According to an article from January 2023 on the website Dev.ua there were at the time of writing 35 Bitcoin ATMs in Ukraine. This number had now dropped down by July to 27 according to the tracking site, Coin ATM radar. Worldwide, the amount of Bitcoin ATMs had decreased in the first two months of 2023 by 412. Cointelegraph, on their website, have attributed this phenomenon to "geopolitical tensions, loss of revenue and a prolonged bear cycle."
According to an article from January 2023 on the website Dev.ua there were at the time of writing 35 Bitcoin ATMs in Ukraine. This number had now dropped down by July to 27 according to the tracking site, Coin ATM radar. Worldwide, the amount of Bitcoin ATMs had decreased in the first two months of 2023 by 412. Cointelegraph, on their website, have attributed this phenomenon to "geopolitical tensions, loss of revenue and a prolonged bear cycle."
While this is all true, Bitcoin has been steadily rising in value and is hovering over the $30,000 mark. One reason to be bullish on the performance of Bitcoin is from the news that is happening globally about how large institutions are talking about Bitcoin. If we look at the weekly recap of what happened from 10th to 16th July, we will see a few positive indicators.
Firstly, U.S. inflation fell to 3%, lower than was expected, meaning the economy is considered stronger than anticipated. As Bitcoin is directly correlated to the US economy this bodes well for future price action.
Secondly, former SEC (the securities and exchange regulator) chairman, Jay Clayton, speaking in an interview with CNBC, said regulators would find it “hard to resist” approving a spot Bitcoin ETF (exchange traded fund).
As the utilization of Bitcoin ATMs can be directly correlated to the Ukrainian economy, this bodes well for future deployment. This global acceptance of Bitcoin might influence the Ukrainian authorities to further facilitate the expansion of Bitcoin ATMs.
A Bitcoin ETF is a type of investment vehicle you can invest in on a traditional exchange (i.e. not a crypto exchange) which tracks the price of an asset, in this case Bitcoin. The point of an ETF is to give investors access to an asset without actually owning it themselves, and without having to go through a crypto exchange to buy it. The way it works is some company would buy the asset, Bitcoin, securitize it, and then sell it on an exchange as a security. Due to the fact that it is securitized, it would need to be approved by the SEC in the USA, because they are the securities regulator.
It is notable that in the past week that the two largest corporations in the world - Blackrock and Fidelity - have had their Spot Bitcoin ETF application acknowledged by the SEC, as well as other smaller companies - WisdomTree, VanEck, Invesco, Bitwise and Valkyrie. In fact, CEO of Blackrock, Larry Fink, the largest investment company in the world worth $9 Trillion, said in an interview, “We believe we have a responsibility to democratize investing. We’ve done a great job, and the role of ETFs in the world is transforming investing. And we’re only at the beginning of that…We are working with our regulators because, as in any new market, if BlackRock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected”.
Europe’s first Bitcoin ETF was meant to be launched by Jacobi Asset management a year ago in 2022 but due to the collapse of the FTX exchange and the long crypto winter it will be launched this month in July 2023.
A similar thing is happening with Australia’s first Spot Bitcoin ETF, with an application submitted by Monochrome, a crypto investment company (but through its partner Vasco Trustees) to the Australian Securities Exchange for approval.
Monochrome CEO, Jeff Yew, has said that obtaining the license would give benefit “compared to, say, unregulated exchanges where there’s no investor protection” and that it would give a “clear signal” to investors that the “unregulated Wild West is coming to an end” and that it would make it “possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”
All these news snippets point to one thing about crypto in general, as put well by Larry Fink, Blackrock CEO - “It has a differentiating value versus other asset classes, but more importantly, because it’s so international it’s going to transcend any one currency.” The future of crypto, therefore, looks very good.
