Bitcoin, of course has its scores of critics. People don’t understand it and call it fake currency, a bubble. Others say it’s just a form of digital cash or gold for the modern era, an asset. But, one thing that has not gotten the exposure that it needs is the Bitcoin ATM or “BTM.”
Most people don’t know this, but BTMs are cropping up across America and the world. Hidden away in gas stations, smoke shops, and convenience marts, these little machines could be the key to true mass adoption of cryptocurrency.
Using the BTM for your BTC is sure to spark some aha moments, grounding the digital currency into as much of a reality as once “new-fangled” concepts like “debit” or “credit.” So, let’s take a look at how, exactly, the BTM stands to transform our perception of the controversial, and ever-fluctuating, cryptocurrency:
That “Internet” Money is Suddenly Far More Real
That moment when someone sees you pulling cash from a machine, without inserting a card — well, that’s a game changer. All of a sudden, cryptocurrency isn’t just for the tech-savvy super elite; it’s a reality for people of all walks of life.
Bitcoin and other cryptocurrencies aren’t really known for their liquidity. We did recently publish this story about buying a truck with cryptocurrency, but there’s still a way to go before you can use BTC, or other cryptocurrencies, at your local supermarket or to order food.
That said, using a BTM versus an online exchange helps to liquefy those assets. Online coin exchanges often tie up funds with days-long processing. With a BTM, you now can load cash into your bitcoin wallet or vice versa — and use those coins to make purchases right away. This instant liquidity does come at a price (typically a 5% transaction fee), but it’s pretty amazing that you can pop some buttons into your local BTM and walk away with a wad of cash.
BTMs Paint the Picture of Greater Financial Inclusivity
Bitcoin and the like are more associated with the picture of privilege — in part due to the early adopter financiers and the Silicon Valley set. Which makes sense, blockchain technology isn’t always that accessible for those who aren’t well-versed in the tech and finance spheres.
A good job and a healthy bank account make it easy to set up an online wallet with a number of reputable companies, while BTMs can help the unbanked and underbanked access the cryptocurrency economy, no bank account required.
A Bitcoin ATM requires little more than a bit of cash and a smart phone, making for a democratic way to access economies around the world. This can be a real game changer if you live in a country with limited access to financial resources.
BTMs haven’t yet gained the global uptake needed to transform access to banking. Most of the BTMs are located in areas that already have high rates of financial inclusion. But, one can hope that this entre into the mainstream will boost visibility, thus prompting BTM installations globally.
Parting Thoughts
Ultimately, cryptocurrencies have a way to go before the general public fully understands how they work. But we believe BTMs, as well as platforms like onG.Social stand to bring blockchain technology to the masses.
It’s true, things like mining and the decentralized blockchain system aren’t exactly easy to explain to your Luddite uncle, your friend who still uses a flip phone or even someone somewhat tech savvy, but a Bitcoin ATM?
Now, that’s something that can bridge the gap between the digital and analog financial worlds.
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