Enrique Salazar, Author at ChainBytes

Meet the CHAINBYTES + 2 Way Bitcoin ATM

Enrique Salazar — Sun, 24 Mar 2019 08:26:22 +0000

The ChainBytes team is excited to reveal our latest Bitcoin ATM: meet the CHAINBYTES + 2 Way Bitcoin ATM. A state of the art cryptocurrency ATM designed for easy compliance and fast ROI.

Our team developed this kiosk with both users and operators in mind. The CHAINBYTES + allows users to buy or sell bitcoin and other cryptocurrencies with ease, while providing operators built-in hardware and backend solutions for effortless compliance.

This plug-and-play machine is equipped with top of the line components. Also, the kiosk and its user interface can be customized to fit your brand identity. Its small footprint allows operators to install the machine at a wide range of locations.

One of the most distinctive features of the CHAINBYTES + kiosk is a top-mounted second screen for marketing campaigns. With the second screen, you can generate an additional source of revenue by selling ad space.

We have partnered with BTM Compliance, a firm that specializes in Bitcoin ATM compliance and regulatory support to help you meet the legal requirements associated with operating a Bitcoin ATM business in the US. For $1500 BTM Compliance will register your Bitcoin ATM operation with the appropriate regulatory bodies and complete other legal processes required so you can start doing business right away.

Furthermore, ChainBytes will help our Bitcoin ATMs owners and operators position their business online by including their kiosks on our Bitcoin ATM location directory. This will contribute to our clients SEO and Digital Marketing initiatives.

Members of our team have been developing software solutions for the financial services industry for over 2 decades. Since 2012, Our CEO, Eric Grill started working on a state of the art Bitcoin ATM software, which is run by several Bitcoin ATM manufacturers and operators worldwide. ChainBytes has also deployed several successful projects in the blockchain space; including blockchain based digital bill pay and remittance payment solutions, tokenization of real estate projects and bitcoin exchanges.

Image via Coin ATM Radar

The CHAINBYTES + has already been deployed in several locations. In California, you can find the machine at the Extra Mile Chevron at Fruitridge Road in Sacramento. Additionally, our CHAINBYTES + kiosk facilitated the first Bitcoin ATM transaction using the Belarusian Ruble immediately after the Eastern European nation announced a complete regulatory framework for crypto related activities. Details about the Bitcoin ATM location in Belarus will be revealed soon.

Our Bitcoin ATM software and user interface provides one of the easiest methods to buy and sell bitcoin available to users. To learn how to use one of our Bitcoin ATM click here or watch the video below:

The CHAINBYTES + is the latest addition to our Bitcoin ATM family, which includes our most popular model to date, the STAND TYPE 2 Way BTM, the WALL TYPE 1 Way BTM and our DESKTOP TYPE 1 Way BTM.

Depending on your business goals, you can choose to buy or host one of our kiosks. To learn more about our products, click here to book and an appointment with one of our sales representatives.

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Venezuelan Government Launches State Backed Crypto Remittance Platform

Enrique Salazar — Wed, 06 Mar 2019 07:52:12 +0000

After imposing new tax regulations on incoming remittances, the Venezuelan government launched its own remittance platform. However, the only supported currencies, besides the Venezuelan Bolivar (VES), are Bitcoin and Litecoin.

Migrant workers abroad can send their loved ones cryptocurrency and the platform will deposit Venezuelan Bolivares in the recipient’s bank account. The service is part of the Patria, Spanish for Motherland, platform. It charges a 6.9% commission.

In January 2019, the government of Venezuela announced new legislations to regulate crypto related activities. The Superintendence of Cryptoassets and Related Activities of Venezuela (SUNACRIP) is the regulatory body that oversees the crypto space in the country.

According to Coin Dance, almost 2,000 Bitcoins are traded in Venezuela every week. The figures come from the peer to peer Bitcoin trading platform LocalBitcoins. Many consider that the country’s rampant inflation and currency exchange regulations are the factors behind cryptocurrency adoption in the country.

Will Venezuelans turn to the state backed remittance platform or continue to use other crypto trading websites?

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Canada Revenue Agency Research: Bitcoin ATMs Increase Store Traffic

Enrique Salazar — Sun, 03 Mar 2019 22:59:47 +0000

At the time of writing, over 4,300 Bitcoin ATMs are in service worldwide. Coin ATM Radar’s Crypto ATM gauge shows that 4.5 machines are installed on average every day, so people might wonder – what is driving Bitcoin ATMs installations?

