In a move that sounds like it is straight out of a video game, Bitcoin is moving into the ATM industry. The still emerging digital currency that you may or may not have heard about (it’s not like they run commercials) is coming into its own as a way to access your money without being regulated by a federally-backed financial institution. The ATM’s are called Robocoin machines and they allow consumers to purchase bitcoins or have their funds directed to a private account. The question many are asking is can this cutting edge, yet rather odd currency go mainstream? Read on for a look at the latest on bitcoin and see whether this is a fad or the real deal.
Will Bitcoin Go Mainstream?
While Bitcoin may catch on with the younger generations in certain areas, it does not seem likely that Bitcoin would officially go mainstream. Citizens are protective of their finances and their identity. To those not familiar with the concept of technology behind Bitcoin, this idea could be a bit intimidating. After all, for decades, consumers have been able to withdraw cash from their bank. The idea of a bitcoin may be a bit too high tech. Bitcoin could definitely catch on with consumers who are open to new technology and are looking for new and innovative ways to secure their financial and identifiable information. Only time will tell if Bitcoin will go mainstream, but it will certainly have to convince the masses of it’s worth.
Why the Bitcoin Technology is Still a Bit Sketchy
While many people are still learning about bitcoin, there are some groups that readily use this technology to make private purchases without having their identity tied to their transaction. Groups such as companies, corporations, and unfortunately, criminals. According to an article released by Slate.com, bitcoins have played a major role is a variety of cyber theft crimes, and held the victims’ accounts hostage until a ransom amount was paid.
Opens the Doors for Other Entrepreneurs
Bitcoin does open the doors for other entrepreneurs to create a universal currency that is well guarded, privately issued and not monitored by a federal agency. While the world is still trying to decide whether bitcoin is a good idea or not, other entrepreneurs, developers and tech gurus have an opportunity to bring forth new and exciting ideas that can help make the financial world a bit safer.
Maggie Gregg spent years working in accounting and tax planning before becoming a top financial blogger. In addition to covering money and the internet, Maggie has written about investing, lending, and even reviewed financial commercials and advertising.