Bitcoin ATMs are often considered to be a great tool as they make cryptocurrency access more hassle-free for everyone. In Mississippi, two enthusiasts have set up the state’s first Bitcoin ATM, even though they had to jump through several hoops to do so.
Mississippi’s FIrst Bitcoin ATM
Given the vast number of Bitcoin ATMs available across the United States, one would expect every state to offer access to such devices. That is not entirely the case, as the state of Mississippi did not offer access to a Bitcoin ATM until very recently.
In Hattiesburg, the state’s first Bitcoin ATM can be found at T-Bones Records and Cafe. The machine itself is still owned by the two individuals, who reportedly had to go through a lot of regulatory red tape prior to launching this potentially lucrative business.
How Did All of This Come About?
One of the two involved individuals had to register as a money transmitter. Doing so is a normal requirement for anyone operating a Bitcoin ATM. Additionally, running such an ATM also requires the owners to undergo proper KYC and AML procedures.
An additional requirement comes in the form of getting the store owner to agree with installing this machine. In most cases, they require a flat fee per month or a share of the earnings.
It is good to see cryptocurrency enthusiasts show a sense of entrepreneurship when it comes to setting up a Bitcoin ATM. However, this does not mean the Mississippi Bitcoin ATM will be a success from the get-go, as there are never any guarantees associated with setting up such a venture
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