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Today, the number of crypto ATMs is increasing, with more countries embracing the use of cryptocurrencies. The first crypto ATM was invented in 2013, and since then, that number has gradually increased.
However, even as the numbers increase significantly, not all people know about them or even their differences from the regular ATMs. Therefore, if you are wondering what they are, keep reading, and this blog will help solve all your questions about crypto ATMs, how many they are around the world, and much more.
What is Crypto ATMs?
Crypto ATMs or Bitcoin ATM (Automated Teller Machine), as commonly known, are kiosks that allow people to purchase Bitcoins using debit cards or cash. At these machines, you also have the privilege of withdrawing money as you would on other machines. However, the procedure is slightly different as you are required to the first login into your Bitcoin account, then select the amount you want to withdraw.
Another interesting fact is that crypto ATMs give you easy access to your digital cash and other liquid money. Transactions are direct, and whenever you buy coins, they reflect on your account almost instantly on your account. Therefore, it will be easy for you to continue trading the currencies and build more interest.
How Do They Work?
Operating crypto ATMs is straightforward, and they offer exceptional privacy. Unlike other machines, you are not required to use AML or KYC to perform any transaction. This guarantees that you will remain anonymous regardless of how many times you transact. Your privacy is quite essential when it comes to cryptocurrencies. Therefore, these ATMs are specifically designed to enhance your privacy and protect your identity during and after the transaction.
However, as they keep your identity secure, you will have to pay for it handsomely. The machines charge between 7-10% of your total transactions. This is quite expensive compared to other fiat currency ATMs that charge a standard rate.
The higher charges are also contributed by the fact that the ATMs are not as much around. So the few available have to be compensated heavily through the fee you pay to buy or sell the coins. However, this is a small fee compared to the privacy and identity protection you get!
The main challenge that you will face is locating the ATMs. Due to their scarcity, finding one where you can transact is not as simple. It takes more effort and assistance, Coin ATM Radar service. They provide you with live searching options to locate ATMs within your location. With the service, you are guaranteed to get essential details about a particular ATM, find a Bitcoin ATM map, get directions to the ATM from your location, and locate the machine. Therefore, it will be easy for you to proceed with your interests in the machine after getting to it.
How Many Are There Worldwide?
Since the first introduction of crypto ATMs in 2013, the number has significantly increased to over 7000 in 2020. All the over 7000 machines are saturated in 75 countries, making it clear that the cryptocurrencies penetrate the market.
However, the sudden increase in last fall left many perplexed as this was the highest increase of the machine within a short time. With that consideration, these numbers are yet expected to rise much higher and also spread even to other countries.
According to CoinATMRadars, there are at least 11.7 installed per day for the last seven days. The competitiveness of getting the world into digital operation has been the main reason for increasing this number. As of now, the United States has the highest number of crypto ATMs installed in various states. Out of the 7,014 machines worldwide, the US alone has a total of 3,324 terminals.
Do Crypto ATMs Drive Adoption?
If you are wondering if crypto ATMs are driving adoption, then the answer is yes. These machines are significantly becoming popular, and they are sending signals to the real world bitcoin locations. However, the adoption is currently more evident on paper, but soon it will be apparent in actual operations. As much as these ATMs are mainly used for transacting cryptocurrencies, they are not as strict, and they allow dispensing fiat currencies as well.
However, even as the machines are pushing for adoption, they are also perceived as places where people use to launder money hence giving them a lousy picture as they continue to grow. But even as we speak much, we cannot completely rule out that the Bitcoin market is gaining popularity. Considering the high number of ATM installations, it is evident that all these machines are there because they have a ready market.
If you are yet to see a crypto ATM installed in your country yet, then you should keep watching this space. You never know what might happen to you tomorrow or the day after. However, if you have seen them but have trouble locating them due to their scarcity within your location, there is also good news coming your way soon. So watch out for this space. You never know how soon another machine will be installed near your location.