Memphis Residents Now Have Their First Bitcoin ATM

The city of Memphis will now have a Bitcoin ATM as the firm Coinsource installs three new machines in the state of Tennessee. The company is the largest Bitcoin ATM provider in the U.S. and has averaged over one installation per week in 2016.

Memphis Bitcoin ATM One of Three in Tennessee

Memphis, in Tennessee’s southwest, will get its first Bitcoin automated teller machine. Additionally, the company Coinsource installed two Bitcoin ATMs in the city of Nashville. Coinsource has established 60 Genesis Coin brand cryptocurrency ATM across the U.S. since its inception.

“The demand for bitcoin ATMs has never been higher than it is today. The most rewarding part of our job is to answer the call when requests come in for new locations, so it is exciting to make history in Tennessee,” said Coinsource CEO and co-founder Sheffield Clark. “Our reach in the South is growing. So far, we have 60 machines across eight states, and look forward to gaining a foothold in even more new cities around the country.”

U.S.-Based Coinsource Will Soon Focus on International Expansion

According to Coin ATM Radar, there are 482 installed Bitcoin ATMs throughout the United States. Coinsource, which Clark founded in February 2015, owns a large share of these devices. Bitcoin ATMs have provided people with easier access to cryptocurrency using cash. Additionally, with an automated teller machine that dispenses bitcoin all users need is a wallet to store the funds.

Coinsource says its mission is to make “buying and selling bitcoin as immediate and natural as withdrawing or depositing fiat from a traditional ATM.” The company claims it has first-class customer support and some of the lowest transaction fees in the market. The company aims to continue to be a forerunner amongst American Bitcoin ATM providers and will soon reveal its blueprint for international expansion. The startup details the initial focus will be on countries in South America, Europe and Africa.

The Volunteer State’s New Automated Bitcoin Tellers

The first Bitcoin ATM in Memphis will be at 967 Linden Avenue within the downtown district. The two Nashville Coinsource machines are installed in Z-Marts near the Nashville International Airport, and the other north of the city center. People looking to use the devices can easily get directions from the Coinsource website, or Coin ATM Radar maps. Clark added:

Today we celebrate digital currency coming to The Volunteer State. We see huge potential for bitcoin in Tennessee and look forward to supporting the community long into the future.

Clark said due to the price rise over the past few months, there has been significant demand for bitcoin. Bitcoin ATMs will fuel this by giving people access to the cryptocurrency without needing a bank account. He believes bitcoin is a solid investment vehicle, and is pleased to offer alternative methods of buying and selling the digital currency.

“The valuation of bitcoin has risen sharply in November, and surprising election results have caused traditional market uncertainty, prompting many experts to forecast an influx of cryptocurrency adoption. Many thousands of Americans have begun to realize that bitcoin is becoming a stable payment option and a lucrative form of investment as well,” concluded Clark.

What do you think about Coinsource adding three Bitcoin ATMs in Tennessee? Let us know in the comments below.

Images via Pixabay, Coinsource, and Coin ATM Radar websites.

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