Bitcoin ATMs are a revolutionary technology, and Bitcoin vending machines may just be one more way cryptocurrencies slip into mainstream society. As blockchain technology becomes more understood, industries are racing to find practical applications in their given fields. Bitcoin vending machines allow for a variety of industries to test out whether the public will engage with machines that offer cryptocurrency as a payment method.
A Bitcoin Vending Machine for Beer?
One of the most widely-known cases of a proposed cryptocurrency vending machine was done by a San Francisco-based company called Civic. Civic partnered with Anheuser-Busch to create a beer vending machine that accepts Bitcoin. The company claimed that it had no intentions of getting into the beer-vending business full-time. Instead, they focused on harnessing the power of blockchain-based identity verification.
As you may know, the blockchain is a decentralized public ledger that is the backbone of all cryptocurrencies. Though most associate the blockchain with verifying transactions between currencies, it is possible to digitize and insert any document into the blockchain. Civic used the blockchain to verify the age of customers who were interested in buying a beer.
What This Bitcoin Vending Machine Means For Blockchain Technology
Although the end product wouldn’t be what it sounds like per se—a beer machine that accepts Bitcoin and dispenses beer in exchange—the implications of this project are still exciting. Blockchain offers many real-world applications that greatly improve the way things are done in a large variety of industries.
Blockchain also offers applications in the way of cybersecurity. Since the blockchain is a digital ledger that’s spread across a secure network of computers, or nodes, several copies of a single piece of data exist all at once. That makes a single piece of information difficult to alter because the system cross-checks each copy instantly. Any tampering is instantly flagged and can be dealt with accordingly. On top of that, the information is more difficult to access anyways.
Widespread Adoption of Cryptocurrency
The ultimate goal of many in the crypto community is to spread the use of cryptocurrency by integrating it within different systems and industries. Bitcoin vending machines create a perfect outlet for businesses to test out the validity of cryptocurrency in the marketplace. Today, as cryptocurrency ATMs in the Gulf South and beyond become more popular, more people will have easy access to at least Bitcoin, Litecoin, and Ethereum. Even a few years ago, there were different types of vending machines that accepted Bitcoin.
Benefits of Bitcoin Vending Machines
Just like any currency, widespread adoption of crypto is vital for growth. One of the main obstacles that people run into when deciding to purchase or invest in cryptocurrencies is that they don’t see any practical use. With the advent of Bitcoin vending machines, not only will people see an immediate practical use, but the product will be immediately available as well. Crypto vending machines help push Bitcoin and other cryptocurrencies further into mainstream society.
Even though Bitcoin vending machines aren’t as common yet as they will be in the future, there are already several small businesses that have begun accepting Bitcoin and other cryptocurrencies across the world.
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