Walmart customers can now purchase Bitcoin at ATM machines

Walmart has announced that its customers will now be able to purchase Bitcoin at several of its stores in the US.

The cryptocurrency will be able to be bought at 200 Coinstar ATM machines enabled by crypto-cash exchange Coinme, with plans to eventually install 8,000 once the pilot has finished.

“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 Sam Doctor told Bloomberg.

Shoppers wishing to use the Bitcoin ATMs will need to insert a banknote before receiving a paper voucher which contains a redemption code.

Customers will need to set up a Coinme account and complete a background checkif they have not already done so before redeeming the code.

Users currently can not withdraw Bitcoin from their accounts however, with no indication about any plans to offer this functionality in the future being revealed.

READ MORE: Amazon is expected to make $393bn more than Walmart this year

The crypto ATMs have an 11 per cent surcharge, which is made up of a four per cent fee for the Bitcoin option, plus an additional seven per cent cash exchange fee.

The fee is traditionally quite high when compared to other popular crypto trading platforms such as Binance or Coinbase, which charge fees of around seven per cent.

The news has been welcomed as a signpost for major adoption by customers, however there have been complaints over the high fees.

“Bitcoin ATM fees are notoriously high plus the ‘current’ Bitcoin price is always way higher when buying and lower when selling,” one crypto user tweeted.

Another Reddit user Axatar added: “It’s a ripoff, but at least it’s a sign of adoption, they think some people might want Bitcoin enough to pay huge fees.”

Blockchain & CryptoNews


Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.