Future Bitcoin adoption will hinge on many different factors. Accessibility and convenience remain two of the main hurdles to overcome. This is where Bitcoin ATMs can make a very big difference in the coming years. The Twin Cities, also known as Minneapolis and Saint-Paul, is now home to several of these machines.
Bitcoin ATMs Become More Prominent
Current statistics indicate there are nearly 4,000 Bitcoin ATMs all over the world. That is a very impressive number, although insufficient to facilitate global cryptocurrency adoption. A lot of new machines are popping up all over the world, even in 2018. Despite falling prices, it is difficult to determine if interest in Bitcoin has waned at all.
The United States is home to the vast majority of Bitcoin ATMs. Over half of all Bitcoin ATMs are spread throughout the 51 states in this country. Surprisingly, some of the nation’s most prominent regions remain conspicuously absent from this list. The Twin Cities of Minneapolis and Saint-Paul were no exception, until very recently.
A new report shows there are a few of these devices being installed. They can be found at convenience stores, vaping shops, and so forth. These machines provide access to cryptocurrency in exchange for cash and are operated by independent entrepreneurs. It is still a relatively small market, although it is an option to attract more store visitors over time.
Favorable Laws in the Twin Cities
In the Minnesota area, there is no regulation preventing entrepreneurs from dealing with cryptocurrency. That also means operating Bitcoin ATMs is perfectly legal in the region for the time being. It creates interesting opportunities for store owners willing to take a small gamble. Stop N Shop manager Assad Awaijane adds:
I was eager to lease a space to Coin Cloud after they approached me several months ago. I was excited to bring it in because it had a lot of news hype about bitcoin in the media. Cryptocurrencies are a cash for the internet and are independent of government. It’s a very powerful tool for those who are underbanked or unbanked.
Roughly a dozen Bitcoin ATMs have come to the Twin Cities in the past year. Coin Cloud is the biggest contributor with eight devices, and DgitalMint has the remaining market share. Shops allowing these ATMs to be installed can receive up to $300 a month if they operate on a 24/7 schedule. It can be a lucrative business model for all parties involved.
Have you ever used a Bitcoin ATM? Do you think we’ll see more of them start to pop up in the US? Let us know in the comments below.
Images courtesy of Shutterstock, David Joles/Star Tribune