Having a Bitcoin ATM in every store branch sounds like a smart business move. It shows that the company understands Bitcoin is becoming more popular and will be used for everyday purchases, just like regular money. I am talking about Costco. The news says they are putting Bitcoin ATMs in all their stores across the USA.
The biggest benefit is that it will increase their revenue.
However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.
https://www.instagram.com/vvoyagevirtual/p/DFrK4mpRI3x/
Do you think that this is a smart move or security concern?
The biggest benefit is that it will increase their revenue.
However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.
https://www.instagram.com/vvoyagevirtual/p/DFrK4mpRI3x/
Do you think that this is a smart move or security concern?
Interesting topic!
Quote Bitcoin white paper titled <Bitcoin: A Peer-to-Peer Electronic Cash System.> I believe that the essence of a "peer-to-peer system" is to operate without a central authority rather, the blockchain itself should facilitate transactions, regardless of the businesses involved or their associated fees.
In my view, the term "Electronic Cash System" signifies more than just transactions, it encompasses trades, cash swaps, transfers, and everything else we do with cash. While it may seem challenging for community to set up their own ATMs globally, businesses like Costco won't provide this service for free. They will need to incorporate not just the blockchain fees but also operational and maintenance costs, meaning revenue generation is a fundamental aspect of their decision.
Security Risk? yes, I believe they're significant. There's a misconception that Bitcoin users are all wealthy, base on my last check only about 1 million wallets holding 1 Bitcoin or more <Bitcoin blockchain> including those belonging to Satoshi ,exchanges, companies, and institutions. It's unlikely we’d see such entities withdrawing from a public ATM and sure not Satoshi
which does bring up concerns about potential thefts. It’s puzzling why Bitcoin users are frequently targeted for crimes shouldn’t there be equal scrutiny towards fiat ATMs?I support the notion that Bitcoin payment options should be available everywhere and that ATMs should indeed support Bitcoin withdrawals. However, this should be done through the blockchain itself + logical service fees, rather than prioritizing revenue for businesses. Before we can fully embrace such advancements, it’s crucial that the world gains a better understanding of Bitcoin, as BTC offers a groundbreaking solution to the issues in the broken traditional cash systems.