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Walmart Launches 200 BTC Terminals: Plans To Roll Out 8000 In All

Bitcoin ATMs will be installed at 200 Walmart shops across the United States as part of a partnership with coin-cashing technology startup Coinstar and cryptocurrency exchange CoinMe. Even though the trial only contains 200 terminals, the larger rollout is expected to result in the deployment of 8,000 BTC ATMs around the nation, according to Bloomberg, in the long run. There have been no further announcements regarding a timeline as of yet.

The Coin ATM Radar website reports that there are presently more than 25,000 BTC ATMs in key grocery shops and gas stations around the United States. Coinstar runs 4,400 Bitcoin-capable terminals in 33 states, with each machine capable of accepting Bitcoin payments. Bitcoin ATMs are not a recent concept and can be observed in many superstores.

According to Sam Doctor, chief strategy officer, and director of research at BitOoda, “Walmart broadens Bitcoin direct exposure to more people. This also helps give it more credibility among naysayers, should they turn it out further than a preliminary pilot.”

Trying to insert a banknote and getting a paper coupon with a redemption password are the only two ways that customers can make use of the Bitcoin ATM. To redeem the coupon, customers must first create a Coinme profile and pass a background screening process. Users are unable to withdraw BTC from their accounts, and there is no sign that this capability will be implemented soon.

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Charges And Reactions

The Bitcoin ATMs impose an additional 11 percent cost, which is made up of a 4 percent fee for the Bitcoin selection and an additional 7 percent cash exchange fee on top of that. By way of reference, leading cryptocurrency exchange sites Binance and Coinbase charge 3 percent to 4.5 percent, and 3.99 percent, respectively, for bank card transactions on their platforms. Making a transfer from a bank account to a Binance or Coinbase wallet is completely free of charge.

According to others, the news was greeted as a sign of widespread adoption, as expressed by influencer Lark Davis, who tweeted, “WalMart is now selling Bitcoin… great!” Some users, on the other hand, expressed dissatisfaction with the hefty costs.

As a reaction to the information, @datcyberguy tweeted, “BTC ATM charges are famously expensive, and the ‘present’ BTC price is always significantly higher when purchasing and significantly lower when selling.” Reddit user ‘Axatar’ said, “It’s a swindle, but at the very least it’s an indication of acceptance – they believe that some people would be interested in Bitcoin enough to pay exorbitant fees.”

This isn’t the first time that Walmart has expressed an interest in the cryptocurrency market. According to a press release from August, the retail behemoth was looking for a crypto asset lead to help drive the company’s virtual currency approach. The job description has now been withdrawn from Walmart’s website, but an ad for the position continues to be available on LinkedIn.

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Walmart China has also partnered with VeChain, a blockchain-based inventory control technology, to track products in the country. Despite this, there was some doubt about the Bitcoin ATM news, which came in the wake of a bogus Walmart press statement in September, which claimed the company was partnering with the Litecoin cryptocurrency (LTC). The fake led to the value of the Altcoin soaring by more than 20% for a brief period.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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