With the growing popularity of cryptocurrencies, the need for crypto ATM's have increased exponentially. For sure those people who holds crypto in their account wants to spend those cryptocurrencies for their daily expenditure as well as convert cryptocurrencies into fiat when they're travelling or needs money whenever the situation arise.
Crypto ATM's have turned out to be a Boon in this regard. With rising demand, the competition is also growing for crypto ATM's and the crypto ATM providers are earning huge money as well as facing great competition.
The first crypto ATM was set-up in a Coffee shop in Vancover in 2013 and since then the demand of Crypto ATM's have quadrupled since 2017. The statistics have come from Satista:
As per Statista, there are a total of 3502 Crypto ATM's working Globally and per day 9 new Crypto ATM's are being set-up and with this pace, we will have over 5000 Crypto ATM's by the end of 2018.
Among all these ATM's, all supports Bitcoin, 49% supports Litecoin and 32% supports Ethereum for conversion into fiat. The reason for the demand increase is the acceptability of cryptocurrencies across various countries. People can make payments for goods and services while travelling across different nations with ease.
Another reason would be the independence from Centralized authorities. Some people don't want the high rates charged by Banks or Financial Institutions. So, they prefer Crypto for that purpose.
So, if the demand for the crypto ATM's continues to rise with current pace, we can definitely say that the future of crypto ATM's is here. Although, price of crypto has come down significantly in last few months, still people are using crypto for daily use which is phenomenal.
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