Profile

Whats next for Bitcoin ATMs?

Whats next for Bitcoin ATMs?

Bitcoin is just the start of what our Bitcoin ATM kiosk will be delivering. Bitcoin ATMs will grow to include the sale of all manors of digital currencies, tokens, and ...

Transcription

What's up party people? Chris Derose here, Community Director for the Counterparty Foundation, and in today's video I wanted to answer the question, "What's next for BTMs?". Or you know, Bitcoin ATMs, same thing. So many or most of us have used a Bitcoin ATM at this point. It's an ATM-like kiosk where you put fiat in and you load your phone up with Bitcoin. Or even vice-versa, you put your phone camera up to the kiosk and fiat comes out. So that is a very simple 1.

0 BTM. I think it is a very effective machine. The others take a while to roll them out, all the regulations and whatnot, but we'll see them ubiquitous at some point. I think that certainly it's a very good solution for right now, but I think it's time to talk about like what the evolution of these BTMs will be. What I suspect is going to happen is as digital currencies, and as digital assets, and all of these online franchises require some degree of replenishment, transfer, issuance, etc., we are going to see people adding extra features to their BTMs to accommodate these assets and such.

So right now maybe you go, we have a Publix or a local supermarket. You go there, and in the Publix is a regular vanilla ATM. Behind that ATM in some space are a bunch of gift certificates, and even still there's a Western Union money transmission center, and these are all little money features inside of the supermarket. What I think will happen over time is that we will see a lot of these different money services moved into a single kiosk right there in the front of the store, and that little kiosk will sell you Bitcoin as well as many Counterparty assets or who knows what other Bitcoin assets they'll have. But they will certainly have gift certificates and various money transmission features. Probably you will be able to pay your bills for certain things like cell phones and internet access and things like that, but I think that it will be a general purpose station for the management of value to fiat, to paper fiat.

You know, the real market for the BTMs is in immigrants, people who are unbanked, giving them basic banking services, and of course it starts with Bitcoin, because it is the lingua franca for all digital currency. That's where all digital currencies will be routed. But on top of that, we have reasons to tokenize various things, and I think you'll see all of those things being merged into that single kiosk over time. And the kiosk operators will probably get some percentage of what they sell or they will have certain rental deals where they represent certain assets on their machine in exchange for, you know, money. So, yeah, that's where I think BTMs are going to go. I really am looking forward to seeing the movement start to accommodate that.

We'll see. Maybe they'll add some identity features or something like that in there. It really is kind of open. But I really think that what we need and what we are going to see are machines that are devoted to just management of digital assets. So Xbox points, you name it. And this, of course, as the rest of the world gets onto their systems, their assets will be part of that system as well.

So I don't know. What do you think? Do you think that there is extra features that I missed here in the BTM world that are up and coming? Why don't you leave them below? Do you have a BTM that you like? Let us know what you're using these days. And if you like this channel, check out what I've got and subscribe. Later, party people.