As cryptocurrencies are growing increasingly popular all over the world, the concept of bitcoin ATMs is also becoming mainstream. Bitcoin ATM sites are now becoming more important by the day, as the popularity of the world’s largest cryptocurrency spreads. As of today, there are approximately 56 bitcoin ATM manufacturers, and over 11,000 bitcoin ATMs scattered across 72 countries worldwide, as per data shared by CoinATMRadar.
As king crypto surges to levels last seen during the 2017 crypto bubble, bitcoin ATM providers are on verge of becoming some of the largest beneficiaries of the reinvigorated crypto market. A once vague financial product in the market, BTM providers are now exerting their input towards anti-discriminatory banking and financial inclusivity. By identifying and tackling the accessibility challenges, BTM manufacturers may affect change in a manner that it takes care of the unbanked and under banked populations.
Bitcoin ATMs contributing to equitable banking and financial inclusivity
Although the traditional financial structure has been a significant institution for ages, it is plainly evident it is prohibitive, inequitable, and bedeviled with impediments towards unprejudiced access. For instance, in the U.S., 25 percent of homes have been earmarked by the FDIC as having inadequate access to financial institutions. Such individuals either lack a bank account or inadequate access to banking services. In other words, these individuals are stuck with a weakening asset: cash.
Thanks to decentralization and blockchain technology, the bitcoin ATM manufacturers are beginning to call into question the state of play in the traditional financial system. According to the COO of one of the top BTM operators in CoinFlip, Ben Weiss, the main objective of bitcoin ATMs is to enhance the capacity of those who are marginalized by the centralized financial structure. According to Weiss, the wide progressive adoption of cryptos and the growing constantly changing decentralized finance technology has laid a proper foundation for cryptocurrencies to challenge the traditional financial system.
BTMs spiked by about 90% over the last one year globally
According to a report by AksjeBloggen, a Norwegian financial services firm, since September 2019, the number of bitcoin ATMs increased by nearly 90 percent to surpass the 10,000 mark worldwide. In 2020 alone, about 4,000 fresh BTM locations have been established.
So far, the United States is the global leader in terms of bitcoin ATM locations with over 8,000 BTMs. Canada comes second on the list with about 900 BTMs. Cryptocurrency users can buy or withdraw the following major currencies depending on the type of BTM: Bitcoin Cash (BCH), Ether (ETH), Dash (DASH), Litecoin (LTC), Zcash (ZEC), Monero (XMR), Dogecoin (DOGE), Tether (USDT) and XRP. Bitcoin traders who use reliable trading platforms such as Bitcoin Up can withdraw their profits on bitcoin ATM outlets.
Notably, the rise of BTMs is not being experienced everywhere. For instance, in Austria the number of BTM locations have gone down to just 149 after from about 244 in September last year. The negative growth trajectory could be mainly due to regulations in the neighbouring country, Germany. Bitcoin ATM operators are required to secure an operating licence from the country’s watchdog, BaFin. Germany has only 27 BTMs currently.