The cryptocurrency hype is real, and this is only the beginning. Cryptocurrency adoption by consumers worldwide has skyrocketed by 880%, according to a recent index introduced by Chain analysis, a credible blockchain analysis company.
Everyone on the planet is flocking to cryptocurrencies in order to protect their money in the face of devaluation, send and receive remittances, and conduct commercial transactions, among other things. Consequently, adoption in North America, Parts of Europe, and Eastern Asia has been mainly driven by an institutional investment over the last year.
Recently, there has been tremendous growth in interest in cryptocurrencies as well as in their respective prices. Bitcoin has tripled in the past 12 months, followed by Etheruem shooting seven times higher than its previous price.
Experts suggest that people are joining the crypto space in large numbers. This is due to the fact that no one knows what the future holds for cryptocurrency, and it is possible that it could plummet; nevertheless, it is more probable that it will have actual use eventually and will change a number of sectors in the process. With security tokens, utility tokens, the emergence of DeFi, and other prospects of the crypto ecosystem already proving beneficial for many industries.
Besides, if cryptocurrency does not become a globally accepted means of payment, there are other ways to succeed. Consider blockchain technology, the underlying core of cryptocurrencies. The Ethereum blockchain is used to power a wide variety of applications, including decentralized banking and non-fungible tokens. Smart contracts, which are digital agreements that can transform the legal business, are hosted on both the Ethereum and Bitcoin networks.
To some extent, all of these uses necessitate the use of cryptocurrencies. Ethereum and Bitcoin and individuals who have invested in them will benefit if any of them becomes broadly utilized.
In today’s globe, there are over 63 million cryptocurrency wallet owners, according to recent data. A further study estimates that, by 2022, digital payments would account for as much as 60% of the world’s gross domestic product (GDP), making them less of a niche interest and more of an industry standard. Blockchain’s advantages over traditional systems such as rapid transaction, low costs, and transparency could make it a significantly more attractive alternative to traditional payments.
As both business-to-business and consumer-to-consumer payments become digitized, the sector will become more accessible to a broader range of customers, providing for more innovation potential. Leading payment companies are already taking advantage of this by utilizing cutting-edge technology to enable consumers to buy, hold, swap, and spend several traditional and cryptocurrencies at various locations worldwide.
With the outbreak of the worldwide pandemic only accelerating the rising trend of making online payments, it seems that an increasing number of people are starting to recognize the benefits of a token-based economy. The results of a recent study revealed that 74 percent of respondents think that cryptocurrency is a viable alternative to conventional monetary systems, and as more mainstream media coverage of cryptocurrency’s advantages is published, the public’s interest in cryptocurrency is expected to grow.
Crypto has a bright future now that it is no longer regarded as a niche interest. Both bitcoin and Ethereum are on their way to hit all-time highs, and Google searches for Ethereum have risen dramatically, indicating that the conversation around big cryptocurrencies has entered the mainstream media. Increasing interest in DeFi is largely responsible for this, and with technical improvements coming to the Ethereum network in the next months, Ethereum in particular seems to have a bright future.
As the popularity of digital currencies grows, governments may need to act swiftly to establish regulatory frameworks. Only then will they wish to fully use the digital economy’s efficiency and the plethora of benefits to individuals in their daily lives.
One way they could accelerate and exacerbate and regulate the growth of Crypto adoption could be through Crypto ATMs. People have been relying on Decentralized and Centralized Exchanges to fulfill their crypto needs; however, before Crypto exchanges were a thing, Crypto ATMs were all the rage.
What are Crypto ATMs?
For most people, investing in cryptocurrencies without any prior knowledge can be intimidating. Fortunately, there are a plethora of digital resources available to assist investors. You will be able to send money to your loved ones instantaneously using Crypto ATMs.
They were first installed in Vancouver, Canada; Crypto ATMs are internet-connected kiosks where clients can deposit cash and purchase bitcoins and other cryptocurrencies.
Customers may withdraw cash from an automated teller machine (ATM) or deposit or transfer funds into their bank accounts. A Crypto ATM is not the same as a traditional automated teller machine (ATM). ATMs that accept cryptocurrencies produce blockchain-based transactions that transfer cryptocurrency to the user’s digital wallet, which is often accomplished via the use of a QR code. A bitcoin ATM, also known as a bitcoin kiosk, is a self-contained, self-sustaining gadget or kiosk that enables users to purchase or trade bitcoin or other cryptocurrencies in exchange for a fee. Crypto ATMs are linked to the internet through a wireless connection. It is via the use of QR codes that they may transfer and receive tokens into users’ digital wallets. Today, more than 14,000 Crypto ATMs are currently operating throughout the world.
