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Just like Felstad converting his bitcoins into U. Garrick Hileman with the London School of Economics, agrees that Bitcoin makes sense for farmers reliant on credit card transactions for sales.
Using bitcoins over credit, he says, equals to keeping that 3 percent revenue per sale otherwise lost. And it could actually be more than that. A few big tech companies, like OkCupid and Foodler, accept Bitcoin. But good luck paying utility bills or going mall shopping with it. The currency's volatility tends to scare big companies with more to lose than small companies, Hileman says.
The upcoming documentary Life on Bitcoin shows farmers at a Salt Lake City market willing to take a risk with Bitcoin. In this YouTube video clip, many agree to accept it as payment right away. A farmers market in San Diego accepts it, too. With more small-business owners discovering a way around transaction fees through Bitcoin, Hileman says, it has the chance to grow.
He already sees it happening. That's why, Hileman says, "we are seeing a boom in Bitcoin's price in spite of the shutdown of Silk Road [a shadowy black market site]. For customers, he adds, the rise of Bitcoin could mean lower prices. Often farmers charge more on credit card purchases to cover their losses. View the discussion thread. Have Bitcoin To Burn? If an ATM is posted early without the tag it runs the risk of confusing customers and hurting your rating.
Currently there are more than 20 different styles of bitcoin ATM, but the general principal of how to use one of them remains the same. This step is optional, and the types of verification or limits may change depending on local laws. Typically this step will require a valid drivers license, although a passport can be used in most cases as well. When buying bitcoin from an ATM you will need to provide a valid bitcoin address.
Confirm that you have received your BTC, it might take some time for your transaction to be confirmed depending on how busy the network is…so always save your receipt.