Bitcoin ATMs Gaining Popularity in US Cities
As blockchain and cryptocurrencies continue to rise in popularity with each passing day, countless efforts to apply blockchain to day-to-day activities are already underway. The addition of cryptocurrencies to low-income cities around the world is set to be a massive success following the rise of Bitcoin ATMs in several US cities.
Those living in rural locations residing in underprivileged countries often have no access to proper bank systems, making it impossible to take out a loan. This deprives them from any chance at financial profit or expansion, but by placing ATM’s in these key locations, purchasing cryptocurrencies can be more accessible.
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According to new reports, the United States now has around two thousand functioning Bitcoin ATMs around the country, with eighty of them in Detroit alone. While Asia and Africa are the most promising and often sought-after areas to continue researching opportunities for cryptocurrencies, these ATMs continue popping up around the US.
Many wonder how a Bitcoin ATM could prove useful in a less-fortunate area. It mainly comes down to the fact that many of the people living in areas of low income do not have bank ties or accounts. Many people living in these areas often work "unofficially" to earn money under the table so as not to report any sources of income to the authorities. Banks and governments may also turn away those who consistently have low balances.
According to one assistant professor at Villanova University, John Sedunov, many of the people living in low-income areas continue using these new Bitcoin machines as sort of lottery, hoping to make huge profit returns from the small investments they make.
Another reason these Bitcoin ATMs seem to be favored is due to the anonymous nature of cryptocurrencies in general. Many see the opportunity to benefit from illegal activities like laundering money through these money machines by keeping their money hidden.
Founder of BitAML, Joe Ciccolo, said that money laundering was nothing to be truly concerned about in regards to these ATMs as the machines themselves permitted its owners to acquire necessary information about users and that many protocols, like a daily limit, can be implemented within these machines to avoid repetitive use for illegal activities.