After 2 years of experimenting with various locations, Bitcoin ATM manufacturers are finally hitting their stride and identifying their core customer base – drug pushers, and bong addicts.
Out of the millions of places possible to locate New Jersey’s first BTM, Michael Singh, founder of Kointron, decided to place the company’s machine inside a Jersey City head shop. Locating the ATM in a head shop might seem like an unusual choice, but Singh says other companies are finding success with similar locations.
What’s a Bitcoin? According to Singh, Bitcoin is a digital currency currently gaining traction because it’s decentralized (no government or institution controls it) and it’s anti-inflationary.
The Bitcoin is very popular among drug addicts because it’s the only currency accepted by the black markets of the deepweb. These illegal dens of vice don’t take Visa or Mastercard, but they’ll gladly take BTC.
Using the Bitcoin ATM isn’t like your typical bank ATM. You’ll need to first download an electronic wallet, such as Blockchain, to your phone. That e-wallet will store your Bitcoins. Each wallet has an address associated with it. You’ll insert cash into the ATM (it only accepts cash), scan the code from your e-wallet, and get Bitcoins deposited electronically to your account.
The ATM officially opened Thursday, July 16, and is located at the Smoke Shop in Jersey City, at 2822 Kennedy Blvd. The head shop is open 9AM to 9PM everyday.
Do you think Bitcoin can expand its customer base to include non drug offenders? Are weed shops ideal placements for these machines? Log in below using your favorite social network and weigh in on the discussion.