Topic: [2018-02-28] Bitcoin ATMs Thriving (Read 133 times)

Low-income areas in the city of Detroit are seeing a bunch of cryptocurrency-based automated teller machines (ATM). According to local reports, ATMs are popping up in great number in liquor stores, gas stations, and cash-checking locations.

Detroit is a well known industrial city and Michigan’s most populous city. However, the region has been dealing with a tumultuous economy and the city residents have been suffering from financial hardships for years. That hasn’t stopped a large influx of bitcoin ATMs from being installed in the city as Detroit now has over 29 machines. The regional newspaper the Detroit News reveals that most of these devices reside in areas with a shortage of banks and low-income housing areas like Inkster, Highland Park, Taylor, Hamtramck, and Pontiac.

There are 15 more crypto-ATMs on the outskirts of Metro Detroit as well. Ayman Rida, an executive from a company called ‘International Bitcoin’ installed a good chunk of the machines located in the Metro Detroit region. “Last year, the business grew very, very good at the locations,” Rida adds.

Source of this is here.

I am sure that because of this news many other companies will be following the same business and soon we can see a good explosion of ATMs installed in many parts of the country. Despite the many developments affecting the Bitcoin market, there is no question that slowly but surely mainstream adoption is making its way for Bitcoin. When the business is good, there will always be competitors who can be attracted to also stake some piece of the market pie.