5,000 Bitcoin ATMs Add Withdrawal Option – Libertyx sees strong adoption

Libertyx has added a withdrawal option to its 5,000 bitcoin ATMs. The CEO says this addition triples the number of bitcoin ATMs that allow users to cash out their bitcoins. It shares its business model with news.Bitcoin.com, providing insight into the usage trends of the bitcoin ATMs it is seeing.

5,000 Bitcoin ATMs now with withdrawal option

Bitcoin ATM operator Libertyx announced Monday that 5,000 ATMs in its network now allow users to cash out their bitcoins. In addition to the vast network of bitcoin ATMs (BTMs) in the United States, Libertyx allows customers to purchase bitcoins at 20,000 convenient stores, including 7-Eleven, CVS and Rite Aid.

“While it has never been easier to buy bitcoin, selling is another story,” said Chris Yim, CEO of Libertyx. Has elaborated:

There are nearly 15,000 bitcoin ATMs in the United States, but fewer than 2,000 allow consumers to sell bitcoin for cash … Our “cash-out” product spread across 5,000 ATMs triples the number of bitcoin ATMs where consumers can sell bitcoins .

Yim confirmed Tuesday to news.Bitcoin.com that “there is no longer a waiting list” for buying bitcoins at 20,000 chain stores, including 7-Eleven, CVS and Rite Aid. “We are extending the 0% conversion fee promotion to chain retailers for the foreseeable future, so the only fee is the $ 4.95 flat rate paid to the retailer,” he added.

The CEO also explained why his business model differs from other bitcoin ATM businesses. “The traditional BTM ROI doesn’t justify spending $ 10,000 + on a car in a city of 15,000 people, but we’ve been able to tap into that underserved market with our ATMs and retailer chain integrations,” he described. . “Because we leverage existing hardware and infrastructure, our costs are much lower than for BTM operators (who have to buy $ 10,000 or more kiosks and place them). Our fees range from 1.5% (CVS, Rite Aid) to 8% (debit card at ATM), which is below the BTM average of 12-20%. “

Yim also shared with news.Bitcoin.com: “With no interest earned at most banks and a volatile stock and job market, there is a growing consumer appetite for an unrelated asset with a potential return profile. asymmetrical lottery ticket. People aren’t investing their life savings in bitcoin, but rather dabbling, trying to get some exposure and going from there. ” He continued:

Customers usually buy $ 20-50 initially and feel comfortable with wallets, confirmation times, etc. Then they come back and buy more … We continue to see growing demand for bitcoin across the country, and particularly strong adoption in rural and suburban markets.

However, Libertyx’s bitcoin ATMs are not listed on the leading Coinatmradar cryptocurrency ATM tracking website. “They will only list kiosks that exclusively sell cryptocurrencies and not those that only sell cryptocurrencies [offer] other services such as traditional ATMs, “he explained.” They will only feature kiosks that accept cash. They have offered to put us under ‘Other Services’ but it is not available for search or displayed by default in their locator. “

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