The privacy centric crypto Monero [XMR] has been added to cryptocurrency ATMs in Switzerland by the crypto-broker Bity, as per their official blog.
Monero, grabbing the 12th spot atop the global coin ladder with a market cap of under $1 billion, the crypto will certainly get a major boost with this ease of access implementation. XMR slipped out of the top 10 after the hardfork Bitcoin SV surged during the last week of November. Binance Coin [BNB] which is just one place behind XMR is gaining massively following Binance’s collaboration with Decentraland, another concern for Monero.
Bity, the Swiss Anti Money Laundering [AML] company, is offering several benefits through this XMR introduction, including, low transaction fees, 30 seconds pricing update, secure connectivity among others. The languages supported by the ATM includes English, French, German, Italian and Spanish.
The ATM permits buying Bitcoin [BTC], Ethereum [ETH], Monero [XMR] with the following fiats, Swiss Francs [CHF] or Euro [EUR], with a buy/sell volume of 5,000 CHF. Users can withdraw their fiat from any ATM within the Bity network, irrespective of where the original transaction commenced.
Bity has several Bitcoin ATMs spread throughout the country and teased the cryptocurrency community of an expansion to Monero and Ethereum in early November with a twee, stating, ‘something is cooking.’ Since then the XMR proponents have been eagerly looking at Bity to include Monero in their offerings.
Being a privacy-centric coin, some users have expressed dismay at its inclusion, with one Reddit user stating, “If those ATMs are surveilled by cameras this is against core Monero principles of privacy.” Another user stated, “Having a privacy-respecting and fungible currency does not imply you must do absolutely everything anonymously in your entire life: cash is fungible and allows for private transactions even though you get it first at an ATM.”
The ledger operated by XMR does not record the specific stealth addresses of the parties involved. One-time addresses are not required to be linked to the address of the parties involved. Furthermore, XMR uses cryptography to hide the sending address, receiving address, and the amount transferred, thereby maintaining secrecy and privacy.
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