Crypto ATMs on the Rise; A Positive Step for Cryptocurrency

News / 09.03.2020

According to CoinATMRadar, there is a global surge in Crypto ATMs. The surge is owing to increasing crypto prices and a consequent rising adoption of crypto for payments.

CoinATMRadar’s most recent report reveals that there are currently 7,057 crypto ATMs globally, providing more comfortable options for purchasing and converting crypto assets to fiat using either cash or debit cards.

5,089 ATMs are found in the US, 784 in Canada, 303 in the UK, 84 in Spain, and 126 in Austria. 

According to Andrew Barbard, Bitstop’s co-founder and CEO, the BTC ATMs industry is still young at 6 or 7 years. According to him, more and more companies are ready to provide Bitcoin ATM services.

 Fast Crypto Adoption Because of BTC’s Surging Prices

Bitcoin is already noticing a good year, starting at $7 thousand in January to about $9,350 ending-January. In mid-February, the price was about $10 thousand. Any other cryptos are enjoying the bull run in the market cap. 

Therefore, it is not a coincidence that the increase in ATMs and BTC prices has helped gain more interest in crypto. Currently, more people are investing in digital assets. 

Using ATM’s in a crypto acquisition is better and easier for rookie crypto users. Unlike the complicated exchange systems, ATMs provide a physical crypto kiosk to trade popular coins like BTC and ETH. 

ATM’s have also grown in popularity and are now a means for international payments, allowing people to send payments to friends in many countries. 

The Surging ATMs Increase Adoption

According to a February 3rd, 2020 blog post by CoinATMRadar, in January alone, over 400 BTC ATMs were introduced in the market. There was a 7.7% increase in the ATMs for BTC in the US market. 

Increasing the number of machines could be the best way of ensuring the increase in demand for BTC and altcoin and could pave the way for accelerated crypto adoption. 

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.