In a study commissioned by the CRA (Canada Revenue Agency), twenty Bitcoin ATMs hosts were interviewed, and it was determined that the main reason for introducing the machines into a business is increased store traffic. In fact, all the participants acknowledged that after installing a Bitcoin ATM, store traffic increased.

The CRA’s research purpose was to discover why businesses would install a Bitcoin ATM; perception of Bitcoin ATMs users; reasons behind Bitcoin ATMs usage; expected value added to the business and its clientele; how Bitcoin ATMs and cryptocurrencies can be incorporated into an existing line of business, and compliance procedures used to monitor Bitcoin ATMs transactions. Click here to view the full report by the CRA.

According to the CRA’s research, convenience stores are the most common location for a Bitcoin ATM. Other common locations include coffee shops and pubs. Moreover, research finding concluded that users prefer using Bitcoin ATMs over online exchanges because the machines are more “trustworthy” and “easier” to use.

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Bitcoin Transactions Reaching All Time Highs

Enrique Salazar — Tue, 19 Feb 2019 03:33:05 +0000

The amount of confirmed Bitcoin transactions have been steadily rising, reaching levels that were only seen during the cryptocurrency craze of late 2017, the data is available on blockchain.com. This is a clear sign that Bitcoin and blockchain technology adoption is growing.

Currently over 300,000 transactions are being confirmed by the Bitcoin blockchain daily. It’s the second time, in Bitcoin’s 10 year history, that this number is reached.

Bitcoin transactions are peer to peer and do not depend on a central authority. Instead, Bitcoin relies on blockchain technology, a technology based on a distributed ledger, which uses cryptography and a decentralized network of computers, to record data. The implementation of blockchain technology facilitates efficient, secure, transparent, and cost effective transactions. Bitcoin is its first successful use case.

When a Bitcoin payment is sent, it is confirmed when the transaction is included into a block. In short, this happens after the network verifies ownership of the bitcoins and that they have not been previously spent. A certain number of confirmations are required until the funds become spendable by the receiver.

Other figures that show how adoption is growing include the growing number of Bitcoin ATM’s being installed, countries around the world creating legislative frameworks for crypto related activities and the implementation of blockchain based solutions. On average, 4 Bitcoin ATMs are installed around the world every day. Furthermore, countries around the world are recognizing the potential of cryptocurrencies and blockchain technology. Some countries are developing state issued cryptocurrencies and firms, such IBM and JP Morgan, are experimenting with blockchain technology.

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Chainbytes 2 Way Bitcoin ATM Installed in the Lehigh Valley Area

Enrique Salazar — Mon, 18 Feb 2019 00:18:43 +0000

The Army & Navy Store, in Whitehall, a suburb of Allentown, Pennsylvania, is now home to a ChainBytes 2 way Bitcoin ATM. The kiosk allows users to instantly buy and sell Bitcoin, or fractions of it, the new form of currency that has the potential to revolutionize commerce and disrupt the payment industry.

ChainBytes Bitcoin ATM’s interface is user-friendly and KYC/AML compliant. Although the technical intricacies of Bitcoin can be intimidating; no previous experience with cryptocurrencies is required to use the machine.

The Bitcoin ATM resembles traditional ATMs. By following a few steps, anyone in the Lehigh Valley area can buy or sell Bitcoin instantly without the waiting periods associated with online crypto exchanges.

To purchase Bitcoin using the ChainBytes kiosk, users need to select the amount they wish to purchase and insert cash into the bill receiver; after the payment is confirmed, the cryptocurrency is automatically sent to the user’s mobile Bitcoin wallet, or a paper wallet can be printed by the machine.

Alternatively, in order to sell, users need to send the amount they wish to convert to cash to the kiosk’s wallet address. The process is simple; users only need to scan the wallet provided by the kiosk in the form of a QR code with their mobile Bitcoin wallet; once the transaction is confirmed, bills are dispensed by the machine.

To learn about the different types of Bitcoin wallets and a step by step guide to learn how to use a Bitcoin ATM, visit ChainBytes blog.

The Bitcoin ATM is located in the Army & Navy Store located at: 1045 Grape St, Whitehall, PA 18052.

The store opens Monday to Saturday from 9:30AM to 9PM and Sundays from 11AM to 6PM.

