Bitcoin ATM in Media Markt attracts customers

Bitcoin ATM in Media Markt attracts customers

There has been a Bitcoin ATM in Kassel since October 2022, which allows customers to purchase units of the digital cryptocurrency for cash. Alexander Katz, managing director of Media Markt in December, introduced this innovation to offer his customers the opportunity to experience new technologies. The machine has already been used by around 50 customers, although Katz emphasizes that he himself does not make any profits from the transactions.

Regarding the acceptance of Bitcoins as a means of payment in his business, Katz denies this possibility and sees the cryptocurrency primarily as an investment option. He follows the price development of Bitcoins closely, but currently does not own any Bitcoins himself. Katz points out that customers who want to purchase from the Bitcoin ATM must first register and provide identification, similar to opening a bank account.

Both the Federal Financial Supervisory Authority (Bafin) and consumer advice centers warn of the risks associated with investing in cryptocurrencies. Investing in Bitcoins carries the risk of high losses, and experts recommend only investing money that you can live without. Despite warnings about the risks, Bitcoins have increased in value in recent years, but the value fell by 10 percent after Iran's attack on Israel in April 2024.

Bitcoins are digital currencies based on a decentralized accounting system and have existed since 2009. The idea behind Bitcoins came about as a response to the global banking crisis. The option to buy Bitcoins is available through special providers such as the Bitcoin ATM in Media Markt or digital wallets in which the cryptocurrency can be stored. Despite the potential of Bitcoins as investment objects, experts warn of the extreme price fluctuations and the associated risks for investors.