As the number of cryptocurrency holders is growing, so is the demand for the cryptocurrency ATMs.
Cryptocurrency users need a quicker way to exchange the digital currency and spend their invested cash whenever they want. To answer such market demands, people have come up with cryptocurrency ATMs, and the competition between the providers quickly starts to grow.
CRYPTOCURRENCY ATMS IN NUMBERS
According to Statista, the number of bitcoin ATMs is marking a significant growth since 2017.
Ever since the first crypto ATM was placed in a coffee shop in Vancouver in 2013, the number has exponentially grown to a total of 3502 bitcoin ATMs globally, as stated by coinatmradar.com.
As the cryptocurrency market is evolving, so are the cryptocurrency ATMs. More than half of the current cryptocurrency ATMs offer another altcoin, in addition to Bitcoin exchange. Nearly 50% of those support Litecoin transactions, followed by 32% offering Ethereum. The users of the cryptocurrency ATMs would pay a fee of 8%.
The makers of the cryptocurrency ATMs are facing a prosperous future, with the progressively growing demand. They opened up a whole new channel for cryptocurrency traders and investors and secured capital inflow to the cryptocurrency ecosystem.
The leading provider of the cryptocurrency ATMs is Genesis Coin, with 33% shares of the ATM market, followed closely by General Bytes with 26% of shares. Since 2014, General Bytes provided more than 1,700 cryptocurrency ATMs to 53 countries. EasyBit has a modest number of 60 ATMs operating, ever since 2013.
Coinatmradar.com has evaluated that new cryptocurrency ATMs are being set up on the daily basis around the globe, at a rate of 9 per day. Following this rate, there will be close to 5000 cryptocurrency ATMs globally in operation by the end of the year.
GROWING NEED FOR CRYPTOCURRENCY ATMS
The main idea behind the cryptocurrency is to avoid centralized financial institutions such as banks, where the cryptocurrency ATMs come as an alternative solution to accessing the cryptocurrency-related money. Some cryptocurrency users just need a quick access to their money that’s tied up in cryptocurrency assets while on the move. The cryptocurrency ATMs allow just that, making it possible to effectively withdraw money from cryptocurrency balances at any time.
Mike Dupree, CEO of ATM manufacturer EasyBit, expresses that his firm focuses on the customers who already actively use cryptocurrencies while acquiring new customers outside of the niche is a challenging encounter. Dupree confirms that the fluctuations in cryptocurrency prices and administrative concerns affect the market, and indicates:
“The beauty of cryptocurrencies is that you don’t have to trust a financial institution to back your wealth. Decentralization is the future, and regulation will eventually fall in line.”
In July 2018, Malta has followed on the global cryptocurrency trends, by installing its first two ATMs providing the Bitcoin and Litecoin cryptocurrency transactions by Moon Zebra, a new Maltese ATM startup.