Baton Rouge's first ATM for Bitcoin brought about a visible exchange for users of decentralized digital money. However, it remains unclear how many markets exist for Bitcoin in the Baton Rouge area.
Earlier this month, Will Haynie, a New Orleans merchant operating the ATM Bitcoin with his brother, installed a Genesis Coin ATM at American Market, a grocery store at 5251 Nicholson.
Haynie had other machines in New Orleans and had plans for one in Shreveport or Baton Rouge in the near future. These machines allow one-way transactions where users can buy Bitcoin in cash but not cash for Bitcoin.
Quantifying the local Bitcoin market is a challenge. Haynie says that his ATMs have had solid traffic so far, but declined to provide specific figures. The money is aimed at younger people, Haynie says, noting that the ATM is near the LSU campus. Hayne obtained a fee of 8% for the transaction.
Users do not need an ATM to buy Bitcoin. They were able to buy the coin by purchasing an online account on a large transaction, but Haynie said the ATMs made the process simple. Users must set up a digital wallet and go through verification via SMS or have their drivers license scanned, depending on the size of the transaction. Then, users insert cash and get Bitcoin.
"It's internet cash," says Hayne. "Anything you can pay online, you can pay for with Bitcoin ... a lot of big companies accept it."
Currently, a Bitcoin is worth about $ 1,065, and users can purchase a portion of a single Bitcoin. The digital currency is not authorized and is not run by any bank. Bitcoin has been around the world for several years now, and some Baton Rouge companies have announced they will start accepting the money.
Bryan Jeansonne, a local real estate lawyer, announced in early 2014 that he would start accepting the coin and other businesses. The Republican Party of Louisiana even began accepting Bitcoin's contributions.
Jeansonne says he hopes to attract people from other countries where currencies may be unstable, and low fees make the currency attractive.
"We still accept it," he said. "But nobody ever uses it."
Grant Bourque, a local software engineer, received Bitcoin a few years ago and is currently participating in the local Bitcoin user's Facebook page. He said the technology behind the currency had dragged him to Bitcoin. Although he mainly saves his Bitcoins, he uses some to buy things like gifts, ebooks, games, shirts and the like. A few years ago, Bourque went to a Bitcoin conference and paid for his ticket with the money.
Bourque said in an email: "I appreciate the creativity that has created a global digital cash system that no entity controls." I think it's a cheaper and safer way to send money. For anyone over the internet. "
I wish we had some of the ATM in Africa. It would really cut down cost
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