To actively participate in the crypto-adoption drive, US retail giant Walmart has decided to install 200 bitcoin ATMs in select store branches located across the country. Walmart store-goers will be able to exchange a paper voucher with a banknote that brings a redemption code. People are required to set up an account on the crypto-cash exchange platform and complete a background check. In the case of Walmart, the crypto-cash platform is Coinme.
However, these bitcoin ATMs will not allow customers to withdraw bitcoins from their accounts. world’s most valuable cryptocurrency, Bitcoin is currently trading at $66,000 (about Rs 49.4 lakh).
“Walmart’s Expansion Bitcoin Access to more people, however, and gives it further legitimacy among skeptics, should they extend it beyond the initial pilot,” in a report, bloomberg Quoting industry experts.
The reaction of people to this news on social media has been tremendous.
you can afford #B T c Now at Walmart.
— Michael C???? (@InstinctCrypto) 22 October 2021
— Digital Passover??????? (@sheikhfsihAhm2) 21 October 2021
So last night I had a dream that @ Walmart Was setting up a cryptocurrency ATM in his store. I’m not sure if this is true, but it would be dope if they tried and accepted crypto as a new method of payment. @ShytoshiKusama
— Dario Baez (@BaezTruckingLLC) 22 October 2021
As part of its future plans, Walmart aims to install approximately 8,000 bitcoin ATMs in its retail stores across the US.
While these ATMs could prove to be potentially important in bitcoin adoption in the US, they charge a significant 11% surcharge on each transaction.
While 4% of this is for bitcoin options, the other 7% is cash exchange fees. On crypto exchanges such as Binance and Coinbase, these fees are comparatively low.
Bitcoin ATM operations are gaining momentum in other parts of the world as well. In El Salvador For example, bitcoin ATMs allow people to transact in crypto tokens or convert it to fiat. In September, El Salvador became the first country in the world to legalize bitcoin as legal tender.
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