It is now possible for customers of Walmart stores to withdraw Bitcoins at ATMs installed in their US stores.
The American retail multinational will allow its customers to buy bitcoin using ATMs installed in some of its stores in the United States. The initiative was made possible after a collaboration between retail giant Coinstar and Coinme.
Walmart will actually install Bitcoin ATMs
Last month, Walmart’s name became involved in a story, according to which the company had partnered with Litecoin (LTC) to allow its customers to make payments with the cryptocurrency. Although the rumors caused great excitement throughout the market, as soon as the facts were revealed he corrected them.
Now, however, a more credible Bloomberg report says the company has joined forces with Coinstar – known for its machines that can exchange physical currency for digital money.
The result of this new partnership was the installation of 200 Bitcoin ATMs in Walmart stores. It is now possible for customers to buy and withdraw Bitcoins at ATMs installed in some US stores.
Sam Doctor – director of strategy at cryptocurrency broker BitOoda – said installing bitcoin ATMs in supermarkets is a growing trend in the United States. However, he noted that Walmart is different from its rivals in that its customer niche can reach a more sizable percentage of society:
“Walmart expands access to Bitcoin to more people, as long as it continues to provide legitimacy among the most skeptical”
The Coinstar deal was previously reported by Coindesk, which tested the service. Customers who buy Bitcoin will need to insert paper bills into the machine to receive a voucher.
They must also set up a Coinme account and undergo a background check before the voucher can be redeemed. The machines charge a 4% fee for the Bitcoin option and a 7% cash exchange rate.
“It’s an expensive way to buy Bitcoin, but it lowers the barriers to entry for first-time cryptocurrency buyers,” concluded Sam Doctor.
Number of Bitcoin ATMs Grows Worldwide
This is not just a trend in the US. The number of Bitcoin ATMs is growing worldwide.
According to Coin ATM Radar data, they had only 7,756 in May 2020, and we’ve jumped to 29,852 now in October 2021.
What likely influenced the increase in demand for Bitcoin ATMs (ATMs) between 2020 and 2021 was the growing popularity of digital payments.
A report by Global Trade Magazine suggests that digital payments increased in popularity during the COVID-19 pandemic, with retailers reporting a 69% increase in usage since January, and this likely weighed on the increased demand for bitcoin worldwide.
A month ago, for example, Bitcoin became the official currency of El Salvador and the government launched its own BTC wallet, but, especially because of identity theft, adoption is not going as well as you think.
When there was a distribution of US$ 30 in bitcoin for each citizen in the country, criminals went after other people’s bonuses, similar to what happened in Brazil with the coronavoucher.
Other problems were also reported by two Brazilians who were in the country.
“For example, one of the things that happened is that they announced that the 200 ATMs were going to be [fruto de] a public-private partnership, but in the end, I don’t know if there was any problem in the bidding or any commercial problem in this project, [mas] it ended up being done with public resources”, they told Cointimes.