Bitcoin ATMs are springing up all over the United States as the cryptocurrency’s popularity grows. The machines make it easy for anybody to buy bitcoin, satisfying rising demand across the country — with some drawbacks.
According to How Many Bitcoin ATMs, an independent research site, the number of bitcoin ATM units deployed in the United States has more than doubled in less than a year, to over 38,000 machines.
Bitcoin ATMs have appeared in petrol stations and grocery stores in West Texas. Customers can go in and exchange cash for BTC worth up to $18,000. The machines also bring in revenue, according to a store owner quoted in the paper, because clients frequently purchase more items at the store.
Quad Coin, the business that operates these machines in West Texas, told us that the ease of purchasing has increased demand, prompting the company to consider expansion plans.
In March, Quad Coin creator Mark Shoiket claimed he started the company because he “assumed there was demand and people wanted bitcoin everywhere.” That was correct. According to the report, the convenience of the use of ATMs encourages users to stop by and acquire bitcoin at any time.
Convenience store operator Circle K announced yesterday that it had joined with bitcoin ATM provider Bitcoin Depot, in response to increased demand and based on successful deployment instances. Over 700 bitcoin ATMs have already been deployed at Circle K stores across the United States and Canada as part of the agreement.
Every convenience, on the other hand, comes at a price. Fees and identification processes are included in the cost of purchasing bitcoin from ATMs. Some ATM providers charge as much as 30% in fees for each transaction. And identification processes range from phone number verification for modest purchases to submitting identity for larger sales.
Bitcoin, which prides itself on free-market structures, game theory, and economic incentives, triumphs thanks to the market’s wide range of purchasing possibilities. For example, a peer-to-peer market can offer more ease of use for online purchasers, yet a regulated exchange can offer greater privacy for privacy-conscious users. Different options, which foster self-control, are what will most likely drive adoption forward.