LibertyX, one of the many companies targeting the US market, has been expanding its number of Bitcoin kiosks. These vending machines let users buy cryptocurrency in exchange for cash, but offer no way to sell Bitcoin. By adding a few new kiosks, the company now owns 16 Bitcoin kiosks in the Miami area.
The vast majority of Bitcoin ATMs are located in the United States, which is not overly surprising. Most of the cryptocurrency efforts are focused on the same region, which is somewhat strange. Bitcoin is not necessarily going to make a big impact in developed countries, although that is a topic of debate for a different date.
Business must be booming for most of the Bitcoin ATM operators, though. LibertyX, a company focusing on providing Bitcoin kiosks services to customers, is trying to gain more ground in the Miami area. By operating machines where users can buy cryptocurrency with cash, there is a good chance to make a lot of money over time.
At the same time, there is a fine balance to strike between servicing a market, and creating oversaturation. LibertyX is seemingly on the brink of doing the latter, as they now operate 16 different Bitcoin kiosks in Miami and its suburbs. It is difficult to picture such a growing demand for Bitcoin in the area.
As one would come to expect from these Bitcoin kiosks, the transaction fees are mostly the same. However, there are some differences between some machines. Most kiosks charge a 4% fee for buying Bitcoin, which is lower than other regions. At the same time, some devices charge 5% or even 7% on top of the current market price.
This is quite an exciting development, as it would be in the best interest of LibertyX to charge the lowest fees possible for every device. However, those kiosks which seem to be in “favorable areas” charge higher fees, which is a smart business decision. It will be interesting to see how this scenario develops further.
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