BITCOIN ATMS SUBJECT TO NEW PATENT ENFORCEMENT

There are over 3,000 Bitcoin ATMs across the United States with large concentrations of ATMs in New York, San Francisco, Chicago, and Los Angeles. Well, a significant shake-up happened in the Bitcoin ATM technology industry this week when publicly traded blockchain company, First Bitcoin Capital Corp. (BITCF) acquired the patent related to the purchase and sale of cryptocurrencies utilizing an ATM or kiosk. At the moment, a little more than 15% of Bitcoin transactions are done at ATMs, but as Bitcoin comes out more and more out of its Winter lulls, most analysts expect this number to more than double.

“Being the first ever publicly traded company in the Bitcoin and Blockchain industry, we are always developing, identifying and looking to acquire important intellectual properties, as we believe that this patent will provide us a unique and leveraged position, in addition to our other projects as we continue moving forward into the digital asset and cryptocurrency businesses. This patent complements our innovation in the field,” Greg Rubin, First Bitcoin Capital’s CEO stated in the company announcement.

Invented by Mark and John W. Russell, the Bitcoin ARM covers a standalone kiosk with the following components: (i) a bill validator; (ii) bill dispenser; (iii) printer; (iv) code scanner; (v) touch screen display; (vi) computing power in the form of a processor/controller; and (vii) internet connection means.

BITCF believes that many Bitcoin ATMs and kiosks around the country are using this technology and the company is setting up an IP management plan to enforce this proprietary technology. According to recent statements to the press, the company believes this patent could accumulate more than $50 million in profits by 2024. The news sent the stock up more than 224% going from $0.08 to now $0.25.

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tags: Bitcoin; Bitcoinatm; #atm; #Finance; #Patents; #cryptocurrencies #blockchain #money