Not long ago, a Merkle colleague and I were discussing how we find ATMs – both fiat and crypto – rather fascinating devices. We discussed what they are like in various countries and cities. We agreed that they are especially helpful in getting new people into cryptocurrencies. I thought that it might be fun if we took a break from the super-serious news of the past two weeks and just fleshed out one of the other interesting aspects of crypto.
Can ATMs boost crypto adoption?
Providing easy access is key when it comes to encouraging new people to adopt cryptocurrency. Currently, to purchase cryptocurrencies, one typically needs to create an account on an exchange. These are subject to necessary – but often intimidating – verification processes. However, someone could just put a twenty or even a fiver into an ATM and receive cryptocurrency with at most a text verification. Even with high fees, ATMs are a kind of fun, low-effort entry to cryptocurrency….