Opening of the first Bitcoin ATM in Britain
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Answer Opening of the first Bitcoin ATM in Britain
The first Bitcoin ATM has arrived in Shropshire, UK. The machine has been installed at the “Red” Lion Service Station by Bitchains, which seeks to build automated teller machines in several English towns and villages.
Bitchains Expansion Plans
A Bitcoin ATM has been installed at a Wellington gas station. The company behind the installation of the new device is known as Bitchains and is headquartered in Church Stretton and has big plans for expansion starting with rural areas in England and beyond.
Bitchains media spokesperson Jack Chandler spoke to the Shropshire Star about the decision to target smaller areas, saying, “We are aiming to reach more remote areas to install our ATMs to spread the knowledge and importance of crypto transactions.” Chandler explained that the company is committed to developing the currency. Bitcoin as the world’s reserve currency. “The company is focused on making it as easy as possible for non-specialists and people who are not deep into financial innovation,” he said.Read:FTX Corporation Announces Collapsed Collateral Value and Sequoia Apologizes to Investors
The automated teller machine installed at the Red Lion Service station is the first of about 10 such machines the company plans to install in Shropshire and around the West Midlands, and Chandler hopes to do so by the end of the year.
In addition to the dominant cryptocurrency (Bitcoin), users of the new ATMs can buy Ethereum and Litecoin and the machine will even help people create their first digital asset portfolio to store their investments.
The company’s media spokesperson spoke about the potential future of digital currencies based on blockchain technology and the importance of rapid adoption by individuals and companies alike, saying:
“People and companies really need to start using cryptocurrencies and join the blockchain technology and the sooner everyone gets to adopt and enter this field as the better the safer and more independent it is to finance.. I feel it is increasingly important for this message to reach the people who may have previously thought it was a good thing. Extremely unlikely or those who have misconceptions about Bitcoin. “
So far, the new ATMs join nearly 3,500 similar machines spread across the world. Of that number there are now only 180 in the UK. However, Chandler hopes Bitchain will be able to change those numbers in the coming years.Read:Report: Bitcoin whales have been actively selling their holdings in the past hours
The company initially plans to target rural areas to help spread knowledge of cryptocurrencies. After that, they hope to move to more urban centers such as Stoke, Birmingham and Manchester.
Previously, most efforts to install Bitcoin ATMs focused on large cities. In fact, many American cities already have at least one unit. Perhaps with the help of Bitchains, the UK will have similar coverage soon.
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