While Mt Gox, one of the biggest bitcoin exchanges, is going for liquidation, the cryptocurrency itself is thriving.
BTC China, the largest cryptocurrency exchange worldwide in terms of exchange by volume since December, has launched its own ATM accompanied by a mobile app, which allows users to buy and sell Bitcoins, skirting local banking regulations.
The ATM was launched in a shopping mall in Shanghai and does not allow users to withdraw cash, instead it works the other way around allowing users to withdraw bitcoins for cash.
Bitcoin is a virtual currency gaining popularity and notoriety worldwide at the same time because of its potential to disrupt countries' financial system.
Founded in mid-2011, BTC is China's first cryptocurrency exchange.
Late last year, The People's Bank of China had banned financial institutions from conducting trade of bitcoins. However, the rule had a loophole which makes BTC China's new ATM "technically legal".
By 2040, it is estimated there would be 21 million bitcoins after which no more of the currency would be minted.
Ever since the world's first Bitcoin ATM opened in Vancouver, Canada, there have been ATMs popping up all over the world. A website bitcoinatmmap.com helps users keep track of all the different ATMs in the world. The website also lists 13 types of ATMs and the kinds of trade they allow.
The current exchange rate for one bitcoin is $500 (Rs 30,000). The rate is based on demand and supply and over 1.26 crore bitcoins have been minted so far worldwide.
There are several software to store and transfer bitcoins to accounts specifically made available for buying and selling of goods and services all over the world.
Bitcoin is the brainchild of Satoshi Nakamoto, a pseudonymous person or group that designed the virtual currency in 2008.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}