The rise and rise of Bitcoin ATMs around the globe
- July 25, 2017
Bitcoin currency is in the market for a quite long time, and in the past few years, there are Bitcoin ATMs coming at every corner. This rise in popularity is all because of acceptance among Bitcoin users. In the prevailing world of traditional currency, ATMs have been long proven to be worth in deposit acceptance as well as cash dispensing. With time Bitcoin has emerged as an alternative currency in many parts of the globe, Bitcoin ATM machines are finding its way to shopping malls, coffee houses, Beer shops and other public locations. Bitcoin ATMs are playing a pivotal role in the adoption of this digital currency around the globe.
The growth trajectory of Bitcoin ATMs is always rising high and it days to come it will touch new heights. According to our reports, there are around 1237 Bitcoin ATMs functional worldwide, this number is always increasing and shows how users in many places prefer Bitcoin ATM machines. As per our latest figures there are 627 Bitcoin ATM machines in the United States. There is no doubt the fact that Bitcoin ATM market is rapidly expanding and every day new records are broken in many parts of the globe. Since its inception in the year 2013, Bitcoin ATM market surely became popular in these few years’ time.
The genesis of this movement started way back on October 29, 2013, when the first Bitcoin ATM machine went live in Vancouver, Canada. This was world’s first publicly available Bitcoin ATM machine that was installed in a coffeehouse. Within a couple of months in 2013, D Casino in Las Vegas was among the first in its industry to install Bitcoin ATM. Since that time Bitcoin ATM machines expanded considerably in its features as well as functionalities. Over a period, it was successful enough in attracting more and more audience from around the world.
Rapidly Expanding Market
In the past few years, many Bitcoin ATM operators coming up in the market, seeing the demand they are expanding their business in many places. Many new companies or business are coming up which are giving users the option to buy or sell Bitcoins for cash at ease. In these few years’ time, many Bitcoin ATM networks seen coming up in the market and they are adding more Bitcoin ATM machines to scale up their business. These reputed firms or business groups are following a simple mission: Provide top notch customer service and ensure support at a level where sale or purchase of Bitcoins is simple. Many Bitcoin operators are making deposit and withdrawal of Bitcoin currency similar to that fiat currency from traditional banking systems.
There are different strategies followed up by these groups to grab the attention of users from around every sphere of life. There are strategic efforts made to place Bitcoin ATM machines in all high pedestrian or traffic locations so that they can get easy access. As we are half way down the year 2017, there are more than 100 Bitcoin ATM machines operations across states like Pennsylvania, Texas, Nevada, New Jersey, Louisiana, California and New York. Many states within the United States are getting a significant expansion of Bitcoin machines, and it clearly shows the increase in demand over these years.
The state of Texas, Nevada, and Louisiana are the latest in the list to see such significant expansion with many new Bitcoin ATM machines scheduled to go live in a months’ time. With so many new installations coming up in these states, many of these places are considered to be the fastest growing market for Bitcoin ATMs. United States possesses the highest concentration of Bitcoin ATM machines in the world and in coming days that will merely increase. Most of the latest Bitcoin ATM installations are two-way machines giving customers the opportunity to both sell and buy Bitcoins directly from the machine. This gives every Bitcoin user the opportunity to have easy access to exchanges.
Apart from more installations of Bitcoin ATM machines in all popular places around the United States, many new announcements are coming up where operators are expanding in lesser known places too. There are latest installations lined up in places like Nashville and Memphis. The idea is to add more and more ink spots to the Bitcoin ATM map, and the pace at which new locations are added will keep on increasing. Interestingly in few places, the demand is very high, but it has been very difficult to meet the demand. Operators are scaling up the demand as best they can, and it is helping new Bitcoin users immensely.
Scaling up Bitcoin ATM installation in few places
There are many unique procedures and techniques followed in some places which are helping operators to install more Bitcoin machines in a quick span of time. Operators are taking into consideration the convenience, compliance, and need of users. The right number of staff and ideas are followed to keep servicing an exponentially growing Bitcoin customer base. As per our market experts, many new places are being targeted as because it has high growth market. Many new cities in the United States are slowly becoming the hub for rapid Bitcoin adaptation. Texas too is becoming a popular choice for many Bitcoin ATM operators and has always maintained the pro-Bitcoin stance. Many businesses in this part are supporting Bitcoin currency and are one main reason why there is so growing demand.
Is this an insult to traditional banking systems?
There is a rapid expansion of these Bitcoin ATM machines, but that doesn’t mean this is an affront to the traditional banking systems. It is not even a threat to traditional financial institutes around the world. In this age of technology, both cryptocurrency and fiat will exist. In present day time when technology is rapidly expanding and making things easier, people desire more choices. We are opting to have more collaborative systems in a place where we can meet all daily requirements. Many experts are pointing out the difficulty of many underserved individuals and their inability to use traditional banking facilities. Bitcoin seems to play a major role in helping many to carry out transactions with ease. There is no insult or competitive threat to traditional banking systems; rather it will give users more option and an alternative.
Challenges
There are countless numbers of challenges encountered by Bitcoin ATM operators, and it is varying from new geographic market to another. Rules and regulations changes from state to state and based on that operators need to encounter challenges. Most operators need to invest a good amount of resources as well as due diligence to research or understand every state’s licensing requirements and local walls. Before you enter any new market, there are all important things or aspects to consider, based on which operators can expand or add more Bitcoin ATMs. Compliance is one of the most important priorities, and all groups that are federally regulated by FinCEN needs to follow it.
Future prospects
In coming days’ time, there will be more Bitcoin ATM access points around the globe, alongside there will be growing value as well as the trading volume of digital currency. As per data shared by some of the Bitcoin operators, there is a considerable increase in demand for Bitcoin selling functionality at kiosks. This is one main reason why Bitcoin operators are aiming to install more and more two-way Bitcoin ATM machines in many places. Many Bitcoin users of present day time are migrating away from traditional exchanges to Bitcoin ATM machines. It is because they get immediate transaction time for both buying as well as selling of Bitcoins at the machine. Experts believe this shift is helping Bitcoin ATM industry to increase and hence many new BTM kiosks are coming up in the market.
Conclusion
The plan for next 6 months of 2017 is a continuous growth of Bitcoin ATMs throughout the country. It is also important to cover many new places under the Bitcoin ATM map so that more users can access this digital currency. We are seeing excitement among new Bitcoin users in new places. Bitcoin communities are installing machines in new locations, and they are tirelessly meeting the demand of a common user. Popular Bitcoin ATM operators around the country are aiming to cover many new places, and some are also looking for possible options to expand outside the United States. The most interesting thing is that all this are happening far quicker than what was expected some months back.
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