Customers can buy bitcoin and other cryptocurrencies at a Crypto ATM. The term “ATM” is misleading. These machines aren’t ATMs, and they don’t give out cash. Instead, they are crypto-backed kiosks that allow clients to buy tokens using cash they have deposited.
Buyers often scan a QR code corresponding to their own wallet address, where the acquired coins are sent. If the buyer does not already have a wallet, one may be established for him or her. After making the purchase, a record of the transaction will show in the customer’s wallet, but it may take several minutes for this to happen completely.
The cash that can be deposited at most crypto ATMs has a lower and upper limit. Currently, all cryptocurrency ATM operators in the United States are required to register with the Financial Crimes Enforcement Network (FinCEN) and adhere to the Bank Secrecy Act’s anti-money laundering rules (BSA)
Moreover, depending on the transaction quantity, the crypto ATM may need your cell phone number to send you a text verification code. Alternatively, you may be asked to scan a government-issued identification document, such as a driver’s license, before completing a purchase.
Crypto ATMs around the world
Cryptocurrency ATMs are more common in North America. More than 75% of these devices are in the United States and Canada, with barely 2,000 in Western Europe. This is unexpected given European investors and traders are very interested in purchasing crypto assets, and many European governments have already enacted transparent cryptocurrency regulation legislation.
However, it is worth mentioning that this disparity will diminish with time as more crypto ATMs are installed in European countries such as Switzerland, Austria, and the United Kingdom. Cryptocurrency ATMs are prevalent in Bratislava, Budapest, and Prague in Central and Eastern Europe.
The United States, according to Crypto Head’s study, is the world’s most “crypto-ready” nation. The study revealed that the United States topped Crypto Head’s ranking with 7.3 out of 10, mainly owing to its number of crypto ATMs.
With 17,436 crypto ATMs operating in 2021, the US is well ahead of the 470,000 conventional ATMs in 2018. Still, the machines’ prominence is steadily increasing as companies expand countrywide. Additionally, Canada was the first nation to regulate cryptocurrency in 2014, and it ranks second in the league of crypto ATMs with 1,464. The United Kingdom ranks third with 200 machines.
According to another report
- A total of 24,030 crypto ATMs were installed globally in 2017, up 70% from the previous year.
- The rise compared to a roughly 120 percent growth for the whole year of 2020, according to Coin ATM Radar data.
- With five months remaining in the year, the 10,037 machines deployed in 2021 have already exceeded the 7,620 units installed in 2020.
- Coin ATM Radar claims that more than 21,000 ATMs with cryptocurrency capability are located throughout the world, with a large number in the United States.
- More than 600 different companies run ATMs, with Bitcoin Depot leading the pack with a 15.8 percent market share. Bitcoin Depot revealed last week that it had reached an agreement with convenience store operator Circle K to deploy over 6,000 kiosks throughout North America by the end of 2021.
How are Crypto ATMs better than traditional ATMs
Crypto ATMs have always been superior to their traditional counterparts due to their decentralized nature. Banks, for example, do not provide any service for converting your cryptos into cash, but a Crypto ATM may easily do it.
Moreover, Crypto ATMs are regarded as safe due to their secure and anonymous purchasing and selling capabilities. Due to a country’s specific legislation or rules, some ATMs even ask customers to produce identification or legal documents.
The two-factor authentication technique is the primary factor that ensures the safety and security of Crypto ATMs. Crypto ATMs typically require consumers to input a code issued to their phones or a specific phone number to confirm the transaction. Other ATMs require consumers to scan a QR code that is emailed to them.
Using a Crypto ATM is not as difficult as it may appear. Although most Crypto ATMs operate similarly to any other ordinary ATM, once you have a basic understanding of what they are and how they work, you will be able to learn how to use them quickly. Crypto ATMs at the moment is the ideal alternative for consumers looking for quick ways to convert cryptocurrencies to and from fiat currency.
Data from various sources reveal that the number of Crypto ATMs is continually increasing, indicating the rise of Crypto ATMs; however, more intriguing is that crypto acceptance has been increasing in recent years.
It is no surprise that the use and popularity of cryptocurrencies are increasing with the growth of Crypto ATMs. The critical reason that Crypto ATMs aid in crypto adoption is their accessibility to all users.
Currently, Crypto ATMs can be readily found around the world, and If you wish to travel abroad, you can efficiently utilize Crypto ATMs and avoid changing your currency. You only need to bring your Crypto wallet.
When it comes to cryptocurrency acceptance, Crypto ATMs can play a crucial influence. The reason for this is that they make it easier for people worldwide to use cryptocurrencies, and the use of Crypto ATMs can contribute to an increase in the adoption index of Bitcoin and other crypto-assets.
What do you think? Will you be using a Crypto ATM any time soon?