Vending machines, the new target for cryptocurrencies

By Moris Beracha.- There are food and sweet vending machines all over the world. Therefore, this market has become the target of some developers, who are working to enable people to pay for products into vending machines with cryptocurrencies.

It can be highlighted that the energy drinking company “Red Bull” installed the first energy drink machine that only accepts bitcoins (BTC) in 2016, amid the Paralelni Polis congress of hackers in Prague, the Check Republic.

Then, the price of tokens dropped and many companies that planned to develop this type of technology decided to turn a blind eye, until in 2019 they decided to take up said systems.

In this sense, it is important to mention that a Brazilian programmer and hardware hacker created a Coca-Cola vending machine accepting payments in BTC. The machine also accepts Lightning Network (LN) transactions.

According to the TheNextWeb site, “this machine has been assembled by using a water pump, a touchscreen, wood and a Raspberry Pi. The customer has to scan a QR code that appears to be processing a BTC payment”.

Once the payment is received by the machine, it dispenses the Coca-Cola. For a high-speed transaction without adding large amounts of commission payments, creators developed the use of LN.

In the same way, iVendPay startup announced its partnership with GoByte, a well-known cryptocurrency Company.

This meant that at the end of 2018 vending machines were installed in Malaysia and Israel that accepted cryptocurrencies as payment.

“The partnership between iVendpay and GoByte is caused by the high demand for universal services allowing to pay for goods and services with cryptocurrency in everyday life. The choice in favor of GoByte was made due to the peculiarities of this cryptocurrency, designed for instant processing of micropayments with a small commission,” said Sergey Danilov, the founder of Ivendpay.

Thus, Is Latin America ready to install this type of vending machine?

Certainly, the use of cryptocurrency in countries like Colombia, Brazil, Venezuela, Argentina and Chile, is on the rise; therefore, businesses are very likely to target Latin America and we can soon see these types of vending machines that make people’s lives easier.

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Published in: https://medium.com/@morisberachawuani/vending-machines-the-new-target-for-cryptocurrencies-ee1cdbfba558