UnionBank Crypto ATM To Launch On March 08

[Reid]

They say it is also one of the best when converting Paypal money back into cash. The transaction fees are way lower than other banks.

Hmmm. This could be a big step for Philippines. Electronic withdrawal and also they have been really lively with online currencies.
Just one thing though since I cannot open the link yet.
Are they not being questioned by the Philippine government since the money laundering act is being strengthen by them?
I mean it could be a possible way for an escape route of government officials.

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[Indamuck]

I haven't been too positive on crypto ATMS as they stand.  The fees are very high and not many people seem to even be using them.  The only real benefit if you can insert cash and receive bitcoin and remain somewhat anonymous but they usually have cameras around so maybe wear a disguise.

[Jating]

They say it is also one of the best when converting Paypal money back into cash. The transaction fees are way lower than other banks.

Hmmm. This could be a big step for Philippines. Electronic withdrawal and also they have been really lively with online currencies.
Just one thing though since I cannot open the link yet.
Are they not being questioned by the Philippine government since the money laundering act is being strengthen by them?
I mean it could be a possible way for an escape route of government officials.

I'm sure that they have work it out somewhat with the BSP - Central Bank of the Philippines that's why they have been into this crypto sphere since last year. Philippine government is very lenient as far as crypto and that's the main reason why there's a lot of blockchain/crypto related going on in the country.

I agree with @Indamuck, that's the only drawback I can see as far as crypto ATM is, the exorbitant fees. There's a lot of alternatives like localbitcoins.

[Kimonoe]

this is the latest development of cryptocurrency, hopefully this ease of use is a lot happening in many countries, so people will try to use it if it feels profitable, with more and more users of course it is a positive development

[Lanatsa]

They say it is also one of the best when converting Paypal money back into cash. The transaction fees are way lower than other banks.

Hmmm. This could be a big step for Philippines. Electronic withdrawal and also they have been really lively with online currencies.
Just one thing though since I cannot open the link yet.
Are they not being questioned by the Philippine government since the money laundering act is being strengthen by them?
I mean it could be a possible way for an escape route of government officials.

I'm sure that they have work it out somewhat with the BSP - Central Bank of the Philippines that's why they have been into this crypto sphere since last year. Philippine government is very lenient as far as crypto and that's the main reason why there's a lot of blockchain/crypto related going on in the country.

I agree with @Indamuck, that's the only drawback I can see as far as crypto ATM is, the exorbitant fees. There's a lot of alternatives like localbitcoins.

Banks are businesses so imposing higher fees isnt really surprising specially it is residing in philippines.There are lots of alternatives actually and even just buying directly with coins.ph merchant will be more
worthy than with these ATM's. Not sure on how much they do add up.

[mersal]

On Friday, people will then be able to convert fiat to cryptocurrency and vice versa lot easier using UnionBank's crypto ATM.

Full article here: https://www.unblock.news/news/unionbank-crypto-atm-launch-march-8

very good news it could be a huge happiness for the people to convert their money and Bitcoin easily in a single way and I think it could be a sign of acceptance by the people and also the government in sometimes.

[Supercrypt]

I posted a similar thread way back a month ago here:

There are those type of banks all over the world, each country has their own but unfortunately we do not have a huge worldwide one because banks do not make bulk of their money from small people, they usually make it thanks to their investments to the stocks in other companies.

In every single country (well maybe not really tiny ones) there is always this small to medium bank that is highly digital and very innovative and improving, even though I live in a third world country I use a bank that has a seperate side-bank of sorts which is purely digital and if you use that than you do not pay any expenses on anything, sending money or receiving money fully free, paying bills fully free, doing whatever you want online basically is free, the only issue is you can't withdraw your money to cash, so you have to send it to the original bank and withdraw from there.

Basically, all I am trying to say is that we have many unionbanks all around the world but we need one of them to be bigger than likes of JP Morgan to ever have a chance.

