Chief Bitcoin Cash (BCH) proponent, Roger Ver, has unveiled what he describes as the “very first” exclusively Bitcoin Cash ATM.
Although unconfirmed, it seems that the device is in St. John’s, the capital of Antigua and Barbuda. Given the prior existence of other BCH-only machines, it’s not exactly clear why Ver referred to the terminal as being the first. It may be that the device is the first in the Caribbean.
Alternatively, Ver might mean that the BCH ATM is the first to collaborate with Purse.io. The partnership will allow users to make savings when shopping online at Amazon.com.
By offering savings when spending cryptocurrency, the new ATMs may help encourage greater use of the digital currency as a medium of exchange.
Roger Ver Celebrates “Very First” Bitcoin Cash-Only ATMs
Many of the devices already support transactions involving Bitcoin Cash, along with other digital assets. According to CoinATMRadar.com, for example, there are currently more than 3,500 ATMs dotted around the planet that already allow that today.
Early on Tuesday 29 Sep, Roger Ver announced the arrival via his Twitter feed:
As visible in Ver’s tweet, the new devices sport the URL of the pro-BCH publication, Bitcoin.com. Meanwhile, what appears to be the machine’s default screen features Bitcoin Cash’s green branding.
In a 2019 interview with Bitcoin.com, BCH proponent Hayden Otto, the CEO of BitcoinBCH.com, claimed there to be “many” BCH-only ATMs in Queensland, Australia.
It, therefore, remains unclear if Ver is simply mistaken; if the device is the first for the Caribbean or Antigua and Barbuda; or if it’s the first to benefit from Purse.io integration.
Bitcoin as a Medium of Exchange or Store of Value?
Typically, proponents of Bitcoin Cash, Ver included, support the use of cryptocurrency as a means of payment first and foremost. For a cryptocurrency to be an effective medium of exchange, transaction fees would need to remain low.
To achieve this, BCH supporters reason that each block of the Bitcoin blockchain needs to be larger than 1MB. Others oppose this stance. Larger blocks would demand greater data storage capacity when running a full node.
Since computational memory costs money, those opposed to increases in the block size claim that upping the limit would result in greater centralization on the network. And increased centralization would make Bitcoin less resistant to change.
This could potentially jeopardize the digital currency’s main value propositions – namely its 21 million hard cap and its unsurpassed censorship resistance.
Unable to reconcile ongoing differences, a Bitcoin network split took place in Aug. 2017, creating Bitcoin Cash in the process.
Will Bitcoin Cash ATMs Help the Struggling Cryptocurrency?
Since the fork, Roger Ver has consistently attempted to promote Bitcoin Cash as a medium of exchange. However, economic activity on the network suggests that few people are using it as such.
According to BitInfoCharts.com, the BCH network processed just over 23,000 transactions on Sept. 28. Bitcoin (BTC), by comparison, processed more than 295,000 transactions on the same day.
The new Bitcoin Cash ATM terminals appear to be a renewed effort to promote the lagging project. Thanks to a collaboration with cryptocurrency marketplace Purse.io, users of the new machines will be able to make savings when shopping online.
Purse.io works by connecting those wanting to sell Amazon gift cards for cryptocurrency. Users import an Amazon Wishlist and set the discounts they would like to benefit from.
So-called “Earners” then make the exchange, allowing the shopper to buy their desired items for cheaper than the actual listing price.
It remains to be seen whether Ver’s latest effort to promote Bitcoin Cash will encourage greater usage of the network as a medium of exchange.