Bitcoin ATMs May Fade Away If They Continue Using the Current Strategy

Coindesk, one of the cryptocurrency news publication Diebold’s Vice President of global software and strategy has mentioned that the Bitcoin ATM industry is currently following a flawed distribution model that prevents them from expanding into a truly global business.

These Bitcoin ATMs, about 400 of them across the world are currently targeted towards local communities and small markets instead of attempting to expand the network on an international scale. He also compares the Bitcoin ATMs with limited features to conventional ATMs which offer a wide range of features including bill payment and other options. The value addition offered by conventional ATMs is greater than that of Bitcoin ATMs which are nothing but mobile bitcoin exchanges.

Diebold Inc. an Ohio based financial and ATM services company is one of the leading manufacturers of ATMs in United States. The company has been exploring blockchain technology and ways to incorporate it into their infrastructure to facilitate fiat as well as digital currency transactions. Even banks are currently working on developing blockchain based technology for fund transfers. Even though Diebold is working on blockchain and bitcoin based technology, they have not launched any products in the market yet.

William Markham

Will is a seasoned marketing professional who fell in love with Bitcoin. After realizing the potential of Bitcoin, he switched to Bitcoin based business. He writes about Bitcoin and uses his marketing experience in helping out small time Bitcoin startups and groups.

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