[daarul50]

Good news. Launching the ATM will have a good impact on the development of bitcoin and blockchain technology in the future. People will start to be interested and curious about bitcoin. With ATM, we are one step ahead to be able to legalize bitcoin throughout the world so that it can become a legitimate transaction tool.

[Xising]

Nice news, it seems the number of bitcoin ATM will grow faster, now there are 2658 locations of bitcoin ATM in USA and countries such as Canada, Austria and UK also has hundreds locations of bitcoin ATM. bitcoin adoption still growing more companies will accept bitcoin.

That's right. I think that's one of the best signs that there is more to come for cryptocurrencies. Since banks are the biggest profit creating and keeping entities in the business, seeing more and more banks accept cryptocurrencies is really a good jump start for all other business entities to accept it once and for all. Once that happens, there will be a lot of changes in the market that would help how the cryptocurrency market will grow. It could also build the trust that most people have been lacking.

[akram143]

I also heard about this news improvement of the Crypto ATM will be a good news for everyone who are invested here because if there is some good news will came out it could be a sign of improvement of cryptocurrency so I think this could be also be like that.

[MelodicPop]

Very interesting move by a bank. Good development in the right direction imo.

[BossMacko]

This is a good news for people in Philippines that uses Crypto already. Also it will make the Cryptocurrency more popular if this will be aired in news, newspaper by UnionBank itself. As the first Bank that voyage in Crypto i hope they became success and other banks follow their footstep.

[shesheboy]

I also heard about this news improvement of the Crypto ATM will be a good news for everyone who are invested here because if there is some good news will came out it could be a sign of improvement of cryptocurrency so I think this could be also be like that.

news like this is indeed good . its good to the crypto and to the people that join crypto because this can increase the existing adoption  . if average people will see a crypto atm  ,they will be curious and they will probably try it  .

Banks are businesses so imposing higher fees isnt really surprising specially it is residing in philippines.There are lots of alternatives actually and even just buying directly with coins.ph merchant will be more
worthy than with these ATM's. Not sure on how much they do add up.

crypto atm's are not also for buying but they can also be used for cashing out your crypto's to fiat .  fees wont really matter because what matter the most is the convinience  .  coins.ph isnt also cheap as im also a regular user of this wallet   .  their buying price is high compare to other platfroms  . so how can you say that they are worthy  ?

[Kakmakr]

Man I have been waiting for something like this for a long time. We need more Banks with this attitude, " Meanwhile, for UnionBank, the action on the cryptocurrency ATM is part of their goal to their clients' evolving needs, which can sometimes involve people who use cryptocurrency. "

Whilst some Banks close people's accounts when it is revealed that it is used for Crypto currency, UnionBank saw the gap in the market and they embraced those clients. Bitcoiners in that country should all close their accounts with their current Bank and open accounts at Bank like UnionBank that supports Crypto currencies.  

[Harlot]

Such a big boost for the crypto industry's presence herebin the Philippines and I'm glad that a big name bank is backing them up unlike countries where big banks are against them Unionbank is doing a different approach on the matter. Althought they just launched the crypto atm in a "concept" branch they might just be doing this as a feasibility study as Makati City is one of the business districts in the Philippines, they might just want to see how business professionals will accept the atm.

[Jating]

They say it is also one of the best when converting Paypal money back into cash. The transaction fees are way lower than other banks.

Hmmm. This could be a big step for Philippines. Electronic withdrawal and also they have been really lively with online currencies.
Just one thing though since I cannot open the link yet.
Are they not being questioned by the Philippine government since the money laundering act is being strengthen by them?
I mean it could be a possible way for an escape route of government officials.

I'm sure that they have work it out somewhat with the BSP - Central Bank of the Philippines that's why they have been into this crypto sphere since last year. Philippine government is very lenient as far as crypto and that's the main reason why there's a lot of blockchain/crypto related going on in the country.

