Bitcoin 'vending machine' has a quiet first birthday

[Abstract] The first anniversary of the Bitcoin vending machine is worth celebrating, but it is also a bit sad, because the lack of interest shows that Bitcoin has not entered the homes of ordinary people and has not become a part of daily life.

The bitcoin machine, supplied by Manchester-based Laumasu, was installed at a local retail store called Route 101 in Marlborough, Keene, a region long known as a hotbed for bitcoin.

    Last week, the retail store celebrated the one-year anniversary of the Bitcoin ATM, which Ian Freeman prefers to call a "Bitcoin vending machine."

    Freeman is a local Bitcoin supporter who also hosts a radio show advocating for a "free state policy," which has caused him a lot of conflicts with local police. He calls himself a pastor of the "Freedom Church" and has been fighting against the tax system in Keene. He said that the Bitcoin vending machine was donated to the retail store by the church.

    For Freeman, the first anniversary of the bitcoin vending machine is cause for celebration, but also a little poignant, because the lack of interest shows that bitcoin has not yet entered the homes of ordinary people and has not become a part of daily life.

    Although Bitcoin has been considered the future of currency in recent years, the number of retail stores that accept Bitcoin payments is very small, even in the state known as a "Bitcoin hotbed."

     At one time there were several public Bitcoin machines in the area, but according to reports, some have either disappeared or been shut down.

     Neal Conner, Lamassu's customer service manager, said the company currently has 138 machines in operation around the world, with customers in more than 40 countries. The first machine was installed at South Station, which has become a popular destination because of its high traffic. The company plans to install the machines in convenience stores across the country.

     In the big picture, Bitcoin is doing well. This digital currency, which is not controlled by any government, bank or regulator, relies on complex digital settlements. Its value continues to rise and more and more places are beginning to accept it. The blockchain technology that supports Bitcoin is increasingly being used in all walks of life.

     So why is no one celebrating its birthday?

     Freeman believes that Bitcoin still needs a killer application to attract public attention. Unless you are attracted by the "anti-government" nature of Bitcoin or want to hold it for speculation, the value of Bitcoin is not so obvious to many people.

    Freeman also mentioned that many merchants currently offer discounts for paying with Bitcoin, such as Starbucks and Amazon. Compared with credit cards and traditional bank cards, using Bitcoin can reduce transaction fees for retailers.

     The downside of Bitcoin machines is that they may have to be shut down due to technical issues or they may be shut down due to regulatory policies.

     Cost is also something to consider.

     Each Lamassu machine costs $6,500. For the Keene machine, for example, there is a 5% fee, 1% to pay the store, 1% to buy bitcoins , and 1% for technology costs. With a revenue of $10,000 for one machine in October, that means only $200 is needed to cover the cost of the machine—although that’s not as bad as it sounds, because Freeman has been buying and using it.