Walmart and cryptos: in the past this had caused quite a stir in the crypto sector. In cooperation with Coinstar and the crypto exchange Coinme, Walmart dares to experiment with setting up Bitcoin machines. Bloomberg even reports up to 8,000 Bitcoin machines that are being planned. It’s not the first time Walmart has encountered the crypto industry. The fact that Walmart is really promoting Bitcoin adoption is, however.
Users see Bitcoin ATMs critical due to fee structure
A Coinme account and verification are required to use the machines. Only then can the Bitcoin machine be used spontaneously. At a Bitcoin machine, users can deposit fiat money in order to receive a voucher with Bitcoin. Bitcoin ATMs are not new to grocery stores – at least not in the US. In any case, North America is the continent with the largest number of Bitcoin machines. Around 93.5 percent of all Bitcoin ATMs are in operation there, according to Finbold.
Bitcoin adoption will further advanced by more and more Bitcoin ATMs. Even if the crypto community largely honors this development, the fees in particular are a thorn in the side of the users. With a Bitcoin machine there are fees of around eleven percent. Conventional crypto exchanges such as Coinbase or Binance are significantly cheaper for customers in this regard.
How important are cryptos for Walmart?
Walmart had already submitted an application for blockchain-based drones in 2019 – however, this project has not materialized since then. Nevertheless, with a job advertisement a few months ago, Walmart made it clear that they would continue to research cryptos. A job advertisement was advertised to find a person with blockchain expertise who would drive the company forward in this sector.
Another special incident in the crypto sector was an alleged press release from Walmart. In an official announcement it was announced that Walmart would accept the crypto currency Litecoin (LTC) for online purchases in the future. A little later it turned out that the press release was a fake. The Litecoin rate had risen by around 35 percent within an hour, but fell again just as quickly. Walmart is currently investigating how this fake press release could come about. With the Bitcoin machines, however, it is a verified message.