The prevalence of crypto ATMs shows that interest and acceptance are definitely increasing. DigitalMint is hoping to grow this with their cash-only crypto purchasing services.
After Bitcoin’s major price run last year, cryptocurrencies gained a lot of interest in the world. More and more people wanted to buy virtual currencies but were unsure how to do it. Entering into this decentralized industry required the assistance of centralized tools like ATMs, which are popping up all over the world.
Live Bitcoin News reported on how crypto ATMs have been recently launched in the U.S. states of Minnesota and Utah. Countries in economic distress, like Argentina, also seem to be turning to cryptocurrency as an alternative to its own unstable currency. Greece is another country keen on crypto ATMs as is India, even though the latter is still unclear on the legalities of the industry in the country.
According to the Sioux City Journal, a Bitcoin ATM and teller company, DigitalMint, is capitalizing on this trend by opening a retail outlet in the Idaho city earlier this month. The company already opened a store last year, bringing its tally up to 17 in the U.S. state. The company has a total of 170 locations in over 19 states with a potential 100 more establishments on the way.
The Benefits of Using Cash
These locations are usually set up inside existing places like EZ Money Check Cashing establishments, whose employees will be able to assist clients hoping to purchase crypto with their cash. The reason that cash is king is two-fold. The unbanked population does not have debit- or credit cards and it is unfair on them not be a part of the crypto revolution just because of this.
However, the usage of cash is not completely altruistic. It also protects DigitalMint against losses caused by chargebacks or transaction reversals on customers’ credit cards. The president and co-founder of DigitalMint elaborated on why cash is preferred by the company:
Bitcoin is irreversible by nature. If I send Bitcoin from my wallet to your wallet, that transaction irrefutable on the open-source blockchain. You can go on the open-source ledger and you can read that the transaction happened, and I can’t charge that back. Cash has the same exact property.
Crypto Acceptance on the Rise
The introduction of ATMs in the industry gives people a safe way to be a part of the ecosystem and the fact that they are being launched all over the world shows that interest is definitely gaining momentum. However, it’s not just interest that is increasing, acceptance is as well.
More and more retailers around the world are accepting cryptocurrencies as a payment method. In fact, there’s a craft beer brewery in London that only allows payment in crypto, no cash. It also has a beer whose price is dependent on London’s Financial Times Stock Exchange 100 Index. Hopefully, they won’t use the same price metric for Bitcoin. Can you imagine how much a pint would have cost during Bitcoin’s bull run last December?
The more interest in crypto, the more companies in the industry have to do to open the adoption doorway to average people who are unfamiliar with the market. This includes giving people more opportunities to purchase crypto as well as educating them on the scams that go along with it, just as institutions had done when digital banking was introduced for fiat currencies.
While cash may be king now, Bitcoin and other cryptocurrencies are waiting in the wings, getting ready to knock fiat off its throne and introduce financial inclusivity to the masses.
Do you think we’ll see more ATMs popping up all over the world? Do you make use of crypto ATMs? Let us know in the comments below!
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