entirely decentralized peer-to-peer network, has quickly become the most prominent form of “digital currency” in the world.
“I think BitCoin will still be standing, despite its ups and downs, in the medium term, perhaps even in the long-run,” Lee predicts.
The report is free to all ATMIA and EFTA members and can be found on their respective web sites. Non-members may purchase the report for a limited time at a discounted price of $145.00 USD until May 31st 2014 (Regular price $195.00 USD). Click here to purchase the report.
ATMIA and EFTA first jointly commissioned research report on BitCoin and what it might mean to the payments industry can be found on the ATMIA and EFTA web sites. The report is free to all ATMIA and EFTA members and if available for purchase by non-members. The paper, written by Tremont Capital Group, one of the nation’s leading consulting firms specializing in the ATM industry, is called “An Introduction to BitCoin ATMs” and contains special reference to North America where the currency originated.