Bitcoin ATMs are starting to gain market traction among mainstream consumers. With designs that look as inviting as the regular bank teller machine, buying cryptocurrency with cash has never been easier. Memphis recently welcomed their first Bitcoin ATM, which is a Genesis Coin device installed and maintained by Coinsource. In doing so, Coinsource expands their Bitcoin ATM network in the US once again.
The Memphis Bitcoin ATM Has Arrived
Things are going extremely well for Coinsource, a cryptocurrency company with one simple goal: establishing the largest bitcoin ATM network in the world. As more of these teller machines show up all over the world, it becomes increasingly easier for consumers to buy cryptocurrency with cash. The vast majority of these devices are installed in prominent locations, with lots of food traffic.
Contrary to what some people may believe, Memphis, Tennessee did not have a Bitcoin ATM until yesterday. Coinsource unveiled the first-ever Bitcoin ATM in the city, which is located at Shell Gas on Linden Avenue. This Genesis Coin one-way Bitcoin ATM allows users to buy cryptocurrency with cash. Selling cryptocurrency back to the machine is not possible.
Sheffield Clark, CEO and Co-Founder of Coinsource, told the media:
“The demand for bitcoin ATMs has never been higher than it is today. The most rewarding part of our job is to answer the call when requests come in for new locations, so it is exciting to make history in Tennessee. Our reach in the South is growing. So far, we have 60 machines across eight states, and look forward to gaining a foothold in even more new cities around the country.”
It has to be said; Coinsource is quite busy installing new Bitcoin ATMs these days. According to a company representative, they deploy 1.2 machines every single week, adding up to a total of over 60 per year. The United States is a colossal country, and the demand for Bitcoin ATMs seems to be increasing.
Tennessee is an important bastion for Bitcoin usage, and Coinsource wants to play a part in the process. Two additional Bitcoin ATMs were installed in Nashville as well. One machine can be found at the Z-Mart, adjacent to the Nashville International Airport. The other device is located just outside the city centre.
Given the recent price increase of Bitcoin and the ongoing financial turmoil on a global scale, this increased interest in cryptocurrency ATMs is not hard to explain. Consumers, companies, and traders are looking to diversify their savings and trading portfolios. Bitcoin seems to fill that gap quite well.
Header image courtesy of Shutterstock