Americans seem to have a need for speed. A courier service delivers your package by the next day and Amazon provides you with groceries at your doorstep within 2 hours.
But what about the banking industry? It seems to ignore this type of service.
Customers are experiencing that their checks are held for days and overdraft fees charged are nothing short of exorbitant.
Now there is an opportunity to enhance customer experiences. At least this hope seems to fructify in cryptocurrency.
Bitcoin ATMs in Arkansas have become more of a necessity, and not surprisingly merchant acceptance of Bitcoin is high.
But first some nitty-gritty on what bitcoin is and how it works.
For most people the concept of Bitcoin is confusing. No wonder the virtual currency has been a consistent source of debate.
We call Bitcoin virtual because it is a digital currency. It has no physical backing but can be sent digitally or electronically from one user to another anywhere across the globe.
This can also get you confused, because Bitcoin is also the name of a payment network on which the digital tokens are stored and moved.
But keep in mind that these networks are not like the traditional ones like Visa. Here the system is run by a decentralized network of individuals. The decentralized network keeps track of all Bitcoin transactions.
Bitcoin and the Covid-19 pandemic
It took just one year into the pandemic for the market of cryptocurrency to boom.
For example, when the Covid-19 outbreak erupted, Bitcoin could be purchased for a price that was a little over $7000. Today the very same token is priced for more than $48,000 – a phenomenal rise indeed.
What could be the forces that led to higher demand for cryptocurrency?
The very fact that cryptocurrencies can be traded from anywhere in the globe offered hope for people having apprehensions that lockdowns could force local governments to restrict trading activities that could result in potential liquidity issues.
With crypto ATM terminals allowing people to buy Bitcoin and cryptocurrencies using bank cards or cash, more than 10,000 Bitcoin ATMs are already installed across the world.
A Bitcoin ATM is an internet connected kiosk that enables people to buy Bitcoins and other cryptocurrencies by depositing cash.
How to use a Bitcoin machine near me?
You will need to scan a quick response (QR) code that relates to your own bitcoin wallet address to which the Bitcoins purchased by you will be transferred.
If you do not have a wallet a new one will be generated. After the purchase a record of Bitcoin will appear in your wallet.
A sharp increase in Bitcoin ATMs is demonstrating the rising popularity of Bitcoin as a payment method. The growth is triggered no less due to the fear of getting coronavirus infection and the need for a contactless payment mode.
The U.S. has added over hundreds of ATMs during the pandemic, so that you can be sure there is a Bitcoin ATM in Arkansas as well.
It is true government agencies have raised red flags about certain Bitcoin ATMs because of the fear of illegal activity. But such concerns have not stopped the Bitcoin ATM growth.