Bitcoin began to be produced electronically in 2009. The computer-based “cryptocurrency” has since become a global phenomenon.
While Bitcoin and other digital currencies remain a mystery to many, they spawned a lucrative international industry and now have a presence in local convenience and grocery stores.
Area IGA stores and three gas stations in Monroe County now have ATM-like kiosks which allow users to buy and sell different cryptocurrencies, including Bitcoin.
A cryptocurrency is a digital or virtual currency protected by computer-based cryptography, which makes it nearly impossible to counterfeit or otherwise manipulate. Most transactions are completed online, with purchases kept in a “digital wallet.” The kiosks allow users to buy cryptocurrency through a secure network using cash or receiving cash from the machine when selling.
Craig Norrenberns, manager of the Millstadt and Red Bud IGA stores, told the Republic-Times that the machines were placed in stores through UNFI, IGA’s food-distribution provider.
Norrenberns said UNFI entered a business agreement to place the kiosks in stores of the company’s clients. He explained the process as similar to placement of propane tank rental stations found at many stores.
Norrenberg described activity at the kiosks as “slower so far.”
Chris Rico of Sumbits, a St. Louis company that provides cryptocurrency machine services in Missouri, explained the benefits of using a “currency exchange kiosk” rather than a computer to buy and sell cryptocurrency.
One reason to use the physical machine is speed. He said that purchasing transactions generally take less than an hour to complete. Online trading of cryptocurrency also requires “linking approvals” and other barriers to speedy transactions, according to Rico.
He also noted that a kiosk-based exchange carries less risk than its…
