— They look like ATMs and they work like ATMs.
don’t call them money machines, because these ATMs don’t
give back cash, they give back bitcoin credits and a
specializing in the cryptocurrency bitcoin are beginning
to pop up from Peoria to Mesa, Ariz., helping the
technology move from the realm of computer programmers
to the world of bank tellers.
far it’s been crypto-nerds and mathematicians and
computer science geeks that have dominated the space and
those people are absolutely needed in order to create
the technology," said Ryan Taylor, CEO of the Dash
Core Group, which is behind the cryptocurrency called
think when you prioritize and educate merchants and
consumers on the benefits, I think we’ll start to see
more and more adoption happening," Taylor said.
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the largest bitcoin ATM network in the U.S., recently
opened five new ATMs in the Valley. Currently, the
Arizona ATMs allow only one-way transactions ––
offering bitcoin credits in return for a deposit ––
but they are helping to justify cryptocurrency as a
legitimate form of cash rather than a valueless virtual
felt like there was a market there to tap into and I’m
glad we did, it’s turned out to be a really good
market so far, so were pretty excited about," said
Bobby Sharp, co-founder of Coinsource, the largest
bitcoin ATM network in the country.
said his company decided to expand operations to Arizona
in part because of the state’s fertile tech market.
mean as far as tech is concerned, you guys are through
the roof," Sharp said. "There’s a lot of
companies in the tech world, and in particular
cryptocurrency, that are going into Arizona."
with the Coinsource ATMs, Dash is one of the 10 largest
cryptocurrencies in the world. Numerous other companies
that deal with cryptocurrency and blockchain technology,
like Alt Thirty Six and Sweetbridge, are based out of
said Dash, which is affiliated with Arizona State
University, is trying to help the state become a central
location for cryptocurrency and blockchain, the secure
technology behind virtual currencies.
Kelly, a partner at the Kelly/Warner law firm in
Scottsdale, said Arizona is at the forefront of this
one of the few states that has passed legislation
related to blockchain," Kelly said. "Arizona
is becoming a safe haven for tech companies, so I expect
more favorable laws for blockchain in the future."
was referring a law signed in March, which recognizes
electronic signatures on contracts, a further
legitimization of blockchain technology.
allows users to pay for goods and services without
physical currency and because it is decentralized it
bypasses bank fees. The use of digital cash in
collaboration with blockchain technology provides added
security and transparency benefits that current
financial institutions don’t have.
financially, you can do on your own without a
middleman," Sharp said. "What I think is going
to happen is that individuals are going to be able to
is the underlying technology that allows for safe,
transparent transactions with cryptocurrency. It is a
digital ledger that tracks all purchases and allows for
open peer-to-peer review, with all transaction details
shown on a "block." The blocks are then listed
and linked in chronological order on a chain, a
said that there is "enormous potential in this
industry," but that the immediate future of the
technology and the future prices of cryptocurrency are
"very difficult to predict."
that claims that they can predict it is lying to you or
themselves," said Taylor.
many remain optimistic.
do think that it has a place and it has very specific
benefits that will help it expand quite rapidly over the
coming years," Taylor said.
standing on the edge of something with enormous
possibilities and implications." he said.
"There’s a saying in the bitcoin community: ‘To
the Moon.’ And that’s where I see the future of this