Monero {XMR} ATMs are scarce due to scared regulators; Switzerland races ahead

Fibo Quantum

LibertyX shot to fame following the release of the first bitcoin ATM in the U.S., and has reached a new milestone. There are more than 1000 ATMs for Bitcoins around the nation, according to a report published a while ago.

Even though ATMs for Litecoin and other major currencies have sprung up in recent times, some like Monero struggle to establish a foothold.

Monero had cracked the $80 mark for a few minutes, before the growth rate reduced to 2.02%. According to the latest data obtained from coinmarketcap, the price of XMR rests at $79.91. The trading volume recorded is $83.529 million. The supply has 17,128,736 XMR tokens involved as of this moment. The total market cap of Monero is $1.368 billion.

For now, a few BITY Monero ATMs exist in Switzerland [last year in December, there were 4 in total]. EUR and CHF bills can be fed to the machine which will lead to it yielding XMR.

Censorship and privacy are two key features which serve as hallmarks for the Monero blockchain. Stealth Addresses help guard the sender and receiver on the network from prying eyes. This probably plays a role in the mind of regulators, who still believe criminals used blockchain technology to bring about nefarious acts.

Let it be known that numerous organizations like Citibank, Goldman Sachs, and JPMorgan [one of the ships which operated under JPM was seized and $1 billion worth of cocaine was discovered] have been embroiled in scandals in the past. However, the U.S. Senate and lawmakers around the world trust these banks, because their pockets never run dry.

Monero is vastly different from Bitcoin and majority of the altcoins who are fully transparent. ZCash is another privacy-centered project which became popular in 2018 [a week ago, a friendly-fork took place leading to the creation of YCash].

Switzerland has been a pro-blockchain nation since time immemorial. Thus, numerous crypto-lovers have conducted meetups in this serene and welcoming European nation, whilst a few have chosen to migrate as well. It seems only fitting, considering the Swiss Bank is known for their policies in favor of privacy [remember when Jordan Belfort chose the organization in “The Wolf of Wall Street”?]