American multinational retail corporation Walmart has teamed with Coinstar, a coin-cashing company, and CoinMe, a crypto-cash exchange, to install 200 Bitcoin ATMs in its locations across the United States to allow shoppers to buy Bitcoin.
According to Bloomberg, the installation of 200 Bitcoin ATMs is part of a broader plan to offer more than 8,000 Bitcoin ATMs at different locations in the U.S.
While speaking to Bloomberg, the chief strategy officer and head of research at BitOoda, said that although Bitcoin ATMs are not new in supermarkets, Walmart move will make Bitcoin accessible to more people and bolsters its credibility among doubters.
“Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot,” he said.
In the last 24 hours, bitcoin has been down by 4.27%, with a current price of $63,264.90 as of the time of writing this. Within 24 hours, bitcoin dropped to $62,060.40 low and $66,182.70 high. The trading volume of bitcoin in the last 24 hours is $2.39B. The current market capitalization of bitcoin is $1.19T. Currently, $18.85M bitcoins are in circulation.
Stats and Image from Coin Desk
Customers that want to buy Bitcoin using the Bitcoin ATM do so by inserting paper dollars into the ATM and receiving a voucher in return. The machine charges a total of 11% fee, 4% for the Bitcoin option and a 7% cash exchange fee. While shoppers will be able to buy Bitcoin, there are concerns about the high fee.
“It is an expensive way to buy Bitcoin, but lowers the barriers to entry for first-time buyers of crypto,” Doctor added.