I agree with @Indamuck, that's the only drawback I can see as far as crypto ATM is, the exorbitant fees. There's a lot of alternatives like localbitcoins.

Banks are businesses so imposing higher fees isnt really surprising specially it is residing in philippines.There are lots of alternatives actually and even just buying directly with coins.ph merchant will be more
worthy than with these ATM's. Not sure on how much they do add up.

Right, but we can still consider this a good and welcoming news for bitcoin enthusiast in the Philippines. It could be a marketing strategy for UnionBank as well because we all know that banking sector in the Philippines has a very stiff competition and maybe they want to get ahead by being the first banking institutions to fully offered a bitcoin ATM.

Maybe a long the way we can see growth of bitcoin ATM's in the country so it means that profits for them as well. So it's a win-win situation and it's nice to hear that at least Philippines is pushing ahead of their goals to be sort of a crypto hub in the South East Asia.

[qwertyup23]

Maybe a long the way we can see growth of bitcoin ATM's in the country so it means that profits for them as well. So it's a win-win situation and it's nice to hear that at least Philippines is pushing ahead of their goals to be sort of a crypto hub in the South East Asia.

Now that the Philippines has already established a cryptocurrency ATM, the next step would be the widespread of knowledge about cryptocurrencies to attract more people and potentially create new investors. Slowly, the country is heading towards the evolution of payment- which would benefit (like what you said) both the user and the country.

I wonder what would be the next move of other big banks (such as BDO, BPI, Metrobank, etc.) and if this affects their decision on accepting cryptocurrencies as well.

I haven't been too positive on crypto ATMS as they stand.  The fees are very high and not many people seem to even be using them.  The only real benefit if you can insert cash and receive bitcoin and remain somewhat anonymous but they usually have cameras around so maybe wear a disguise.

Interesting. This is to be expected as monopolizing and establishing the first cryptocurrency ATM would result to high transaction fees and prices. Well as far as I know, only (1) ATM has been established as of 2019. Give it some time to ripe and the fruit will bear once people know about cryptocurrencies.

[StarofBTC]

On Friday, people will then be able to convert fiat to cryptocurrency and vice versa lot easier using UnionBank's crypto ATM.

Full article here: https://www.unblock.news/news/unionbank-crypto-atm-launch-march-8

This is very good news and coming from union bank and it means a lot to the cryptocurrency world. Crypto is here to stay i must say. They have clearly stated it that the reason they are starting up this cryptocurrency ATM is part of their goal to their clients evolving need, and i guess majority are those who use cryptocurrency.

There is a good probability that many banks will follow suit and this will result to having so many Bitcoin ATM all around the world, thereby leading to a fast worldwide Bitcoin adoption.

[markdario112616]

On Friday, people will then be able to convert fiat to cryptocurrency and vice versa lot easier using UnionBank's crypto ATM.

Full article here: https://www.unblock.news/news/unionbank-crypto-atm-launch-march-8

This is very good news and coming from union bank and it means a lot to the cryptocurrency world. Crypto is here to stay i must say. They have clearly stated it that the reason they are starting up this cryptocurrency ATM is part of their goal to their clients evolving need, and i guess majority are those who use cryptocurrency.

There is a good probability that many banks will follow suit and this will result to having so many Bitcoin ATM all around the world, thereby leading to a fast worldwide Bitcoin adoption.

I hope other bank would do the same but as for now, This is quite a breakthrough. Especially for Philippines, A lot of banks doubted about the existence or the use of the crypto. But furthermore, I'd hope other banks would follow as well for a much more varieties for the filipinos (HAHA). Well, let's see if this move of Unionbank would have an effect in the future of Bitcoin here in the philippines.

[Botnake]

Good news for the Philippines, they have their first bank that publicly shows they support crypto.
This is a good start, I am sure the machines are not enough for the people right now so this might call for a competition from other banks as well.
BPI, BDO, these are the leading banks in the Philippines, I'm expecting that they will join the party soon.