Walmart Installs Bitcoin ATMs in Some US Stores


Walmart has implemented Bitcoin (BTC) ATMs in 200 of its stores in the United States. The company has decided to use Coinstar technology for this.

According to the Reuters report, this project is being carried out in partnership with the company CoinMe, a recognized crypto exchange, which will help customers buy BTC in some of its stores.

People visiting Walmart stores will be able to insert a banknote in exchange for a paper voucher that brings along a redemption code. People are required to set up an account on a crypto-cash exchange platform and complete a background check. In Walmart's case, the crypto-cash platform is Coinme.

These Bitcoin ATMs however, won't allow customers to withdraw Bitcoin from their account.

Walmart Enters the Crypto World

As part of its plans, Walmart aims to install around 8,000 Bitcoin ATMs in its retail stores across the US.

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While these ATMs could potentially prove vital in escalating Bitcoin adoption in the US, they charge a significant surcharge of 11 percent on each transaction. While four percent of it is for the Bitcoin option, the other 7%  is the exchange fee. These fees are comparatively lower on crypto exchanges such as Binance and Coinbase, among others.

Sam Doctor – Chief Strategy Officer at the crypto brokerage BitOoda – said installing bitcoin kiosks in supermarkets is a growing trend in the States. However, he noted that Walmart is different than its rivals as its scope can reach a more considerable percentage of society: “Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot.”

Cryptocurrencies ATMs in the United States

Although bitcoin is the most famous major digital asset, there are other cryptocurrencies that U.S. residents can purchase at some ATMs.

Earlier this year, CoinFlip decided to include the popular Dogecoin (DOGE) in 1,800 cryptocurrency ATMs in 46 states. Daniel Polotsky - the company's CEO and co-founder - said the move would allow the general population a more direct way to receive exposure to the digital currency.

Looking at the global number of cryptocurrency ATMs, the United States is the undisputed leader. According to the latest data from Coin ATM Radar, the world's largest economy has 26,349 bitcoin dispensing machines.

According to this company, Canada has 2,000, while in some Asian countries there are not even 5 ATMs.

At the Latin American level, Brazil has the highest number of ATMs available (22) followed by Argentina with twelve. In the UK there are 106 and in Spain 181.

This decision by Walmart is to date its closest approach to the world of cryptocurrencies. Although, a few weeks ago the supposed news that it would allow payments with Litecoin spread quickly, something that turned out to be false.

 

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