Startup company Modern Tender has established a Bitcoin automated teller machine (BTM) in Boulder, Colorado. The ATM was installed at the Amante coffee shop in the city’s Baseline Road, and some residents can be seen already using the BTM.
According to company founder Eric Weissmann, he was attracted by the potential of virtual currencies to transform the currency market. He was particularly fascinated with the cryptocurrencies’ code architecture and the Blockchain technology that powers them.
“I was interested in Bitcoin and thought the Blockchain technology was revolutionary, so I wanted a foothold in the space. We reached out to Amante because we wanted a location that was upscale, easily accessible, and attractive to early adopters and the tech demographic.”
Bitcoin adoption in Colorado
There are still few BTMs that are installed and being used statewide. In total, there are 13 BTMs, including two in Boulder. Aside from Modern Tenders’, the other BTM is operated by XBTeller in the Spark Boulder tech accelerator at 1310 College Avenue.
Despite their small number, the use of BTMs has significantly increased across various states in the past few years, as a growing number of people have started to adopt cryptocurrencies. One of the possible reasons behind the adoption is the absence of regulatory oversight as transactions using the digital currencies are made outside the conventional banking system.
‘Safe haven’
Users also consider the virtual currencies as a safe haven from the existing political instability and their distrust of government-backed currencies.
These developments in the use of digital currencies like Bitcoin show that the benefits of cryptocurrencies are being appreciated by a growing number of people. It is very interesting to see if these developments will lead to the mainstream adoption of the virtual currencies in the near future.