The Bitcoin ATM industry is unlikely to survive in its current form, says Devon Watson, vice president of global financial services provider Diebold.
The future of Bitcoin ATMs according to the crypto trader review
In a recent crypto trader review, Bitcoin ATM manufacturer Watson talked about the uncertain future of Bitcoin ATMs. Since the end of 2013, Watson has been building special machines to convert Fiat money into digital currency. Today, more than 400 Bitcoin machines are in operation worldwide. According to the CoinDesk Q3 State of Bitcoin report, the number of machines even doubled last year.
However, Watson believes that the underlying model of crypto trader review Bitcoin vending machines is “poor” and unlikely to become a competitive product compared to Diebold’s traditional offerings. The vending machines would only offer a small market share.
“Bitcoin ATMs] offer only one benefit to the customer, whereas the majority of ATMs offer a variety of possible transactions and requirements,” Watson CoinDesk said last week at Money20/20 in Las Vegas. He also said:
“I think it’s fair to say it’s difficult with just one feature.”
Digital financial services
Watson believes his business experiment has successfully shown that with the advent of digital financial services it is still necessary to provide physical devices.
According to Watson, Diebold has researched the blockchain and whether it can be used for “transactional purposes,” including the withdrawal and transfer of digital currencies.
He called the exploration of such opportunities an “area of interest” for the company, but that depends mainly on the needs of customers.
“We have reached the point where banks do not accept the Bitcoin for such use cases, but there is sufficient visibility to see how these things come together,” he continued.
If demand demands it, then implementing the technology should be the “easier part” for the company, Watson said. He was less explicit about internal testing conducted at Diebold, but admitted that the company has not released a “customer-focused product” regarding Bitcoin or Blockchain.
“For us, it’s about when and how it makes sense,” he said.