Bitcoin ATMs are coming to a gas station near you
More and more people are beginning to pay attention to Bitcoin as the world’s most popular cryptocurrency sees its value more than doubled from $29,388.30 to over $61,000 last week. Bitcoin (BTC) has now entered a new phase of mainstream adoption after receiving major support from institutional investors like banks and companies like Tesla.
According to a report from Reuters, bitcoin ATMs are now springing up in different parts of the country as more people are now beginning to embrace digital currency not just as a store of value but also to protect themselves from inflation. Since 2020, governments around the world have flooded the world financial system with trillions of dollars in new spending as a way to jump-start their economy caused by the pandemic.
In recent months, bitcoin ATM machines have multiplied quickly through the United States over the past year, fueled by bitcoin popularity and a frenzy in crypto trading that sent bitcoin prices over $60,000. Now, you don’t have to wait 3-5 days to receive your bitcoin. You can just visit a nearby gas station to buy or send bitcoin in person with cash and receive it instantly.
A bitcoin ATM is an Internet-connected kiosk that allows customers to purchase bitcoins and/or other cryptocurrencies with deposited cash. Unlike an automated teller machine (ATM) that allows bank customers to physically withdraw, deposit, or transfer funds in their bank account, bitcoin ATMs produce blockchain-based transactions that people can use to send cryptocurrencies to the recipient’s digital wallet, often via the use of a QR code.
According to Reuters, Kiosk operators such as CoinFlip and Coin Cloud have installed thousands of ATMs, scouring areas competitors have not yet reached. “I just assumed there was demand and people wanted bitcoin everywhere,” said Quad Coin founder Mark Shoiket, who flew to Montana after scanning a U.S. map for bitcoin ATM deserts.
During a week-long road trip, he found seven places to install machines, including 406 Glass, a store in Billings, Montana, that sells tobacco, vape juice, and colorful glass pipes.
As of January, there were 28,185 bitcoin ATMs in the United States, according to the website howmanybitcoinatms.com, an independent research site. Roughly 10,000 came within the prior five months.