According to a Coinme report, cryptocurrency ownership improves blockchain utilization.

In a recent cryptoliteracy.org survey: Sponsored by Coinme, 28% of US respondents said they do not invest in cryptocurrencies because they do not understand the technology. Additionally, the survey found that simply owning a small amount of cryptocurrency leads to a 55.5% higher level of blockchain literacy.

This Catch-22 has been preventing widespread adoption of cryptocurrencies for a long time. A basic understanding of the blockchain technology underlying Bitcoin and other cryptocurrency assets is a big driver of adoption, but even the curious need to educate themselves about blockchain and cryptocurrencies if they don’t already own any digital assets. There are many cases where you can’t find it.

On the positive side, the report suggests that cryptocurrency uptake will increase as it becomes easier for retail investors and regular consumers to purchase and use cryptocurrencies. Options like Coinme Bitcoin ATM NetworkWith thousands of machines installed in well-established retail locations, we hope to give more people safe access to cryptocurrency, which in turn will lead to more education about the benefits and use cases of the technology.

“Empowering individuals with the knowledge to navigate the evolving landscape of digital currencies is central to our mission,” he said. Neil Bergquist, CEO and co-founder of Coinme said in a statement responding to the report. “A collaborative effort is needed to advance cryptography.”

Coinme has been at the forefront of this educational effort with the launch of Crypto Literacy Month 2021. From launching the first government-sanctioned Bitcoin ATM in the United States in 2014 to now powering the world’s largest Bitcoin ATM network, the company’s trajectory parallels the rise of the cryptocurrency. The past decade has seen a rise in mainstream relevance.

Bergquist is optimistic that this trajectory, along with increased usage on other mainstream exchanges, will continue to lead to greater public understanding of cryptocurrencies.

“I think we’re at a stage now where we actually have an education problem,” he says. “It is important to educate people about how cryptocurrencies are solving problems that currently exist in monetary systems and financial service providers.”

Find a ‘trusted way to buy’

Neil Bergquist and Michael Smyers Establishment of CoinMeBitcoin was still a niche concept, known primarily to enthusiasts and speculators, and was difficult and risky to access.

“Back in the day, you would buy Bitcoin by meeting a stranger online, going to a coffee shop, giving them cash, and giving that person a USB stick containing Bitcoin that they had likely mined on their computer,” Bergquist said. . “It is completely unregulated and potentially very dangerous. “We wanted to protect our customers and provide them with a trustworthy way to purchase Bitcoin.”

In 2014, Berquist and Smyers purchased three Bitcoin ATMs. After receiving permission for a virtual currency remittance service from a Washington state financial institution, ATMs were installed at local restaurants and shopping malls in Seattle for the first time in the United States. The surge in price from $214 to more than $1,200 in 2013 was a sign that the Bitcoin boom could grow further.

Of course, 2017 was a watershed year for cryptocurrency. When Bitcoin reached nearly $20,000, suddenly everyone wanted to get involved. And with physical ATMs providing an entry point for Bitcoin purchases, Coinme was perfectly positioned.

Soon Bergquist and Smyers realized that installing cryptocurrency-specific ATMs was too capital intensive and not enough to meet the surging demand. Instead, they decided to integrate their API into their existing ATM network through partnerships.

The pivotal deal took place in 2018. Join hands with Coinstar, famous for its coin-cashing kiosks in grocery stores. By deploying its API across Coinstar’s vast network across the U.S., Coinme has made purchasing Bitcoin as easy as inserting bills into a machine at a familiar retail store. A partnership with MoneyGram soon followed, and the company now enables cash-to-crypto transactions at over 40,000 physical locations across the United States.

Adoption through Accessibility

Coinme’s core focus is on driving cryptocurrency adoption by ensuring accessibility. The expansion of Coinstar and MoneyGram locations has democratized purchasing Bitcoin.

This plug-and-play functionality, combined with the familiarity of mainstream retailers, lowers the barrier to entry for curious new users interested in testing.

“Coinme wants to make the cash-to-crypto purchasing experience as simple as possible.” Bergquist explained The company enabled instant cryptocurrency purchases without a redemption code through its Coinstar kiosks earlier this year. “Purchase history is now linked directly to the customer’s mobile phone number and all stored in their Coinme wallet before they leave the grocery store.”

The ability to conduct cash-to-crypto and cryptocurrency-to-cash transactions at a physical location is key to driving widespread adoption. Enabling seamless Bitcoin and cryptocurrency liquidation at cash registers is a common criticism that cryptocurrencies have no real utility.

“One of the misconceptions is that you can’t buy anything with Bitcoin,” says Bergquist. “Okay, now you can liquidate your Bitcoin for cash and buy whatever you want.”

the way forward

While the 2023 cryptoliteracy.org and Coinme survey results highlight some concerning gaps in public understanding of cryptocurrencies and blockchain, Coinme and its partners such as CoinDesk are actively developing educational curricula to increase understanding. there is. Cryptoliteracy.org offers free courses and quizzes that cover everything from basic definitions of cryptocurrency terms to advanced concepts like DeFi and staking.

However, survey data shows that nothing accelerates blockchain adoption more than actual participation and cryptocurrency ownership itself. By making it easy for anyone to purchase Bitcoin at their local retailer, Coinme is providing an ideal grassroots route to entry.

“Our mission is to provide more individuals around the world with access to a better financial future through cryptocurrency,” Bergquist said in announcing his latest partnership with the company. CiNKO Digital WalletIt is a collaboration across Latin America and the Caribbean.

As a new generation of consumers hold their first cryptocurrencies and explore real-world use cases, adoption and uptake are poised to increase. While the cryptocurrency literacy gap may persist in the short term, on-site, hands-on training facilitated by access provided through Bitcoin ATMs can ultimately lead to powerful instructors.

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