01-31-2021 icon

YouTuber Converts $16k Bitcoin into Cash as Stablecoin Popularity Picks Up

By calvin

A popular YouTuber, Mambafx, published a video of himself turning $16,000 Bitcoin into cash. The video shows the YouTube star withdrawing Bitcoin from multiple Bitcoin ATMs.

YouTuber Withdraws Cash from Bitcoin Account

In the video, Mambafx tries to show how difficult it can be to cash out $5,000 in Bitcoin by using cryptocurrency ATMs in his region. After reading the terms of service of one machine, Mambafx found out that he could only take out $2,900 in cash and in $20 bills.

At the first ATM, he said:

“So we’re gonna go into the mall, hopefully smoothly withdraw $20k, very f***ing unlikely, but we’re gonna try and see how many of the ATMs we gotta go to.”

10% losses on the withdrawals were incurred as the ATMs charged 10% per withdrawal. It is likely that the YouTuber also had to pay for BTC network fees, further adding to his total costs.

Stablecoins Gain Popularity

Stablecoins have gained popularity over the last twelve months. Continuing volatility in the cryptocurrency markets has led many to appreciate the need for stablecoins.

With heightened demand and innovation in the stablecoin space, the time could be ripe for algorithmic stablecoins to make a wave. The bull market has led to a DeFi brand full of promises to grow exponentially.

Algorithimicly adjusted stablecoin supply allows for more precise assessments of the risks tied to the stability of investments in the cryptocurrency markets.

More regulators are in support of creating frameworks for the use of stablecoins. The OCC recently released a letter giving federally chartered banks the green lights to use stablecoins.

According to Kristin Smith, executive director of the Blockchain Association, an advocacy group for cryptocurrencies,

“The OCC’s interpretive letter shows that there are those in government who actually understand that cryptocurrency networks are the foundation of a next generation payments system.”

Photo by Alexander Shatov on Unsplash