Bitcoin ATM’s are increasingly appearing around metro-Detroit. The machines allow users to exchange cash for the crypto-currency. Bitcoin of America has eight terminals in metro-Detroit. CEO Sonny says bitcoin ATM’s cater to those with little, or no access to traditional banking systems.
“That’s really what it’s there for where someone can be able to make that payment across the United States or across wherever they’re sending that payment to and all they got to do is really just find the nearest bitcoin machine near them.”
Bitcoin is a speculative, decentralized currency that is typically not used for everyday transactions. Bitcoin of America operates bitcoin exchange kiosks in eleven cities nationwide.
University of Michigan Ross School of Business professor Andrew Wu doubts that the bitcoin machines are beneficial to users.
And actually, for the bitcoin users—in especially inner cities—for these ATMs, that’s a lot more puzzling. Because if they know how these things actually work, they probably wouldn’t use a bitcoin ATM to buy and sell bitcoin. Which means that they don’t.
Wu says most bitcoin ATM transactions involve relatively small amounts. He suggests users purchase bitcoin online rather than use a terminal.