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Fuel For Startups Episode 14

Enrique Salazar — Wed, 06 Feb 2019 16:47:09 +0000

Our CEO, Eric Grill, was featured as a guest on Propellant Labs Incubator’s podcast Fuel For Startups – Episode 14 hosted by Gene Swank where, together with other experts and investors, covered several topics concerning blockchain technology and cryptocurrencies.

The podcast was moderated by James Sowers, ICO Advisor and Investor. Eric joined Dr. Shahin Arefzadeh of Ziotis, Dr. Philip Hickman of Plabooks, and Ed Gieske of Mybitcards in a panel where the discussion covered a range of topics, including security, the current landscape of the crypto markets, STOs, blockchain applications, and more.

The episode is available on ITunes and Buzzsprout.

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Sending Money Abroad? Consider Using a Bitcoin ATM

Enrique Salazar — Sat, 26 Jan 2019 05:16:41 +0000

According to the World Bank remittances hit $613 billion in 2017 and this amount is expected to continue to increase. The costs associated with sending money using traditional method have caused migrant workers and expats to turn to cryptocurrencies to send money home.

Depending on the country, money transfer services and traditional wire transfers can cost upwards of 20%. However, blockchain technology and cryptocurrencies allow simple, fast, and inexpensive transfers.

There are several ways to procure the Bitcoin, and using the Bitcoin ATM, is one of the most effective methods. Bitcoin ATMs are placed in stores near you, and the process of buying Bitcoin on the Bitcoin kiosk is fast and can take only a few minutes.
You can buy Bitcoin, via a Bitcoin ATM, receive it, and store it in your personal wallet, and if you ever need to send it to family and friends you can do it easily from your wallet and from the comfort of your home. The blockchain fees associated with sending the Bitcoin are much smaller than traditional means.

Check out our blog post to learn how to use a Bitcoin ATM.

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Buy the Perfect Gift Using a Bitcoin ATM

Enrique Salazar — Sun, 20 Jan 2019 22:55:15 +0000

In a twitter poll by Bank of England the majority of voters picked crypto as the preferred method to receive a monetary gift; also, investment bank and asset management firm Piper Jaffray reported on their “Holiday 2018” consumer report that teens rather receive cryptocurrencies over of cash, gift cards or gas money. Bitcoin ATMs have proven to be the easiest and quickest way to purchase crypto.

ChainBytes Bitcoin ATMs allows users to easily buy Bitcoin and other cryptos, such as Ethereum, Litecoin, PIVX, and Dash giving users a variety of options to pick from. The perfect gift can be purchased using the new form of ATM without any information from the beneficiary. After a few steps and completing the payment, the machine will print out a receipt that will allow its holder to redeem the crypto gift.

The next time you are struggling to find a gift for one of your loved ones just give the gift of crypto.

To learn how to use a BItcoin ATM click here.

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Bitcoin First Transaction 10th Anniversary

Enrique Salazar — Sat, 12 Jan 2019 22:13:41 +0000

Ten years ago today, on January 12^th, 2009, Satoshi Nakamoto sent Hal Finney 10 bitcoins as a test. It was the first Bitcoin transaction ever made. Today, more than 280,000 transactions per day are processed on the Bitcoin blockchain.

Hal Finney was a respected Bitcoin contributor and known computer scientist. He attempted to create a cryptographic currency based on a Proof of Work system before Bitcoin was created. Finney helped Satoshi find bugs on the Bitcoin software when it was first released and one of the first miners. Thanks to visionaries like him cryptocurrencies and blockchain technology have prospered and their usage continues to grow around the world.

Hal Finney’s wallet address that receive the first transaction from Satoshi Nakamoto is: 1Q2TWHE3GMdB6BZKafqwxXtWAWgFt5Jvm3

Every Bitcoin enthusiast should visit Hal Finney’s blog post on bitcointalk.org where he shared his experience with Bitcoin on a post titled: Bitcoin and me (Hal Finney)

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Ethereum Constantinople Network Update

Enrique Salazar — Sat, 12 Jan 2019 03:33:26 +0000

The Ethereum community eagerly awaits the much anticipated Constantinople hard fork, or as Vitalik Buterin suggested recently on twitter, “network update”. According to ethereum.org’s blog, the update will implement 5 Ethereum Improvement Proposals (EIPs) to facilitate Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS). It is important to note that this fork will not result in a 2 coin split.

The network update is expected to occur around January 16^th. The new EIPs will reduce the amount of gas required and simplify the process for doing certain things on Ethereum’s blockchain; also, prepare the blockchain for a smooth transition to PoS.

To learn more about the Constantinople visit ethereum.org’s blog.

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