Quote from: Lion_ashy on July 17, 2018, 04:54:10 PM

So someone narrated...
A recent trip back to my hometown of Dallas, Texas got me thinking about the future of cryptocurrency. During my visit, I came across a physical Bitcoin ATM while putting gas in my car at the local Chevron Station.

I learned that this Bitcoin ATM is operated by Coinsource, one of the worlds largest Bitcoin ATM providers. With over 250 Coinsource ATMs located across the country, the company aims to leverage the tremendous growth of Bitcoin by providing an easy and secure way for people to convert Bitcoin to cash and vice versa. As Bitcoin becomes more mainstream, the Coinsource network saw the need for a scalable identity platform that could support this expansion.

The rise of Bitcoin ATMs clearly demonstrates the advancement of digital payments. As a result, a transition to real-world financial models is being seen as Bitcoin and other cryptocurrencies become more common.

More interestingly, however, cryptocurrency ATMs also offer an innovative solution to solve one of the worlds biggest problems - banking barriers.

Approximately 2 billion people worldwide and roughly 59% of adults in the developing world dont have a bank account. Yet in some countries, cash transactions represent up to 95% of all transactions.

However, its interesting to note that a large number of these unbanked people possess a cell phone, providing them with the means to keep a digital wallet to store cryptocurrencies. Once a digital wallet is in place, blockchain transactions allow for the transfer of Bitcoin and other cryptocurrencies in a peer-to-peer fashion, without any intermediaries involved. The use of blockchain technology in the financial sector has been identified by many as a potential solution to reduce poverty by democratizing the access to the economy.