Bitcoin ATMs are coming up all over the world at a fast speed. Lamassu and Robocoin, machine manufacturers, have sold hundreds of machines to companies that use cryptocurrencies. New locations to put the BTMs are being found daily and the local businesses are willing to go crypto in comparison to notable companies..
CoinOutlet has to deal with many challenges with companies such as Robocoin and Lamassu taking the lead. Grill emphasizes that CoinOutlet ATMs are straightforward during use saying, “You use them right away, you don’t have to wait or give your bank account information.”
The bitcoin ATM provides people with the chance of depositing cash and converting it to bitcoins. Presently, it does not offer customers the chance of making withdrawals.
Supporters of virtual currency are seeing the growth in popularity of these ATMs as a step that will assist bitcoin ATMs to become as popular as ATMs used by traditional banks. Customers will have to exchange money for digital codes in order for this to happen. This might be unsettling for customers used to real currency.
Bitcoin ATMs are enabling access to bitcoin for people who want to avoid online exchanges or those who lack traditional bank accounts.
As reported by The Seattle Times, Wedbush Securities analyst, Gil Luria said, “The goal of bitcoin is to make money digital. This is really a temporary way of bridging between physical currency and digital currency.” He added that the ATMs will be best for people that want to remain anonymous when dealing with bitcoin.
This move by bitcoin is being seen as a gimmick to marketing. CMO of PYC, company running BTMs in New York, Matt Russell, said, “Having these machines in stores, especially quality stores that sell quality items is really going to raise the profile of bitcoin. We’d be fools to not think that marketing is a part of this.”
Consumers might see more machines if these ATMs are to assist in pushing bitcoin to the mainstream. One of such ATMs went live in August at Flat 128, a retailer selling British accessories and jewelry in West Village, Manhattan.
Flat 128’s owner, Elizabeth DuBois has reported that after the installation of the bitcoin ATM, traffic has increased in the store. Around 15 to 20 people have been to the store daily to use the machine.
While the ATMs show that bitcoin is becoming increasingly popular, the world of virtual currency is facing the possibility of new rules that might hinder growth. Government agencies are making efforts to regulate this currency, which are stirring concerns that virtual currency might be done away with.
In July, New York State proposed rules for companies dealing in virtual currency, which might make it too expensive to operate. Of Lamassu, Harvey said, “I’m always concerned about harsher regulation. If the barrier for entry is too high, then these machines might have to move out of New York City.”