In a bid to actively participate in the crypto-adoption drive, American retail giant Walmart has decided to get 200 Bitcoin ATMs installed in select store branches located across the country. 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. The world’s most-valued cryptocurrency, Bitcoin is currently trading at $66,000 (roughly Rs. 49.4 lakh).
“Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot,” in a report, Bloomberg quoted industry experts as saying.
The public reaction to the news has been overwhelming on social media.
You can buy #BTC at Walmart now.
— Michael C ???? (@InstinctCrypto) October 22, 2021
— Digital Fasih ???????? (@ShaikhFasihAhm2) October 21, 2021
So last night I had a dream that @Walmart was installing the cryptocurrency ATM in their store. Im not sure if this is true but it will be dope if they did & also accept crypto as a new way of payments. @ShytoshiKusama
— Dario Baez (@BaezTruckingLLC) October 22, 2021
As part of its future plans, Walmart aims to install around 8,000 Bitcoin ATMs in its retail stores across the US.
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 seven percent is the cach exchange fee. These fees are comparatively lower on crypto exchanges such as Binance and Coinbase, among others.
The operation of Bitcoin ATMs is picking up pace in other parts of the world as well. In El Salvador for instance, Bitcoin ATMs allow people to transact in the crypto token or convert it to fiat. In September, El Salvador became the first country in the world to legalise the Bitcoin as a legal tender.
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