Over the course of 2019, the cryptocurrency market has been rather volatile in terms of price action. Quietly in the background, another sector of the cryptocurrency market has seen steady growth. The business of buying cryptocurrency directly via a dedicated Automated Teller Machine (ATM) seems to be experiencing a period of growth.
Over the course of approximately 11 months, the number of -physically installed- automated cryptocurrency vendors worldwide has seen a marked increase. According to CoinATMradar, a website that specifically tracks active crypto ATMs, the number of active Bitcoin ATMs stood at 6015 at the time of writing. This is a long way up from the website’s January 1st reading of 4113.
However, these numbers are only an indication of how many useable ATMs are out there, it does not give any idea on the actual usage rate of the ATMs.
Countries Leading The Charge
Based on the information given on the CoinATMradar website, the United States (USA) stands out as the leader in this wave of the digital currency take over. At the time of writing, the number of Crypto ATMs installed in the US stood at over 4000.
This number is followed by their neighbour, Canada, which has just over 730 ATMs installed. The United Kingdom slots into the third position on the poll, with a count of approximately 295 ATMs up and running.
Possible Drivers Behind The Growth?
The unwavering focus on expanding that cryptocurrency ATM operators have may be a good indicator of what the world at large thinks of Bitcoin and other cryptocurrencies. As interest spikes, people will want more convenient/familiar ways to purchase cryptocurrency, Bitcoin ATMs tick both boxes.
“First, they allow users of crypto to receive their crypto instantly. Blockchains are both instantaneous and permanent. The only analog in the U.S. financial system is physical currency, so ATMs are the only real way to instantly gain spendable Bitcoin.”
“Second, crypto ATMs are easy and convenient for people without convenient and trusted bank accounts. All you need is cash and ID and you can purchase Bitcoin.” Eric Gravengaard, CEO of cryptocurrency ATM company Athena Bitcoin.
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