Bitcoin Automated Teller Machines Cross 4,000 Mark As Crypto ATMs Spread User Adoption Fast
As economies have matured over the last century or so, they have streamlined the way business is transacted. Long queues and inconvenient forms have been reduced or replaced. The zenith of this technological leap came when the need for having a person was discounted altogether. While some will bemoan the lack of human interaction, it is undeniable how much more convenient things are with ATMs. This is not lost on the cryptocurrency industry who have been steadly introducing ATMs all across the world.
In fact, as a definite sign of maturity for the industry as a whole, Bitcoin ATMs are soon expected to hit the 4,000 milestone. This is hardly surprising, given that a major hurdle for the industry is accessibility. Bitcoin ATMs have made it incredibly easy to access bitcoin and altcoins with fiat currencies. Furthermore, an actual machine also helps to spread awareness about the technology and its possibilities.
While 4000 might seem like a drop in the ocean compared to the all-pervasive bank ATMs, it should be remembered that it took over a decade and a half for banks to actually start seriously employing them. In contrast, it has taken less than 6 months to have about a 1000 such machines installed the world over, ready to buy and sell cryptocurrencies. And, today, about 5 Bitcoin ATMs go online every single day. with that number set to improve as the industry gains more confidence.
In terms of geographical distribution, perhaps unsurprisingly, North America holds top billing for accessing Bitcoin ATMs, In fact almost two-thirds of the market. Europe is second, with about a quarter of all devices found in top European cities. Asia, though an active trading continent, has less than 5% of all Bitcoin ATMs. The last remaining few are then dispensed amongst the countries in Africa, Oceania, and South America.
It should be noted that most of these machines no longer focus just on Bitcoin. In fact, over 60% of the machines online support altcoins. Litecoin leads the race and is the most popular altcoin, followed by Ethereum and Bitcoin Cash. This year has also seen interest and support for Dash, Monero and Dogecoin rise as well
The Business Of Enabling The Crypto Business
In 2014, when the Bitcoin ATM industry was not yet a term, Lamassu setup ATMs and took a poll position. While the company saw the clear potential in enabling the crypto market, four years down the line the situation has changed quite a bit. It has been relegated to the stands with a current market share under 15%. It watches as the market leaders Genesis Coin and General Bytes via for supremacy in the manufacturing field. Ever so often there are more names added to the fray. BitAccess, Coinsourc, BitxATM, and CoinOutlet, Bitnovo, and DOBI ATM are some of the other newer players.
Despite this growing competition in the arena, it is slightly jarring to note the transaction fees still levied. Buying a cryptocurrency is still relatively expensive with fees averaging around 8.90%. While selling them is a percentage point cheaper at 7.90%, it still feels a lot. One can only hope that these steep costs will plateau as time goes by.
As Bitcoin continues to grow and gains more consumer confidence, it is but natural the whole industry will benefit and mature. Such news of having more outlets and competition will only aid in this pursuit. One hopes that as the industry expands and garners mainstream adoption, it will be able o offer more conveniences without the premium fees.