The American multinational retail corporation, Walmart, has taken the crypto enthusiasts by surprise by installing 200 Bitcoin ATMs in its stores all across the country. The retail giant has reportedly partnered with CoinMe (crypto-cash exchange) and Coinstar (coin-cashing machine company) for the installation of the ATMs.
This is a major step in favor of the crypto asset and can prove to be quite revolutionary for the crypto space. Installing 200 BTC ATMs is just the pilot program as Walmart reportedly plans to install more.
Bitcoin is currently moving in the $60,000 price region and has grabbed the attention of a large audience, especially after the approval of BTC ETF by the SEC.
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What to Know About BTC ATMs Installation and More?
At the moment, 200 kiosks have been installed by Walmart in its stores in the USA. However, according to reports, the retail behemoth has much bigger plans, which include the installation of at least 8,000 BTC ATMs in the United States. The company has not specified a timeline to meet this target yet, but it has already piqued the interest of many.
Sam Doctor, Chief strategy officer and head of research at BitOoda, recently stated:
“Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”
Here is how the customers can use the ATMs:
- Customers can insert paper money into the ATM.
- They will then get a paper voucher and a redemption code.
- Customers can use the redemption code by setting up a CoinMe account.
- They can then withdraw BTC from their accounts.
The fee people have to pay for using the Bitcoin ATM is slightly higher than some had anticipated. The total surcharge is around 11%, out of which 4% fee is for selecting the BTC option and 7% fee is for cash exchange.
While many crypto enthusiasts are optimistic about this initiative, others have scrutinized the idea due to high fees. Even though setting up ATMs is a sign of Bitcoin adoption, the fee has certainly got everyone’s attention.
According to reports, Coinstar operates around 4,400 kiosks across 33 states that enable people to purchase Bitcoin. It has also been reported that there are more than 25,000 Bitcoin ATMs at exclusive service stations and grocery stores in the country.
Could This Benefit Bitcoin?
This is not the first time that the retail giant, Walmart, has shown interest in the crypto space. The company had also devised a cryptocurrency strategy and was previously looking for a crypto product lead.
Now Bitcoin has the spotlight at the moment, especially since it has been moving with bullish momentum. The price of BTC has crossed the $60k price region and the flagship digital asset is currently trading at $62,986 (at the time of writing).
However, the reaction of BTC’s price to the installation and operation of the BTC ATMs is something that can be seen with time.
Therefore, if you are looking to purchase Bitcoin, make sure you choose a platform from the largest crypto exchanges.
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