ATM Coin is a cryptocurrency that claims to be designed specifically for business use. Find out what that means today in our review.
What Is ATM Coin?
ATM Coin is a cryptocurrency that appeared online in September 2017. Found at ATMCoin.com, the currency claims to be “one of the newest and most promising cryptocurrencies to enter the market,” according to a press release issued by the company.
The currency was launched by a company named ATM Global Investments, which appears to be a Macau-based startup. The website is available in English or Portuguese, and it seems like most of the information is catered towards residents of Brazil or Portugal.
The currency was launched by a multilevel marketing company called Bits Blockchain. As far as we can tell, ATM Coin is the only product offered by that company. ATM Coin is only available from one exchange online (where it currently has about $500 of 24 hour trading volume), and it doesn’t appear you can use ATM Coin at any online or offline retailers at this time.
How Does ATM Coin Work?
ATM Coin makes many of the same claims as other cryptocurrencies on the market today. The developer of ATM Coin advertises benefits like security, fast transactions, peer-to-peer trading, and low fees. Most cryptocurrencies offer identical benefits.
There isn’t much information about ATM Coin available online. The website has no whitepaper. The webpages have no technical information about the currency or how it works.
The only thing we really learned from the website is that ATM Coin stands for “Asset Trading Market Coin”.
The developers vaguely mention things like “DDoS protection” and “decentralization”, but we don’t have any further information about ATM Coin’s technical specifications. We don’t know if it’s built on its own blockchain, for example.
Fortunately, there’s a Coin Market Cap page for ATM Coin. The coin has no listed available market cap information. There’s limited 24 hour trading volume. As of October 2017, Coinmarketcap has recorded just $527 of global trading volume for ATM Coin.
Right now, the coin is trading at around $1.17 USD per token. There’s a total supply of 10,000,000,000 ATMC.
All trading volume for ATM Coin appears to come from a single exchange at BitsBlockchain.net.
You visit that website, sign up, then verify your information to make transactions. You can then purchase ATM Coin using bitcoin or US Dollars.
There doesn’t seem to be any type of wallet for ATM Coin, aside from the wallet on the BitsBlockchain.net exchange. This online wallet retains control over your funds. The website claims you can spend your ATM Coin tokens at participating retailers online and offline. However, we cannot find any retailers anywhere that accept ATM Coin.
What Is Bits Blockchain?
Bits Blockchain is the creator of ATM Coin. They appear to be a Brazil-based multilevel marketing company.
As far as we can tell, Bits Blockchain’s core product is ATM Coin. In a brief whitepaper announcing ATM Coin and Bits Blockchain, the company describes how its goal is to protect the value of ATM Coin while making it easy for users to trade and accept ATM Coin.
By the end of 2017, the company believes it will have 100,000 users. Based on the fact that ATM Coin has a trading volume of around $500 USD at the end of October 2017, it’s hard to see this plan coming true.
Bits Blockchain appears to be a subsidiary of ITDA Corp, or the International Corporate of Technological Development Avant-Garde. That corporation is apparently composed of more than 25 companies, “some of them with more than 30 years in the business market,” explains the official website.
Key members of the company include Marcus Almeida (Founding Partner) and Javier Espinosa (Founding Partner). The company is registered in Macau.
ATM Coin Conclusion
It’s hard to understand anything on the ATM Coin website – and not just because it’s originally written in Portuguese. The website doesn’t explain any of the features of the cryptocurrency. It vaguely mentions security, decentralization, and fast transaction times – but these are all benefits of cryptocurrencies in general. It’s hard to see how ATM Coin aims to distinguish itself from the competition.
Furthermore, the company expects to have 100,000 users in its ATM Coin network before the end of 2017, yet has a 24 hour trading volume of around $500 as of late October 2017.
Overall, ATM Coin seems to be some type of digital token created by a Macau-based “Redes de Mercadeo” (multilevel marketing) company. Typically, digital tokens created by multilevel marketing companies don’t have any value outside of that company – they’re just an attempt to capitalize on the blockchain revolution while luring people with promises of easy money.
In any case, ATM Coin appears to be catered towards Brazil, Portugal, and other Portuguese-speaking marketplaces. You can learn more about it online at ATMCoin.com.