Word has it that Bitcoin of America will be expanding their services in five major U.S. cities within the next few months. The company, originating out of Chicago, IL, plans to provide new Bitcoin Teller Machines in Cleveland, Los Angeles, New Orleans, Philadelphia, and Washington D.C.
Bitcoin of America already has some BTMs in Cleveland and Los Angeles. These machines are designed to provide regular people with the ability to buy and sell cryptocurrencies, such as Bitcoin, without the aid of an intermediary. The company currently operates 32 BTMs in St. Louis, Los Angeles, Indianapolis, Columbus, Detroit, Chicago, Cleveland, and Baltimore.
BTMs are somewhat similar to traditional ATMs, but they serve a completely different purpose. Rather than providing people with access to their bank accounts, they are designed to buy and sell Bitcoin and other digital currencies. Buying and selling Bitcoin is simple and convenient for the end user, with the aid of these machines. A potential customer can use cash or the Bitcoin Wallet app on their phone to purchase Bitcoin without needing a bank account or debit card.
Bitcoin is largely thought of as the first cryptocurrency. Although there were previous ideas for virtual currency, they were never fully created. Now there are hundreds of digital currencies available. The main idea behind these digital currencies is to establish a freely exchangeable form of currency that is completely digital and secured by encryption.
However, people still encounter many problems when it comes to the buying and selling of cryptocurrency today, which is the reason why businesses like Bitcoin of America have been established. The company hopes to simplify digital money transactions, to make them more easily accessible to a larger range of people.
Bitcoin of America is registered with the United States Department of the Treasury as a money services company and operates as a cryptocurrency exchange. The company helps members of the public to purchase and sell digital money, like Bitcoin, without an intermediary.