Bitcoin has made its journey so fast that no other asset can. People all over the world are rapidly adopting Bitcoin and have started using it as they use their local currencies.
Related Post: How Bitcoin Works: Beginners Guide to Cryptocurrency
It took more than seven years for the Bitcoin ATM industry to pass the milestone of 10000. Bitcoin ATMs have been installed in almost every country of the world and have grown to this large number in a very short period of time.
We can see that there are about 10,163 Bitcoin ATMs worldwide in 72 countries. The journey to this Bitcoin ATM began in 2003 and has now reached a whopping 10,000. According to an estimate, there were only 1000 ATM Machines and the number will be going to reach up to 10000 in the next 3 to 5 years.
More than ten thousand machines have been installed in different 72 countries. It did not stop here more than twenty-one thousand sites and places selling bitcoin, such as convenience stores and mall kiosks. According to him, with 10,000 devices worldwide, Bitcoin ATMs are a more convenient service.
It provides ease for people involved in the money market to access digital currency, including a large number of unbanked people who do not want to go through the banking system. He also added that their aim is to install thirty to fifty Bitcoin ATMs every week. So next month there will be about three thousand ATM machines.
Also Read: Brand Image and its Importance in Business
Bitcoin ATMs in the USA
The United States remains in the first place with the majority of Bitcoin ATMs installed at 8,005 locations. Canada is on 2nd number with 880 Bitcoin ATMs. In the United Kingdom, there are 282 locations for this purpose, Austria 153 sites, Spain 110 for this purpose, and Switzerland has 83 locations for Bitcoin ATMs.
A company called Genesis Coin is at the top of the Bitcoin ATM manufacturers list, with 3,574 of their machines installed. In the second version, General Bytes installed 2,964 devices, Bitaccess ranks third with 1,040 devices, Coinsource installed 632 devices, and Lamassu had its role in installing 518 devices.
We’ll also discuss the major Bitcoin ATM operators. There are 10 major operators recognized to operate 5,265 encrypted ATMs (53%).sign up to bitcoin evolution
CoinATMradar is operating about five thousand ATMs. while Coin Cloud is on the top of the list. He also added we are accepting more investors in the ATM industry. Because Bitcoin ATMs have played a significant role in Bitcoin adoption.
The blockchain economic services have taken the shape of an industry, said Polotsky. And for this, ATMs have become an essential gateway for people who do not have access to bitcoins and are in short supply. It will bring huge benefits along with an overall financial system.
The Bitcoin ATM is a very important step as the financial growth of the world. This Bitcoin ATM service has simplified the entire transaction process. By increasing the number of ATM machines the adoption of Bitcoin will also increase because it will be very easy for people to use the cryptocurrencies for their daily use.
According to a report published in a magazine, Bitcoin ATMs are mostly used for sending and exchanging digital currencies. And sending bitcoin to other people. Some people also use them to pay their bills and purchase online products and services.
So we can say it is a cash-based machine. These machines have made it easier for crypto users to buy and sell cryptocurrencies and bitcoins. Everything is done directly through the exchange, with bank cards, or even can be done with cash. It’s a great way because users don’t need a digital wallet: it’s device-generated, providing users with prints for wallet addresses and private keys.
According to a report, most people use ATMs for sending and withdrawing money. Which increases the interest of people in this new monetary system. This will help to increase the number of machines in all parts of the world.
The operators are claiming that they are tired of following the rules and regulations about digital currency. They have to keep records of the transactions made by these machines. And they have to follow the protocols known as KYC and if they find anything suspicious they have to report it to the authorities. Which makes the process difficult and complicated for the operators.