32 C
Dubai
Monday, May 27, 2024
HomeBitcoin ATMsBitcoin ATMs Experience Heightened Usage Despite Stay-at-Home Orders

Bitcoin ATMs Experience Heightened Usage Despite Stay-at-Home Orders

Date:

Related stories

Bitcoin ATMs have come a long way in society. Many have expanded across the United States and abroad, giving more people the opportunity to potentially use crypto for the purchase of goods and services. While many people in the U.S. are stuck inside their homes and unable to move about much due to social distancing regulations, many ATM companies are reporting increases in transactions through their bitcoin machines.

Bitcoin ATMs Are Growing Like Crazy

The consensus is that many people are afraid of the spreading coronavirus pandemic, and several customers are flocking to their nearest bitcoin ATM machines as they look to get their fingers on digital currencies that could potentially boost their wealth or keep them secure during these times of economic strife.

Either way, despite going against self-quarantine rules, those seeking bitcoin ATMs to get what they need to stay safe are accessing a world in which privacy and security are considerably higher than through the standard wallets one might garner via standard exchanges or trading platforms.

Bitcoin ATMs operate through QR codes and private keys, ensuring that users’ identities and funds remain protected. Stronger security protocols are in place to prevent theft or malicious attacks. Marc Grens – co-founder of Digital Mint – explained in an interview:

Even during a global pandemic, and perhaps more so, bitcoin and bitcoin point-of-sale services meet our customers’ essential needs in participating in this next-generation of banking, remittance and e-commerce.

While Digital Mint admits its seen a slight decline in usage over the past few weeks, more than 90 percent of the company’s bitcoin ATMs are located within or just outside essential businesses, meaning they still have access to many of the world’s bitcoin and cryptocurrency customers during the lockdown.

Grens states that his company has even managed to increase the number of bitcoin ATMs it has positioned throughout the country in regions such as Los Angeles, Philadelphia and Boston. He says:

We’re still driving a consistent amount of new and existing customer traffic, even during the lockdown.

At press time, Digital Mint has more than 7,400 total machines situated throughout the United States.

Another company known as Liberty X has also begun to expand its network. The venture was recently granted a BitLicense, allowing it to operate in the state of New York. Chris Yim – CEO and co-founder – explains:

We’ve gone from zero to several hundred ATMs in a little over a month.

Fixing the Machines is a Problem

As it stands, Liberty X machines must be updated manually, suggesting that many of the devices cannot be operated or even touched by operators given the strict stay-at-home orders issued by state governors everywhere. Yim says that this has gotten in the way of usage, claiming:

Timing-wise, it’s a little unfortunate. I don’t think these operators have much else to do.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

Latest stories