21 Jul Is Bitcoin Part of the Future of ATMs?
Is the internet age changing what we expect from ATM processing? Well, the traditional role of an ATM to simply dispense 20 dollar bills has already expanded with Cash is King ATMs that allow users to customize the denominations they receive. But the industry may eventually take a major turn in light of the persistence of the alternative currency known as bitcoin.
This isn’t to say that consumers are ever going to bring about the end of hard-currency ATM transactions, but there are reportedly over 100 ATMs in the US that fulfill the demand for side-by-side dispensing of cash and bitcoin, according to Small Biz Trends.
Bitcoin is still highly volatile, and analysts aren’t sure about whether it will survive over the long term, but its popularity is growing. While, there’s no imminent demand for it in the real world in markets like Toledo, ATM equipment in all markets may eventually be expected to run software that handles both physical and digital curries.
But far from being a reason to hold back on traditional ATM service in Ohio or anywhere else, this emerging trend is a good indicator of the relevance that ATMs retain in an era when the world is going ever more digital. And since bitcoin ATM equipment is not substantially different from the standard CIK ATM, installing one of the latter is a good way of putting yourself in a position to exploit the future demand for expanded functionality.
If your Toledo business owns a Cash is King ATM and bitcoin transactions begin to really take off in Ohio somewhere down the line, you’ll be able to retain your existing ATM equipment and simply hire a Toledo, Ohio ATM technician to upgrade its software to stay ahead of modern trends.
But whether or not current trends keep up, it’s clear that the value of a CIK ATM is never-ending.