There are already more than 4,000 Bitcoin ATMs around the world and they are quickly growing. The main manufacturers include Genesis Coin and General Bytes. These machines let prospective crypto investors buy their digital currency then and there by inserting cash “to initiate a digital transaction that transfers the purchased bitcoin (or other cryptocurrency) via either a paper receipt or an online wallet where digital currency can be safely stored.”
It seems that the idea of accessing crypto coins in an easy way is catching on and has become a priority. It’s not surprising that these Bitcoin ATMs popularity is growing since these ATMs make it much easier to buy BTC using fiat currency.
It seems that North America has the most number of Bitcoin ATMs having 72% closely followed by Europe and Asia at number 3.
There are two types of Bitcoin ATMs. Basic ATMs that gives the user the choice to purchase Bitcoin. The more complex ones can only be used by members of a specific ATM produce and they can both buy and sell cryptocurrency.
According to a report, cash transactions will soon disappear in the UK and will be replaced with cryptocurrency transactions which have been rising and gaining popularity in well-known vendors such as Starbucks and Krogers who are thinking of considering payment methods through cryptocurrency. CCN.com wrote, “The outdated cash infrastructure is set to be eclipsed. And bitcoin is positioning itself to replace it.” The report “Access to Cash Review” talks about how the cash system of the country could become obsolete in as early as the next 15 years. For the first time ever digital payments have overtaken cash payments in the UK. While Bitcoin ATMs have risen 100% almost 4000 cash ATMs are shut down every month in Britain. Swissquote tweeted on the 6th of March, “The Access to Cash Review says that the current rate of decline would mean cash use in the UK would end in 2026.”
As Etoro’s (a social trading company) senior market analyst Matti Greenspan said to Bloomberg, “What I’ve been watching lately are the number of transactions on the Bitcoin blockchain and the total volumes across crypto exchanges, both of which are holding at their highest levels in more than a year…Even though we’re still officially in a bear market there is plenty of cause for optimism.”
The same can be seen in Australia. Auscoin which is an Australian bitcoin ATM company has reported that their weekly turnaround is an incredible $360,000. With their 31 ATMs they are already planning on expanding. Sam Karagiozis, who is the founder at Auscoin, said “We currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of Bitcoin has dropped. […] It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.”
Venezuela is also underway of opening their first Bitcoin ATM sometime soon. Though it is already functional Jorge Farias, a Venezuelan expat and CEO of the Panama-based startup Cryptobuyer, said that due to safety reasons it is important for the current unrest to settle.
Moe Adham, cofounder of the crypto ATM retailer BitAccess, told CoinDesk that the reason for these machines doing so well is because that they provide almost instant liquidity for cryptocurrencies which would otherwise have been difficult for many users to convert. “If you earn some other cryptocurrencies through one of these decentralized networks, you can cash it out. The bitcoin ATM industry is kind of coming into its own now. … We can provide access to different cryptos with bitcoin as the settlement layer.” With the blending of the market demand and technical abilities these Bitcoin ATMs have given the cryptocurrency world huge boost and crypto enthusiasts.