Partnership between BitXatm, CryptVision for 1000 ATMs falls apart, companies trade blame
Coindesk reports that BitXATM's plan to bring 1000 Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that ATMs to the United States, with the help of Los Angeles-based CryptVision, has fallen apart.
The two companies traded blame for the collapse. BitXatm accused CrytpVision of refusing to "to act in good faith and respect legal Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you ", while they were on the receiving end of allegations of a "demonstrated unwillingness to deal ethically with CryptVision." According to BitXatm's website:
"BitXatm honored its end of the deal and prepared for the expected delivery that never materialized. After spending a full month waiting for CryptVision to take any action, we were shocked to discover our partners failed to handle incoming inquiries by interested US-based clients, and never conducted any organized effort to secure enough new customers as stipulated by the agreement."
Both companies have decided to move on and are currently not pursuing legal action. CryptVision plans on rebranding and may build its own proprietary ATMs. BitXATM was reportedly contacted by companies in the US interested in taking over what was "supposed to be Cryptvision's part in its partnership."
If 1000 ATMs were indeed brought to the country, it may stimulate the bitcoin ecosystem. Currently, most of the population remains several hours driving distance away from the nearest machine, making the purchase of bitcoins more difficult.
Coindesk reports that BitXATM's plan to bring 1000 Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that ATMs to the United States, with the help of Los Angeles-based CryptVision, has fallen apart.
The two companies traded blame for the collapse. BitXatm accused CrytpVision of refusing to "to act in good faith and respect legal Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you ", while they were on the receiving end of allegations of a "demonstrated unwillingness to deal ethically with CryptVision." According to BitXatm's website:
"BitXatm honored its end of the deal and prepared for the expected delivery that never materialized. After spending a full month waiting for CryptVision to take any action, we were shocked to discover our partners failed to handle incoming inquiries by interested US-based clients, and never conducted any organized effort to secure enough new customers as stipulated by the agreement."
Both companies have decided to move on and are currently not pursuing legal action. CryptVision plans on rebranding and may build its own proprietary ATMs. BitXATM was reportedly contacted by companies in the US interested in taking over what was "supposed to be Cryptvision's part in its partnership."
If 1000 ATMs were indeed brought to the country, it may stimulate the bitcoin ecosystem. Currently, most of the population remains several hours driving distance away from the nearest machine, making the purchase of bitcoins more difficult.