Bitcoin ATM machines crash spil price of cryptocurrency soars, Singapore News & Top Stories – The Straits Times


The bitcoin ATM machine at Tiong Bahru Plaza wasgoed one of the two that stopped dispensing the cryptocurrency spil the network could not keep up with request. The other one that crashed wasgoed at Hong Lim Ingewikkeld. ST PHOTO: DESMOND FOO

Two of them stopped selling for three days due to ‘congestion’ amid buying madness

Spil bitcoin surged past US$16,000 last week, the network could not keep up with the choky request.

Two ATM machines selling the cryptocurrency te Singapore crashed last Friday.

The machines, at Hong Lim Elaborate and Tiong Bahru Plaza, could not sell bitcoin for three days due to “congestion ter the bitcoin network”, Bitcoin Exchange founder Zann Kwan told The Straits Times.

Meantime, potential investors like Mr W.S. Wen, 61, looking to get ter on the activity, observed te frustration spil the price of bitcoin rose.

On Monday, when the machines were back up, the price of the cryptocurrency had touched a record US$17,148.

“I’ve never bought bitcoin before, but it is the talk of the town now,” said Mr Wen, who wasgoed retrenched a month ago. “Buying bitcoin is like buying Toto. But Toto is so hard to klapper, I might spil well use the money to buy bitcoin, which is going higher every day.”

Last week, the worry about missing out wasgoed global. Investors flocking to open fresh accounts or place orders last Thursday left Coinbase, the largest US bitcoin exchange, warning of outages and slow transactions, while Bitfinex, the largest global bitcoin exchange, said on Twitter that it has bot under a denial-of-service attack for several days and that it recently got worse.

Percentage hop ter bitcoin’s value since the begin of the year, even while there are doubts overheen how long the party can go on.

Ter Singapore, the three bitcoin ATM machines, including one at Clarke Quay Central Mall, have bot even more sought after following a stir by several local banks to close the accounts of companies that provide cryptocurrency services.

CoinHako, which provides bitcoin wallet services, said ter September that it will no longer be able to process deposits and withdrawals ter Singapore dollars after its bankgebouw account wasgoed closed by DBS Group.

Ironically, the madness to buy bitcoin is peaking even spil industry observers point out that such investments are a gamble.

At the commence of the year, a bitcoin cost around US$1,000. It has now skyrocketed 1,600 vanaf cent, with its market capitalisation of US$278 billion (S$376 billion) surpassing the gross domestic product of Finland and Greece.

The practical use of bitcoin is still fairly limited, said Mr Nick Davies, a lawyer with Morrison & Foerster (Singapore). This surge has “all the hallmarks of a ‘get-rich quick’ scheme”, he said.

Even Ms Kwan is startled by the madness. “The average purchase at my machines hopped from a few hundred dollars to around $1,000-$1,500.

“Four years ago, our bitcoin vending machine needed to be replenished three times a week. Now wij are replenishing our machine three times a day,” she said.

“My customers range from teenagers and youthful working professionals to those ter their 70s. They see bitcoin becoming more mainstream and fear missing out.

“Wij have problems getting people to specie out because many think that prices can only go up, and not down, which is fairly scary,” she noted.

Prices broke major barriers ter the two weeks ahead of the launch of the very first bitcoin futures product on the Chicago Houtvezelplaat Options Exchange (CBOE) last Sunday, and the Chicago Mercantile Exchange, which is programma to launch its bitcoin futures on Sunday. Bitcoin surged past the US$11,000 level on Nov 29, and then past the US$16,000 level last Thursday, according to Bloomberg gegevens.

The relative ease of setting up a cryptocurrency wallet to acquire and trade bitcoin has pulled ter the investors. But there are doubts overheen how long the party can go on.

Mr James Cheo, investment strategist, Bankgebouw of Singapore, noted that even if there is more usage of cryptocurrencies te the future, it is “inconceivable for governments to permit their widespread adoption”.

“Governments will want to keep government-backed currencies spil they do not want to give up their capability to control policy levers such spil money supply and fiscal policy. At the same time, banks and financial institutions are creating their own private cryptocurrencies to rival bitcoin,” he said.

He feels bitcoin is going through a bubble similar to that of the dot-com boom.

“See through the bubble and concentrate on the blockchain technology undergirding bitcoin. That is where the promise of the future lies,” said Mr Cheo.

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