One of the drawbacks associated with Bitcoin ATMs is how users have to pay a high fee for buying or selling digital currency. But the future of these devices might not be in the sector of dispensing cash or Bitcoin in the traditional sense, as they can be used for remittance purposes as well. In fact, these devices make remittance affordable and approachable to anyone in the world.
Using A Bitcoin ATM For Remittance Purposes
It is not the first time the topic of using Bitcoin ATMs for remittance purposes comes up. Robocoin, once a Bitcoin ATM hardware manufacturer, has recently revamped their business model to offer more software solutions. One of those solutions revolves around the remittance market. However, the idea ran into a lot of negative feedback, as the company would be the centralized party in the remittance network.
But that does not mean this idea should be abandoned altogether, as there is an exciting future ahead to use Bitcoin ATMs for remittance purposes. Considering how these devices can be found all over the world, the network for sending money to virtually any country has already been put in place.
There are still some issues to work out, though. For instance, the fees associated with both buying and selling digital currency through these devices is far too expensive to make it a viable remittance solution. Then again, it is possible to find devices with lower fees, which would make a more suitable candidate to send and receive money all over the world.
Considering there are no banks involved in the Bitcoin ATM process, there is no reason to keep fees on the high side either, as no intermediaries are taking their “cut” of the money transfer. This creates an interesting scenario that is well worth exploring, although it will take some time until these devices will be used for remittance purposes, if ever.
The blockchain which powers the Bitcoin network can indeed be used for remittance solutions through Bitcoin ATMs. After all, bank teller machines offer a feature to complete wire transfers by using touchscreen menus, so it would not be the first time such a concept is created. In the end, it will come down to finding a way to decentralize the money transfer solution, rather than having software manufacturers monopolize the protocol.
Source: Coin ATM Radar
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