May 25, 2020

Bitcoin ATMs On The Rise

Bitcoin is the world’s leading cryptocurrency, establishing itself as the market leader since its inception.

From The California Business Journal Newswire

As the first crypto to hit the scene, Bitcoin has very much been the trendsetter, and the digital currency most likely to have a significant impact on the world that we live in today. While its influence has been seen and felt in multiple ways, one area Bitcoin is involved in is on the rise.

Bitcoin ATMs are rapidly becoming very popular around the world, and in late June of this year, the number in use had exceeded the 5,000 mark for the first time. While all Bitcoin ATMs allow a person to purchase the digital currency using either cash or card, many also allow Bitcoin to be sold too, making these machines very popular with people from the crypto scene. It is actually fast becoming as common as it now is to have a Luno Bitcoin wallet, and there is little doubt that this will only continue to be accepted by the public at large.

In fact, the 5,000+ Bitcoin ATMs are spread out across most countries around the world, which again underlines just how popular the cryptocurrency is. The U.S., where Bitcoin is best-loved if numbers are anything to go by, plays home to over 50% of the Bitcoin ATMs in operation, and there are plans for this number to be increased in the future too, with more convenience stores set to see the machines installed.

Genesis Coin, who claim to be the premier provider of Bitcoin ATMs, were the leading manufacturer for a long while, but recently General Bytes has emerged, overtaking the former. June of 2019 saw 150 installations alone, with this equating to six installs per day, and this number is continuing to increase as the popularity of Bitcoin ATMs rises around the world.

As well as standalone Bitcoin ATMs, other machines located in stores are now looking to add Bitcoin functionality too. Coinstar is the company behind the self-titled coin-counting machines that are in many places around the world, struck a deal earlier this year to add Bitcoin functionality to its devices. It has over 2,000 locations in the U.S. able to take advantage of the technology and is the beginning of what’s to come, with Bitcoin and crypto ATMs still in their infancy.

The current situation sees users of Bitcoin ATMs, and other machines that support digital currency charged fees for using the machines. These are, of course, often higher than what a user would expect to pay if completing their business in the online world, but the devices rely on the fees to be able to operate, and for improvements to be made along the way too.

However, fees could reduce as time goes on as the Bitcoin ATM industry gains momentum. Competition between manufacturers will increase, for example, and this will likely see user fees drop along the way to encourage people to use a specific brand. Undoubtedly, this fantastic news for Bitcoin and crypto fanatics keen on making use of these machines moving forward to buy or sell digital currency.

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