Cryptocurrency ATMs are an intriguing way to introduce everyday consumers to Bitcoin. Having a convenient way and interface to purchase Bitcoin with cash has been somewhat successful, even with the higher fees common among ATMs. It now appears the Ethereum ATMs are trying to make an impact as well. Toronto has seen their first few machines of this kind installed earlier this week. It is an interesting idea, but can it gain any traction? Ethereum ATMs Arrive in Toronto Some Bitcoin ATM manufacturers are looking to start supporting altcoins as well. Lamassu seems to be leaning toward introducing altcoin support in
Cryptocurrency ATMs are an intriguing way to introduce everyday consumers to Bitcoin. Having a convenient way and interface to purchase Bitcoin with cash has been somewhat successful, even with the higher fees common among ATMs. It now appears the Ethereum ATMs are trying to make an impact as well. Toronto has seen their first few machines of this kind installed earlier this week. It is an interesting idea, but can it gain any traction?
Ethereum ATMs Arrive in Toronto
Some Bitcoin ATM manufacturers are looking to start supporting altcoins as well. Lamassu seems to be leaning toward introducing altcoin support in the near future. We have documented how some altcoins are somewhat popular in the ATM scene, although Ethereum was not doing all too well at that time. It seemed there was a large demand for Litecoin, but other alternative cryptocurrencies were not getting much love from the average person.
LocalCoinATM thinks now is the time to bring Ethereum ATMs to the masses. The company unveiled a few different machines spread out across Toronto in Canada. Several locations now support Ethereum, although the company has a few machines which did not receive this update yet. It will be interesting to see if this venture will be successful. Some people have a tough time wrapping their head around Bitcoin. They may struggle with an alternative currency which is even more technology-oriented than the king of cryptocurrencies.
The decision to introduce these Ethereum ATMs in Toronto is calculated. The city is well-known for its Ethereum Meetups and activity surrounding this particular cryptocurrency. Vitalik Buterin also lived in Canada and was an active member of the Toronto Bitcoin scene before he started developing Ethereum a few years ago. The city is home to a few different cryptocurrency ATMs, most of which are operated by LocalCoinATM. Adding Ether support to six of these machines will be an intriguing experiment.
Ethereum’s price is also a driving factor for this sudden decision. Throughout the year 2017, the price of Ether has surged quite a bit. Going from under $20 to nearly $400 in the span of a few months has brought a lot of positive attention to this particular ecosystem. Ever since that time, the Ethereum price has declined a bit, but it is going back up slowly these past few days. This means more people may start to pay attention to Ethereum and could even end up purchasing a small amount of this cryptocurrency. An Ethereum ATM would be a more convenient way, instead of signing up for an exchange and going through a lengthy verification process.
The usefulness of cryptocurrency ATMs has yet to be proven. Although we are big fans of this concept, the rest of the world is less than amused by the concept of buying Bitcoin -or Ethereum– from a machine that accepts cash payments. Cryptocurrency is still a niche market dominated by speculators and people who can manipulate prices. The real-life use cases for Bitcoin and Ethereum are very limited at best. Then again, that situation could change overnight and people will be glad there are cryptocurrency ATMs around when this shift happens.
Having a wider variety of cryptocurrency ATMs is a good idea, although it remains to be sene if there is any demand for it in the first place. So far, it seems LocalCoinATM is trying to remain ahead of market demand and ensure the infrastructure is in place first and foremost. We wish them the best of luck with this effort, as it certainly has a lot of potential for the long run. Ethereum is finding its own place in the cryptocurrency and will always have its loyal supporters. The bigger question is whether or not we will see other Ethereum ATMs around the world in the future.