In fact, the Bitcoin industry is growing in adoption and functionality. And the U.K. is one of the leading countries for the number of Bitcoin ATMs, with new machines just installed in Liverpool and Derby.
To use Bitcoin and other cryptocurrencies as a currency, there need to be easy ways to buy, sell and spend as well as multiple functionalities for the user. Though we have seen recent drops in price with many cryptocurrencies, there has also been an increase in innovation. In fact, there are plenty of companies in the U.K. that accept payment in Bitcoin. There are even companies for playing poker online using cryptocurrency. And now, there are over 150 Bitcoin ATMs in the UK.
What are Bitcoin ATMs?
Bitcoin is a decentralised digital currency that has become more popular in recent years. The currency can be bought using fiat currency, and then becomes a digital token of value. Transactions are recorded on the blockchain and validated by the network, and though there are no physical coins, the user has a digital wallet with which to store their cryptocurrency.
Bitcoin ATMs are machines that provide an easy way to buy Bitcoins. Though an online purchase is still possible and common, ATMs give you a way to walk into a location and buy Bitcoin. You can use your existing e-wallet or even create and download a paper wallet or a software wallet to your phone.
With Bitcoin ATMs, it’s possible to buy Bitcoin in an instant using cash. Some machines also let you exchange your Bitcoin for cash. The Bitcoin ATM connects the user directly with an exchange to make the transaction. They tend to have service fees of around five to seven percent, and exchange rates too can be higher, so it’s worth checking this before making a purchase.
New Machines in Liverpool and Derby
Recently, Liverpool had its first Bitcoin ATM installation. The ATM is from an operator called AlphaVend and is located at Herman Vapes on Cases Street in the middle of the city where it is expected to get a lot of foot traffic.
Meanwhile, a new Bitcoin ATM has been installed in Michaels Drink Store in Alvaston, Derby. It’s the second machine to be installed in Derby, the first being located at Dhiensa Food Store on Nightingale Road. According to the operator BCB ATM, there are more planned for the region.
Also, there are Bitcoin ATMs located in many other cities across the U.K., including Bristol, Manchester and Leeds. Birmingham has 14 while London has a whopping 104. According to CoinATMRadar, there are 153 Bitcoin ATMs across the U.K. That’s second only to Austria, who has 165. Worldwide, there are over 3,000.