Over in Ukraine, we can see a slightly different story. Many donations have been given to the country to fund the war against Russian aggression. Some of the donations coming in have been made in crypto, but that amount donated in crypto is only a small percentage of the total U.S. $30 billion put forward. This year, on March 17th a new crypto law was signed into law by President Zelenskyi, which would provide more regulatory clarity around crypto and effectively makes crypto trading legal. The new regulators will be the National Bank of Ukraine and the National Securities and Stock Market Commision and they will allow banks to open bank accounts for crypto firms and will even provide protection for personal accounts used for trading crypto, just like the national currency, the hryvnya, is protected.
All this is a good sign for Ukrainians wanting to utilise Bitcoin and other currencies as an investment or store of value. A Ukrainian professor of finance at Cambridge’s Judge Business School, Andrei Kirilenko, has said since the War broke the Ukrainian GDP has fallen by 30% just in 2022 alone. He added that, “No companies are being created, no people are being hired…the soldiers are being paid but they can’t even spend their money there.”
Of course, using a Bitcoin ATM allows any individual in Ukraine to exchange crypto for real cash, or alternatively the other way around to pay in cash and invest in, for example, Bitcoin. Such machines are scattered around Ukraine, especially in the larger cities. The author especially recommends the Bitcoin ATMs located in Kiev, Dnipro, Lviv and Odessa, from the company Shitcoins.club. Their Bitcoin ATMs are regularly serviced machines which are frequently replenished so that they are available for use 24/7. The reason for recommending them however is because of the fact that they do not charge high fees (around 10 to 14%) like their competitors, sometimes even offering 0% transactions fee, when they run their discounts! You can find out more about these discounts when they are posted on their Telegram group a very active forum all with admin and regular users contributing advice and help with questions).
All you need to do is set up a crypto wallet, which you can send your crypto to and from. There are many popular wallets which can do this, or you can use crypto exchanges which provide a wallet, but these usually require you to go through a KYC procedure of identifying yourself. After you get a wallet, all that remains is to go to one of the Bitcoin ATMs in Ukraine at the addresses listed below:
If you need a hand from customer service, theirs is one of the friendliest and most easy to get hold of. Simply call on +380 974 334 473 (Monday - Friday: 10:00 - 6:00 p.m., and
Saturday - Sunday: 10:00 a.m. - 2:00 p.m) and you can get in touch with a Shitcoins.club assistant to guide you through the process. A clear guide explaining how to use Bitcoin ATMs is to be found here.
As mentioned before, it is worth visiting the Shitcoins Club website to first get oriented on your journey of buying and selling crypto at live prices on Bitcoin/Crypto ATMs. There you can find the locations of many other European ATMs which can give cash to your hand instantly, by selling the crypto in your crypto wallet at the machine. Shitcoins.club have been around since 2017 and they have a lot of experience in this field, offering a diverse number of cryptos which you can buy or sell instantly using their Bitcoin ATMs. The different coins offered are listed below:
This service provides you a way to get cash when the bankomat/ bank cash machines are down, or you are in a foreign country and don’t want to get overcharged by bank fees when you use your card at an ordinary ATM. Instead the transaction is cardless and you don’t need to set up any account. As long as you are under the national limit (about 1,000 euros in most European countries), you don’t need to identify who are nor pay any hidden fees. I wish you a happy Bitcoin ATM experience!
Sources for this article:
Lidiya is editor-in-chief for Bitcoin-Ukraine and also spoke in Crowdcreate’s CryptoCom conference.
Everything you would like to learn about Bitcoin ATMs in Warsaw in Ukrainian.
You can buy USDT Lviv at this Bitcoin ATM. It lets you both buy & sell USDT & BTC and other crypto. It is anonymous below 29999 UAH and sometimes doesn't have fees.
Everything you would like to learn about Bitcoin ATMs in Warsaw in Ukrainian.
The community of investors using Bitcoin ATMs in Ukraine is growing quite rapidly. New devices are popping up every month. Prices, fees, KYC and Bitcoin all fluctuate quite visibly. It is becoming harder and harder to stay in the loop of what is happening in the Bitcoin ATM market in Odessa or Kiev. With this blog, you are able to follow the recent developments and never miss out on changes in law or new methods of trading crypto privately with cash.
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