Do crypto ATMs have a future?
Would you like to see what to expect from the future? Look at countries such as the United States and Japan, which have become flagships of progress and pioneers of the most promising technologies. While you read these lines, blockchain, cryptocurrencies and the segment of crypto ATMs are developing in quantum leaps in the USA and Japan. And the question is not how long the blockchain and cryptocurrency will stay. The question is: when exactly will they begin to function at the level of fiat funds. Japan and the United States are doing everything possible to regulate the field of cryptocurrencies, as a result of which these countries are leading in the number of crypto ATMs worldwide.
Crypto ATM is an important link between the user and the cryptocurrency that you can actually “touch”
Hundreds of people have heard about Bitcoin and cryptocurrency. In particular, 89% of Visa and Mastercard customers have heard about cryptocurrency. Less than a third of them understand how to buy and use this tool. Less than 3% of the world’s population invested or used cryptocurrency, which makes the market’s prospects unlimited. The main problem is the difficulty of entering the cryptocurrency market. Of course, now it can not be compared with the times of Mt.Gox, when this exchange was the only one on the network. It was quite challenging to buy Bitcoin back then. Now there are far more opportunities. But only representatives of generation Y see and understand them. The purchase of cryptocurrency sounds like an impossible mission for ordinary citizens. What is the reason for that?
They do not believe that the wallet address may look like a set of numbers and letters. They are afraid to buy through exchangers. They do not want to use platforms they do not trust. Potential buyers of the age group of 35–60 years with free capital and savings want ease and guarantees. They want to buy legally, simply and reliably. They want a seller who guarantees the safety of their funds in case of force majeure. They need a crypto ATM using which even a granny at the age of 90 can buy cryptocurrency.
In 2019, the global segment of crypto ATMs reached the number of 5,000 devices. Businessmen and investors realized the prospect of placing crypto ATMs in their stores, supermarkets, and bank branches.
USA is a valid leader
The Chicago OTC platform DigitalMint installed crypto machines in 20 Circle K stores located in Nevada and Arizona. Coinstar coin cashing booths, which operate in 19 states, catch up with the crypto ATMs in popularity. Positive news of progress is heard from everywhere. BitPay accepts cryptocurrency from companies in Ohio as payment. The authorities of Wyoming want to open it for cryptocurrencies and introduce them in all areas of life, because it is convenient. The number of crypto ATMs in this state is increasing.
At the same time, the crypto operator Coinsource received BitLicense in the United States. Representatives of the company received permission to place crypto ATMs from the New York Department of Financial Services. This is the first recognition of a crypto company in the world. The company has placed 40 crypto ATMs for the purchase and sale of cryptocurrencies in New York city. Given that the company applied for a license back in 2015, the authorities finally became more visionary and loyal to new technologies. In the spring of 2019, there were 127 crypto ATMs in the city of New York, and 257 in Los Angeles. There are 3 times more crypto ATMs in the United States than in Canada.
Japan is a modest technology giant
Crypto ATMs have settled on the streets of Japan lonf time ago. This is a country where it was possible to pay for utilities in NEM cryptocurrency back in 2017. No wonder it is here that the headquarters of Bitcoin.com is located. No wonder the MtGox exchange worked here. According to legend, it is here that you can find the traces of the founder of the blockchain under the pseudonym Satoshi Nakamoto. According to the Japan Financial Services Agency (FSA), there are 3.5 million crypto investors on these small island who carry out transactions equivalent to $ 97,000, 000, 000 per year. The definitive majority of them are businessmen and traders who use popular margin trading tools and futures.
Since the beginning of 2014, the volume of Bitcoin crypto trading has grown from $ 22 billion to 97. Have anyone heard about cryptocurrency here? Of course. Do they use convenient crypto ATMs to enter the market? Yes. This is the easiest way to buy cryptocurrency for cash or using a credit card.
Europe lags behind
While in Japan it is extremely rare to find owners of paper yen, and in the USA it is difficult to find banknotes of $ 100, because everyone uses electronic money, in Europe there are still a lot of fiat funds. Euro cash is widely used here, which is the first indicator that evolution comes to the Old World more slowly. But despite this fact, in Europe there are more and more crypto ATMs using which you can buy cryptocurrency for euros and pounds sterling. Leaders — Great Britain, Austria, Germany.
Didn’t expect to see Venezuela here? It so happened historically that cryptocurrency has become a good tool for preserving the value of money in countries where you can see the economic collapse or the total depreciation of the national currency. While the Venezuelan government is trying to promote the first ever national cryptocurrency El Petro, statistics show that citizens trust Dash and Bitcoin more. It was extremely difficult to buy cryptocurrency in this country, but only until the introduction of crypto ATMs. Representatives of CryptoBuyer undertook their placement. The first crypto ATMs appeared in Caracas. CryptoBuyer said it’s easier to use a crypto ATM than a regular ATM. And this is confirmed by surveys of local residents.
The central bank of the country initiated the opening of a crypto ATM. An island country was the first to take steps to regulate the industry. Commercial Union Bank worked closely with the national banking structure to open a crypto ATM.
Do crypto ATMs have a future?
According to MarketsandMarkets, the cryptocurrency market should grow from $ 16, 000, 000 to $ 144, 000, 000 by 2023. Researchers claim that the largest number of crypto ATMs will be located in the USA, Japan, Canada, Austria, and Germany. Experts have a lot of expectations regarding the recognition of cryptocurrencies at the official level and the beginning of market regulation, which now resembles the Wild West. According to their forecasts, devices that allow to buy and sell not only Bitcoin but also other cryptocurrencies will be popular.
Other forecasts were also made in the industry — the growth of the cryptocurrency segment to $184, 000, 000 by 2024, of course, provided that there is no tightening of state regulation of cryptocurrencies. Bitcoin, Litecoin, Ethereum have the precedence for purchases via crypto ATMs. Anonymous cryptocurrencies, including Dash and Monero, will also be popular.
A crypto ATM becomes an integral addition to any business. It is only necessary to join this segment faster than others, so that at the time of peak periods of the cryptocurrency market, you already receive profit from this, enjoying the lineup of customers. Cryptocurrencies will remain — this is obvious. The network of crypto ATMs will grow along with the progress of the crypto sector.