The city of Salmon Arm in British Columbia (B.C.) got its first Bitcoin ATM installed by HoneyBadger, which will allow people to both buy or sell cryptocurrency for cash.
With its installation near a Dollar Tree store in the Centenoka Park Mall, the total number of cryptocurrency kiosks operated by HoneyBadger in B.C. reaches 30. Other than Bitcoin kiosks, HoneyBadger operates Litecoin and Ethereum kiosks as well.
Lance Johnson, the owner of the mall, seemed quite enthused with the Bitcoin kiosk installation and informed that it has been operational for three weeks. However, there was a little delay in the installation following HoneyBadger’s announcement to launch a new kiosk model, added Johnson.
Johnson believes that with Bitcoin poised to become the currency of the future and Salmon Arm community becoming increasingly technologically advanced, the kiosk serves as a connecting link between them. With a large touch-screen display, the kiosk is first of its kind in Western Canada, said Johnson.
Bitcoin is a decentralized digital currency, which uses an open and distributed blockchain ledger to record transactions. As Bitcoin does not rely on any third-party financial institution to track the transactions, it keeps customers safe from fraudulent fund transfer.
This year, Canada has proposed cryptocurrency regulations requiring crypto kiosk operators to verify customer identities before facilitating transactions and report any suspicious transaction or transactions exceeding $10,000 to the authorities.
HoneyBadger said that its kiosks follow above mentioned federal cryptocurrency regulations. Speaking about conducting secure transactions, HoneyBadger revealed that it uses software to analyze every transaction made via the kiosk and temporarily freezes the Bitcoin sale if any activity is found to be suspicious on the accounts of either the buyer or the seller or both.
The installation of the Bitcoin kiosk is a step forward by HoneyBadger to protect customers from growing Bitcoin scams.