Netcoins: 'Bitcoin Brothers' Virtual ATM Network – Bitcoin News


Netcoins: 'Bitcoin Brothers' Virtual ATM Network

Michael Vogel a Canadian from Vancouver wants to spread Bitcoin adoption by improving accessibility and removing barriers. The co-founder of the Netcoins application offers a software service that enables merchants to house a virtual Bitcoin ATM with only a smartphone.

Also read: EU Parliament Approves Bitcoin Regulatory Guidelines

A Bitcoin ATM, But Without the ‘M’

1Netcoins is a software company out of Vancouver, Canada that initiated its virtual ATM business in 2015. Merchants from all over the world can sign up for the Netcoins service and be provided with a platform that allows them to have a Bitcoin ATM without having to buy a machine. The application can work on a smartphone or tablet allowing merchants to offer the sale of Bitcoin without the substantial costs involved with the purchase of a device or the physical space needed within the store.   

In a recent interview, Michael Vogel said the Netcoins service will be working with countries such as the UK, U.S., Ireland, and Canada. Vogel explains that his business is doing well, which is helping them “scale rapidly” and he believes someday there will be “a lot of services that rely heavily on Bitcoin’s global infrastructure.” Additionally, the service offers no costs to stores whatsoever and signing up for Netcoins is free to merchants worldwide. Netcoins states on its website:

Whether a customer orders $20 or $2,000 in Bitcoin Netcoins does all the heavy lifting. Stores don’t need to maintain inventory or manage legal compliance: Netcoins handles everything and supplies all Bitcoin. In fact, there is no cost to stores. Merchants can earn additional revenue by selling Bitcoin.

2The co-founder of Netcoins says that the project came about because he wanted to offer a better way for consumers to access Bitcoin in brick and mortar venues. Michael Vogel operates the executive and engineering aspect of the company while his brother Dominic Vogel runs the Internet Security and operations. The two co-founders are known as the “Bitcoin Brothers” and are big believers in this industry. Dominic Vogel worked within the banking industry with a background in cyber-security.

The Netcoins virtual ATM charges a convenience fee that gets split between the clerk and the service provider. Most of its clientele currently reside in the Canadian region at the moment, and those who wish to visit a virtual kiosk can use the company’s location services. By creating a software-based Bitcoin ATM the company believes it eliminates the need for clunky floorspace models and the knowledge to maintenance machines. With its service, the company says technical expertise is not required to run a virtual ATM.

Now, any merchant can “attract new customers and increase revenue by turning any device into a Bitcoin ATM,” says Netcoins.

What do you think about Netcoins Virtual ATM concept? Let us know in the comments below.

Tags in this story
Canada, Consumer Adoption, Merchant Adoption, Netcoins, Virtual Bitcoin ATM

Images courtesy of Netcoins blog & website

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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