A new chapter in the story of cash and Bitcoin has begun, with a cash-out feature now available at thousands of Bitcoin ATMs across the U.S.
Traditionally, Bitcoin is purchased with debit cards, or in other digital transactions, and a connection to cash is not the first thing that comes to mind. That’s set to change now people have the option to conveniently sell their Bitcoin for cash at participating ATMs.
Chris Yim, CEO and co-founder of the Bitcoin ATM provider LibertyX, explains ‘consumers are looking for a way to sell Bitcoin without dealing with wire or bank transfer delays.’ In other words, they’re seeking the immediacy and tangibility offered by cash. Bitcoin and other crypto assets already operate hand in hand with cash in the remittances industry, with people paying cash in, money transfer operators using crypto assets for the transfer, and cash being paid out at the other end.
At present, 5,000 ATMs across America offer the cash-out service. Should this functionality become more widespread, the relationship between Bitcoin and cash could mature, from providing parallel payment options that rarely intersect, to one feeding into the other, and vice versa.