Bitcoin has made its way out of the virtual world and into the stationary retail trade. More and more Bitcoin vending machines are being set up by German retailers. The Federal Financial Supervisory Authority (Bafin) has already warned several times about the risks involved. Retailers such as Saturn and Rewe already offer the possibility to exchange cash for Bitcoins on site. The official operator of these machines is the Swiss start-up “Kurant”, which currently operates 40 of the approximately 100 machines in Germany.
❓ How does buying Bitcoin from a vending machine work?
First of all, registration on the Kurant website is necessary. For this purpose, the registration address, mobile phone number, date of birth, nationality and country of residence are entered. Afterwards, the mobile phone number can be used to buy bitcoins at the vending machine. Compared to other countries, this entry hurdle is very low in Germany.
The operators of such vending machines make an estimated 40 to 50 million euros in turnover worldwide just by buying and selling Bitcoins, with increasing forecasts for the coming years. The electrical goods chain Mediamarkt-Saturn is reportedly currently examining whether Bitcoin should be included as a permissible means of payment in its own shops.
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