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Walmart is making it easier for people to invest in Bitcoin, the world’s largest cryptocurrency by market cap. The company has started hosting crypto ATMs allowing customers to purchase BTC while shopping.
The retail giant has tied up with crypto-cash exchange CoinMe and coin-cashing machine company Coinstar for the installation of Bitcoin ATMs in its stores in the U.S., according to Cointelegraph. The machines allow customers to use cash to purchase BTC.
Under the program’s pilot, 200 Bitcoin ATMs have already been installed inside various Walmart stores in the U.S. However, there are plans to eventually install as many as 8,000 Bitcoin ATMs across the country.
“Coinstar, in partnership with Coinme, has launched a pilot that allows its customers to use cash to purchase bitcoin,” Walmart communications director Molly Blakeman told CoinDesk. “There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.”
To use the Bitcoin ATM, customers need to insert a banknote before the machine prints a paper voucher containing a redemption code. The customer then needs to open a Coinme account and pass the KYC process before the code can be redeemed.
Unfortunately, the charges for such crypto transactions coursed through an ATM can be significant. According to Coindesk, the crypto ATM charges a fee of 4 percent for the Bitcoin option while there’s also a cash exchange fee of 7 percent.
For comparison, popular crypto platforms such as Binance and Coinbases charge between 3 to 4.5 percent for crypto purchases using debit or credit cards. Making a direct deposit from a bank account to a Binance or Coinbase wallet is also free.
Nevertheless, analysts view Walmart’s decision to host Bitcoin ATMs as positive for the industry. Not only will it help adoption of crypto, it will also boost their credibility.
“Walmart expands Bitcoin access to more people, though, and gives it further legitimacy among skeptics, should they roll it out beyond an initial pilot,” BitOoda chief strategy officer and head of research Sam Doctor said.
