Bitcoin ATM (Automated Teller Machine) is designed to allow users to buy bitcoin and other cryptocurrencies with cash or a debit card. Some Bitcoin ATMs can be used to purchase and sell bitcoin for cash; however, in order to use one, you must already have an account.
In its most basic form, a bitcoin ATM is used to convert fiat currency, or regular government money, such as Dollars, Duros, and Pounds, into cryptocurrency(s). The world’s first Bitcoin ATM was installed in a coffee shop in downtown Vancouver, Canada, on October 29, 2013. However, the robocoin machine stopped working in 2015. 348 successful transactions totalling $100,000 were made within the first week of robocoin operation.
According to Coin ATM Radar, there will be 38,804 cryptocurrency ATMs as of October 31, 2022, or nine years and two days from that day.
The USA currently owns 88% of all cryptocurrency ATMs worldwide and has received 90% of the cost for any new ATMs that have recently been placed. Out of 205 newly built crypto ATMs worldwide, 129 were located in the United States in October.
Due to remittances and a surge in crypto ATM installations, which were reported in July, research and market estimates predict that the $46.4 million market for cryptocurrency ATMs would climb more than 10 times to $472 million by 2027.
So Far So Good
The cryptocurrency bear market has made installation difficult. The pace of installing cryptocurrency ATMs, the network of crypto ATMs went global for the first time in September after 454 machines were removed from the global network, which really made the anniversary a successful story to celebrate from January to May before it got back on its feet around June and August, while September was when it was now globally accepted which created the great celebration for the 9 years anniversary.
Written by: Treasure