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Bitcoin ATMs – My Take

One of the best things to happen to Bitcoin as of lately is the invention of Bitcoin based ATMs. These are designed to do one of two things: either allow people to turn their cash in to Bitcoin or allow them to turn Bitcoin in to cash. Some will allow both ways, although that seems to be pretty rare at this point in time.

Having Bitcoin ATMs is a huge thing because it helps cut down on the barrier to entry that we are seeing right now in the crypto world. For a lot of people, things like buying Bitcoin on exchanges are a difficult concept, or they simply are not familiar enough to trust the system. This makes it harder to get these people involved with the Bitcoin economy, which is something that we need if we plan to keep growing and sustaining the values (or boosting them, as many wish to happen). Bitcoin ATMs make this much, much easier and help facilitate the ease we need to bring more wide spread adoption to the coins.

The other thing that the Bitcoin ATMs help bring to the table is a much easier method of cashing in coins when out and about. Instead of having to sell them on an exchange and then wait for a withdrawal, users can instantly make withdrawals on those ATMs that allow for it. This is especially useful for getting out emergency money, or just for paying for things when there are enough coins in your wallet but not enough cash in your pocket. This opens up the doors for a whole new world.

Regulation

The down side to the Bitcoin ATMs is that they are going to have to go through some regulation, of which we are still not sure at this point what all that is going to entail. Different governments are still trying to decide how they want to handle crypto currencies, and as a result there are just too many unknowns. Hopefully we will find out more soon as to how the ATMs are going to be handled from a regulation perspective.

Other Coins

While there are no ATMs yet for alternative crypto currencies, I do not believe that it would be very hard to stretch them out to accept (and pay out in) others as well. Being that all crypto currencies basically run the same way and are all based on the same source code (Bitcoin), the Bitcoin framework will be easily adapted to other coins. My thought is that this is going to lead to ATMs that take multiple currencies, much like the online exchanges currently do. This would open the doors to even more choices for consumers as to what types of coins they wish to carry, all in an easy to use system that is accessible from everywhere.

Bitcoin


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