Walmart has decided to install 200 Bitcoin ATMs in select store locations across the country in order to actively participate in the cryptocurrency adoption drive. People who shop at Walmart will be able to insert a banknote in exchange for a paper voucher with a redemption code. People must create an account on a cryptocurrency exchange platform and pass a background check. Coinme is the crypto-cash platform used by Walmart.
Customers will not be able to withdraw Bitcoin from their accounts at these Bitcoin ATMs. Bitcoin, the most valuable cryptocurrency in the world, is currently trading at $66,000.
Walmart intends to install around 8,000 Bitcoin ATMs in its retail stores across the United States as part of its long-term plans.
While these ATMs have the potential to help accelerate Bitcoin adoption in the United States, they charge a significant surcharge of 11% on each transaction.
The Bitcoin option accounts for 4% of the total, while the cach exchange fee accounts for the remaining 7%. On crypto exchanges like Binance and Coinbase, for example, these fees are significantly lower.