As Bitcoin prices fluctuate near record highs and adoption picks up, the world’s largest Bitcoin ATM provider is bringing its largest installation to date to Georgia. Coinsource has placed 18 of its Bitcoin ATMs in Atlanta and these, along with two in Athens, add 20 new units to Georgia’s current Bitcoin ATM network.
Coinsource leadership says the large installation is in response to demand in the region — Georgia is a Top Three market in the U.S., along with Chicago and New York. Georgia now has over 100 Bitcoin ATMs, which can be viewed on this map.
“Atlanta is one of the most mature Bitcoin ATM markets in the country so it’s exciting to provide our services to people already showing accelerated adoption of the technology,” Coinsource CEO Sheffield Clark said in a statement. “Our goal is to give everyone the equal ability to access Bitcoin, particularly in times of record demand, and participate in this soaring new economy.”
Additional ATM providers include RockitCoin, Athena Bitcoin, Pay Depot, and Bitcoin Depot. Some of these machines also process other cryptocurrencies, such as Ethereum and Litecoin. Clark says Coinsource’s advantage lies in its low fees, which are about half of other operators. The company also provides fee-free transactions for first-time users on the new machines.
The increase in Bitcoin ATMs could help transform the cryptocurrency from something users typically hold as an investment — an alternative to a stock or other holding — into what it was originally intended to be, a true form of electronic cash. Today, however, it’s still difficult to find brick-and-mortar businesses that accept cryptocurrency in exchange for goods.
Sixteen of the Atlanta-based ATMs will allow users to buy Bitcoin by verifying their cell phone number, choosing where to send their Bitcoin (typically to a Bitcoin wallet they already have or a Coinsource Bitcoin wallet), and paying with cash.
Four also allow users to sell Bitcoin, in other words, exchanging Bitcoin directly for cash. That transaction takes about 10 minutes, as the machine must confirm the Bitcoin on the blockchain.
As of this morning, Bitcoin prices hovered around $11,500 and had a total market cap of over $195 billion.
Frontpage October 25, 2017