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Bitcoin Magazine 2019-05-21 16:11:57

Bitcoin OTM in Beijing Lasted Less Than a Week Under Regulatory Pressure

This article was originally published by 8btc and written by Lylian Teng.Bitcoin ATM services in China have once again proved to be hopeless, after the first Bitcoin OTM (OTC Teller Machine) in Beijing was removed shortly after its installation.As Bitcoin ATMs are gaining traction throughout the world, the first Bitcoin OTM appearing in Beijing seemed like a giant leap forward for the country, who often holds a hostile approach toward bitcoin. However, the machine, which stood in a Beijing courtyard, was taken down within a week.What Is a Bitcoin OTM?Different from a Bitcoin ATM, which allows users to buy bitcoin by using cash or debit cards, a BTC OTM acts as a go-between for bitcoin OTC (over-the-counter) transactions. Money paid by the buyer of bitcoin goes directly to the seller’s Alipay or WeChat accounts.If a trader wants to get some bitcoins via the machine, they need to choose the amount they wish to buy and the machine will provide three offers from different sellers. The trader chooses one and pays via Alipay or WeChat. After that, a card will come out from the machine and the trader needs to scan a QR code on the card and input a password via a BitPay wallet to transfer the bitcoin in.“Transactions via the machine are free of charge,” said Liu Heming, the founder of the Bitcoin OTM startup. “Our profits come from machine sales.”Why the Hasty Removal?The machine, installed in Beijing on May 14, 2019, has already be...

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