Bitcoin has been spreading its roots slowly across the world. The growth of bitcoin economy is accompanied by growth in the number of services that enables bitcoin based financial services. The Bitcoin ATMs are one such service which makes it easy for people to buy or cash out bitcoins depending upon the type of ATM machine. Bitcoin ATMs were initially installed only in major bitcoin hubs across the world. But things have changed since then. Bitcoin ATMs are slowly going the way of bank ATMs. Following the same trend, Fairfax County in Virginia recently got its own Bitcoin ATM.
The first Bitcoin ATM in the county is a two way ATM machine installed by Virtual ATM LLC in the county’s Shell fuel station. The fuel station was chosen because of its proximity to George Mason University and high traffic density compared to other places in the county. The ATM’s placement near a 24-hour fuel station also ensures that it stays accessible to people round the clock. The new Bitcoin ATM in Fairfax county is one among the only 4 bitcoin ATMs installed across Northern Virginia and Washington DC areas.
Installation of new Bitcoin ATMs across the country, shows the underlying optimism about the adoption of bitcoin among the population of America in spite of few stringent regulatory rules passed by few states in the country. BitLicense has been one such retrograde regulation that set bitcoin and digital currency based businesses back by at least a couple of years. Currently, any company or a startup interested to starting bitcoin based business in the State of New York has to pay a fee and apply for BitLicense. They are also forced to comply with requirements of BitLicense which are said to be more stringent than the rules that are applicable to banks and other financial institutions.