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Walmart has conducted a pilot program in which it has installed 200 Bitcoin ATMs in stores in the United States. The goal is to reach 8,000 in the future throughout the country. However, there are no timelines regarding this project. Bitcoin ATMs became one of the easiest methods for users to get access to virtual currencies all around the world.
Bitcoin ATMs Expands in the US Thanks to Walmart
Walmart is expanding Bitcoin’s infrastructure in the United States, making it possible for a large number of users to buy and sell virtual currencies using these teller machines. According to data provided by Coin ATM Radar, the United States has more than 26,000 Bitcoin ATMs installed, the largest number in the world by far.
Canada has more than 2,000 Bitcoin ATMs, El Salvador has over 200 and Spain has just 181 Bitcoin ATMs installed. Spain is the country with the largest number of machines installed in all Europe followed by Switzerland with 133 locations with a Bitcoin ATM.
Bitcoin ATMs are very useful for individuals to buy and sell Bitcoin and other virtual currencies. Rather than purchasing Bitcoin using a cryptocurrency exchange, you can use a Bitcoin ATM that would send the funds directly to the wallet you handle.
However, there are some minuses about these machines. For example, they have a very large spread (the difference between the buying and selling price) and they also have large fees. That means that sometimes you will have to pay a premium between 4% to 12%. You would also have to accept a discounted price on your BTC if you sell your coins.
The positive thing is that if you sell, you will receive cash from the teller machine. This is how easy it works. Thus, having Walmart offering Bitcoin ATMs in different locations becomes very useful for clients that want to buy and sell virtual currencies.
Although fees are high and the spread is also larger than in normal cryptocurrency online exchanges, it might be possible for the crypto ATM handler to reduce these fees as the ATMs would generate a larger volume than other machines installed in other places. Thus, we might see a Bitcoin price closer to the spot market price than in other locations.
It would also be important for crypto ATMs to be installed in other countries as most of the market is dominated by the United States.