Crypto bulls should be thanking Walmart (NYSE:WMT) for helping to push along mass adoption of cryptocurrencies. Today, it has come to light that the grocer and department store giant is pushing more people to buy Bitcoin (CCC:BTC-USD). Bitcoin ATMs are a newly announced feature at the stores, and with broad expansion plans, a Bitcoin ATM could be coming to a location near you very soon.
Coinstar machines are a staple at every Walmart location; customers can dump all of their spare change into the machine and have it counted before getting bills back. Now, Bitcoin ATMs will be joining the money machines as the next ubiquitous cash commodity at the superstores. Here are all the details you need to know.
Bitcoin ATMs Reach Walmart, With Plans for Vast Expansion
- Walmart announced the introduction of Bitcoin ATMs at its stores this morning.
- The ATM machines are being produced in collaboration with Coinstar, the company behind the change-counting machines. The pair of companies are also being assisted by crypto exchange Coinme.
- A test fleet of 200 machines is already at locations around the country, meaning one can go buy Bitcoin at the grocer right now.
- If the pilot program is successful, the company plans to install a total of 8,000 Bitcoin ATMs around the country.
- A report by CoinDesk shows the process for using one of the ATMs in order to verify the authenticity of the news. This caution comes after September’s hoax, in which a fake press release claimed Walmart would be accepting Litecoin (CCC:LTC-USD).
- Presently, customers can only insert up to $2,500 into the machine. This means at its current exchange rate of over $60,000, customers can only buy fractions of BTC.
- The machines are also cash only.
- Upon purchasing, customers are given paper vouchers. One must then sign up for a Coinme account before they can fully redeem their purchase.
- The machines charge two fees: a 4% fee when buying BTC and another 7% cash exchange fee.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.