Bitcoin ATM machines are now appearing on Walmart with plans to eventually install 8000. As of now, there are more than 200 BTC ATMs on Walmart shopping centers as part of a pilot program.
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Bitcoin ATM on the Rise
Walmart, Coinstar and the crypto exchange Coinme, are now partners in the program to install 8000 Bitcoin ATMs. The program is exclusive to the United States. In terms of timeline, the details are not yet released.
The coin-cashing machine company Coinstar has more than 4,400 operating Bitcoin ATM machines across the country. With a total of approximately 25,000, Coinstar is considered a big player in this game. Data provided by Coin ATM Radar. The latest partnership with Walmart is a huge milestone for the company.
The 200 already installed Bitcoin ATMs can bring popularity and much needed legitimacy to the mainstream. Furthermore, partnership with a retail giant like Walmart can be a positive sign of future development for cryptocurrencies.
How does Bitcoin ATM work?
To begin with, users must first make a Coinme account and finish the background check. Following that, they can insert a banknote and receive a paper voucher containing a redeem code.
The downside however, is the almost 11% transaction fee. Consisting of a standard 4% BTC transaction fee plus a 7% cash exchange fee, the surcharge is a hard pill to swallow.
On average, other competitors offer an average of 4% transaction fee for debit and credit card purchases.
Walmart and Cryptocurrencies
The retail giant is definitely interested in cryptocurrencies. However, they are very careful about exposure to the market. Walmart has pumped the market more than twice. The first incidence was in August when they put out a job listing for a strategist for future digital currency plans. The second incidence was not long ago when a fake press release about Litecoin caused a short-lived pump.
Furthermore, Walmart China is partnered with VeChain, the supply management platform utilizing the blockchain network.
Many people see this partnership as a sign of mass adoption in the future. A tiny first step that is crucial for future development.
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