Ever since the technology of cryptocurrency came into existence and there has been a lot of chatter about that everywhere in the world there has been continuous innovation as well as new things that got introduced in the field such as many more businesses coming onto the scene as well as providing services that were not provided earlier and this kind of innovations happened now and then and one of the most prominent ones back in the day was cryptocurrency ATMs.
It was a very revolutionary thing and was a very good competitor as well as also one of those things that used to be a very good tool for promoting cryptocurrency around the world as the existence of any physical thing makes the promotion work a lot easier and the things that people are not aware of definitely get to know about the scanning things through some physical things and that was being served by the crypto ATM that for installed in different places around the world.
Using virtual assets as a daily tool was something that a lot of people were very interested in using as well because it was also serving as a payment method that you can utilize in daily life activities such as any store you can use to buy groceries or even paying your petrol with the help of Crypto and this kind of activities was very common with the help of crypto ATM as you can be utilizing those to do this kind of things which was fairly new at that point of time.
But over time everything does have to face a certain set of issues that it has to go through and it needs to solve them to still exist in the market and also solve the purpose it was intended for and that is something that the Crypto ATMs or the entire cryptocurrency Ecosystem was facing as a whole over the last few years if we can say that.
In the last few years, there has been a massive evolution in the cryptocurrency ecosystem and that has not just been in the positive direction or even if we talk about growth but it has seen a lot of activity and that includes a lot of things because the governments in different parts of the world have different opinions about the cryptocurrency is and the way they want to be operating this kind of businesses who are involved in digital assets in their Nations is also different which has seen I lot of decisions being taken and a lot thing will happening such as shutting and different parts of the world countries opening up to these businesses.
All of these kinds of things have an impact on Crypto ATMs according to a lot of data that has seen many crypts ATMs have been removed in the last periods and there has been a very big amount of reduction in the Crypto ATM units that have been deployed around the world and the removal rate is only increasing if we can see at the graph and that is quite concerning.
Thousands of Crypto ATMs are deployed around the world and the changes that we can see in the long crypto winter that is visible is a result of the removal of Crypto ATMs that we can see around the world. The deployment rate of Crypto ATMs around the world has seen a massive decline of around 15% that is something to be noted because it is happening at the same time even if the ones that are already operational are not been that much used which the decommissioning of these machines are happening very frequently and this number is only rising as of now.
The factors that we have just discussed above such as the things that are happening within the cryptocurrency ecosystem such as the decisions that have been taken as well as the regulatory frameworks that are being worked upon have their role to play in the things that are happening with the trip to ATMs but at the same time, the interest that people had over these machines as well as the usability and the purpose that they hand is slowly feeding away because the basic transaction is very easy to be done with the help of digital asset these days and it can be done very easily without the usage of the ATM, so the usability factor is also a very big thing.
It will be very interesting to see how things are going to look for the Crypto ATM in the upcoming years because a lot of things are currently shaping up to look how are going to be the future of the trip to the ecosystem as a whole and this reduction in the usage of Crypto ATM will be seen in replacing a bit of the height that it generally had in the earlier years when it was fairly new.
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