There has been a substantial increase in the installation of crypto ATMs worldwide. Through crypto ATMs, individuals can buy or sell specific types of cryptocurrency with traditional currencies such as the US dollar or Euro. Users can convert cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) into traditional currency.
According to Being Crypto, the total number of crypto ATMs in the world has doubled in 2018 despite the downturn in the crypto market. Crypto ATMs have made cryptocurrency a more visible part of daily life for users and potential investors throughout the world. Experts say it encourages individuals to purchase cryptocurrency when they might not otherwise do so. “When individuals walk into a business or other establishment and see a strange looking ATM, the first thing they are likely to do is to investigate. They might even ask an associate the purpose of the machine. Now they are in a position not only to learn more but also to purchase cryptocurrency in a public venue.” In other words, this is a technique to work on people’s curiosity and draw them to cryptocurrency.
Statista’s data highlights that the number of ATMs supporting cryptocurrencies has increased from a little over 500 in January 2016 to 4,036 on December 18 of 2018. The United States has the highest number of Bitcoin ATMs, with over 70 percent of crypto supported ATMs located in North America. Other countries include Germany, Saudi Arabia, Iceland, Cyprus, Indonesia, the Philippines, and Thailand.
Moreover, the number of Bitcoin ATM manufacturers has also increased According to Ethereum World News American ‘Genesis Coin’ has a significant market share of 32.07 percent, followed by Europe-based ‘General Bytes’ with 29.27 percent. The spike in manufactures indicates that people and businesses are accepting the digital currency.