During a recent announcement, Bitcoin ATM business Athena Bitcoin, who primarily operate across the Midwest and Eastern US, confirmed its purchase of Bitcoin exchange startup BitQuick, noting how the two services, that of physical ATM machines and digital currency exchange service, complement each other. It is noteworthy that this trend of service consolidation has been growing for a while now, and suggests that the digital currency industry is now at the point where it is starting to mature into a user focused platform.
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A recent announcement by Athena Bitcoin, the US based Bitcoin ATM business has confirmed that they have acquired Bitcoin exchange startup BitQuick for an undisclosed fee. Co-founder and COO of Athena Bitcoin, Gil Valentine, noted that the digital Bitcoin exchange is the perfect complement for the existing physical ATM business model of the company, allowing the company to offer a more rounded Bitcoin service for their customers.
This is not the first such purchase or merger we have seen in the industry over the last year or so, and for the cryptocurrency industry perhaps highlights that digital currency businesses, and the industry in general, is beginning to mature. Consolidation of compatible services show that the framework of services that Bitcoin users actually need has finally become established, and the industry is now seeking the most efficient way of providing them.
This does represent a positive change for the entire cryptocurrency industry, while scope for innovation is still clear, Bitcoin has established a user base that it can grow from, but needs to service properly to reach further. In that respect, the trend to combine the basic services that enable users to enjoy the possibilities that a digital currency offers, such as the digital Bitcoin exchange and ATM machines that allow users to access physical fiat money quickly from their Bitcoin funds. It is by offering this level of streamlined and cohesive functionality that digital currencies will be able to grow their user base further most efficiently. The user experience still remains one of the biggest barriers to adoption of digital currency, particularly from those who are not necessarily tech minded, and while one of the major attractions of cryptocurrencies is the distributed nature of the infrastructure, disparate quality levels of experience when using various aspects of a digital currency to need to be addressed.
This could mean that, like here, users develop a trusted relationship with providers of certain services, and branding of services becomes a way to differentiate and provide a unified experience.