With the news that Coinsource, the bitcoin ATM network, have just installed their first ATM in San Francisco, the significance of having convenient and instant conversion of digital currency into physical fiat currency is once again brought to the fore. As we see the industry striving ahead with massively funded research into all aspects of blockchain use and integration into various markets, are these ATMs that provide such ease of access to digital currencies the real key to more widespread adoption of digital currency from users?
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The benefits of the decentralized infrastructure of digital currency, with secure anonymous and low cost movement of funds all around the world are benefits have attracted broad support for Bitcoin. However, to really increase the user base within the wider public, the currency has to be easier to access. This means both to acquire and to use, which is why one of the most important areas of growth within the digital currency market has been the development of Bitcoin ATMs.
Bitcoin ATMs provide a visible and tangible connection between the digital currency itself and the fiat money the general public are familiar with, and by providing an easy and direct ability to transfer bitcoin into physical local currency, and in some cases buy bitcoin with cash as well, they are the link into traditional financial system that is essential for wider adoption. This is why the recent news from the bitcoin ATM network Coinsource that they have just installed their first ATM in San Francisco, their 18th in total, so welcome.
There have been teething problems with bitcoin ATM networks all over the world, with a couple starting up and then disappearing due to the problems of dealing with local banking regulations and administration, but Coinsource are showing that with good infrastructure and understanding of the systems in place it is a viable solution for digital currencies. With San Francisco’s close association with both the high tech and banking industries, this first ATM is even more significant and is symbolic of the progress in adoption and acceptance in both industries of the digital currency idea and the underlying technology.
While development and research goes on into integrating the blockchain and decentralized systems that form the core of cryptocurrency technology into all kinds of applications, it is programs such as this bitcoin ATM rollout that will be of most help to gain the acceptance of the public when it comes to digital currency use. Access and convenience may be thought of as secondary to the benefits of security and other aspects the cryptocurrency provides, but for actual use, in the eyes of someone who just wishes to use the currency, they will be most visible and important aspect.
No matter how many financial systems take on the technology of blockchain to provide the infrastructure for financial systems, it will be the ability to quickly and seamlessly move between a digital currency and fiat currency at our convenience that will ultimately drive widespread adoption.