Crypto adoption
Cryptocurrencies are a relatively new phenomenon, at least they are newer than most fiat, which they intended to replace, gold, which they have gone head-to-head with as a store of value, and they have also gained waves in several areas of world finance by providing a decentralized way to transact and earn passively. Most countries have not taken a position on either supporting or opposing digital trading. Only a few countries like Bangladesh, Russia, Egypt, Morocco, Nigeria, and North Macedonia have followed China’s prohibition of cryptocurrency trading. El Salvador has also openly accepted cryptocurrencies as a legal tender, while major countries like the United States are still cagey about their cryptocurrencies. Even with this, several states and cities have been adopting cryptocurrencies in various capacities. Texas mayor publicly announced it would incentivize crypto mining activities in the state to accommodate miners exiled from China. The Miami governor has announced he will collect his next salaries in BItcoin and is working on providing the option for government officials. The race for the first crypto city is also getting hotter, with El Salvador and some European countries fighting to be the first crypto city in the world. Several bitcoin ATMs have also been found in several places in the US, not counting the new German coalition advocating for a balance between traditional finance and other financial innovative means. All these create alternative means for and, subsequently, other altcoins to be transacted, creating a surge in massive crypto adoption.
US city with bitcoin ATM
For this article, we will be looking at a recent news article which stated that the city of Williston in North Dakota would be installing automated teller machines, first in its international airport, the Williston Basin International Airport, and then to the rest of the city, as a latest attempt to increase crypto adoption. This is a good innovation for the cryptocurrency industry as over 40 tokens will be offered as crypto payment alternatives on these Bitcoin ATM machines. Bitcoin, Ethereum, Litecoin, and even meme coins, Shiba Inu, and dogecoin are five of the forty tokens tradeable on these BTC atm machines.
To get this done, the city of Williston is collaborating with Coin Cloud, a crypto service platform. Coin Cloud will supply the digital machines to the city. The project collaborator was selectively chosen because it includes 39 other tokens after bitcoin, making traditional bitcoin ATMs unsuitable for this project.
In an interview with Cointelegraph, Hercules Cummings, who acts as the current finance director for the City of Williston, explained to Cointelegraph that this might be the pioneering case of crypto withdrawal like the traditional means backed by a government effort. The aim is for a spike in the volume of cryptocurrency trading within the city.
The initial location of the bitcoin atm would be at the airport, where it is believed to have more demand, and next, the city hall, before allowing its citizens to post using captions like ‘BTC atm near me’ with the city-wide pushing of the crypto ATM.
Although the city would provide the means for crypto trading and withdrawal, it would not act as custodians of the tokens, nor will the government manage any crypto transaction; rather, it is clearly stated that it will be important for handling buying and crypto to fiat withdrawals.
This is not the first time the city of Williston will be on the news for innovative crypto adoption ideas. Earlier in May, the city partnered with BitPay, a renowned crypto payment firm, to help facilitate the process of bitcoin acceptance for paying utility bills. The idea is so natural and insightful as bitcoin is not the only token that can be used to pay for utility in the city; bitcoin, Ethereum, and doge are the major tokens on the list.
Asked why these measures are being put in place, the city’s financial director claimed that it is meant to increase curiosity for non-adept crypto users and more crypto adoption for experienced traders. It seems the race for crypto adoption is getting bigger as it is clear the city of Williston doesn’t want to be left behind in this crypto revolution.
The future of bitcoin and cryptocurrencies
While we can speculate on the future of bitcoin and other cryptocurrencies, controversies will always abound around till it gets a foothold. The unfounded lawsuit on tether is a subtle proof of this. While we need to keep using cryptocurrency exchanges like , Binance, and coinbase to push adoption by making tokens tradeable, the need for mass means of adoption has been an issue of concern in the crypto space. Most of the upgrades we have seen have been encouraging, as there are now new means to push cryptocurrencies in the mind space of Americans and the world at large. The growth of cryptocurrencies is two-sided as, first, the emergence of the defi space has made cryptocurrencies advantageous to traditional investors. Then, the various attempts to push cryptocurrencies in our everyday lives have been a success so far. America will be a focal point of these developments following the ban on crypto activities in china, where cryptocurrencies gained the largest market share. Western Europe will be another major player in the future of cryptocurrencies, being one of the two-braided cords holding the future of cryptocurrencies.
The fight for or against cryptocurrencies will not end soon, and most of the world’s governments are still unclear as to what classification cryptocurrencies and other blockchain proponents will fall under. This has led to their prolonged silence on the matter. The threat to national economics and finance is clear, but harshly legislating an asset that has this much hype is likened to trying to stop a moving train. Williston has just started in its quest for a crypto-inclusive city, and with time, other cities both in the USA and all over the world will follow suit.