Today, the first Bitcoin ATM in Virginia launched. The ATM is owned by BlockBox, a company that provides Bitcoin services. According to Coin ATM Radar, the ATM converts fiat to bitcoin, with a 4% fee. The ATM is in Sterling Mower, a mower company, located at 22005 Shaw Rd, Sterling, VA 20164.
With this ATM, Virginia joins the club of states in America to have a Bitcoin ATM. Less than two weeks ago, Pennsylvania got its first ATM. Virginia’s ATM is a Lamassu machine, so it is small compared to most other Bitcoin ATMs. In images, it is resting on top of a stool in Sterling Mower.
Bitcoin ATMs are popping up all over the country and the world–– a few months ago, the first Bitcoin ATM in Africa was placed in South Africa. A month ago, Vermont also received its first Bitcoin ATM.
Also read: Bitcoin ATMs Bring Us Closer to a Regulatory Breaking Point
Bitcoin ATMs are incredibly important for Bitcoin’s adoption– they make it easier for people to buy bitcoins who might not be able to do so online, or don’t trust in-person transactions. A major disadvantage to using Bitcoin ATMs, however, is their high fees– it’s not unusual for them to have fees upwards of 5%, which is a lot compared to online exchanges, whose fees are usually no higher than 1%. This is because Bitcoin ATMs are not very popular compared to online Bitcoin exchanges, so higher fees are needed to pay off how much they cost. Bitcoin ATMs also raise legal concerns, as laws regarding them are unclear. Most Bitcoin ATMs require licenses as they could be considered money transmitters.
Virginia’s first Bitcoin ATM is yet another sign of Bitcoin’s worldwide adoption. Bitcoin ATMs play an important role in Bitcoin’s future, however, they won’t single-handedly raise awareness. We, The Bitcoiners, need to let people know about these Bitcoin ATMs, both over the internet and in real life. If people walk into a store and see a Bitcoin ATM, they won’t have any idea what it is; we need to tell them! Word-of-mouth is a great way to introduce people to this extraordinary thing we call Bitcoin, and we need to start doing this more.
What do you think about the expansion of Bitcoin ATMs around America and the world? Comment below!
Images from BlockBox and Shutterstock.