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Bitcoin ATMs are Booming: Here’s Why!

Bitcoin ATMs Are Booming: Here’s Why!

In 2013 the world saw a first when a Robocoin Bitcoin ATM was introduced when a Vancouver coffee shop was installed. The machine allowed customers to trade Bitcoin for cash and vice versa, seeing $10,000 in BTC traded on the first day of operation.

The number of Bitcoin ATMs has increased in recent months amid the increase in contactless payments.

In 2021, the world has about 11,665 crypto-ATMs that allow customers to buy and sell Bitcoin (BTC) and other altcoins for cash.

This indicates the increased number of crypto ATMs versus a year ago. The number of crypto ATMs at the end of 2019 was estimated at 6372 machines; now, as we approach the end of 2000, there has been a nearly 80 percent increase.

Cryptocurrency—a Growing Technology all over the World

With increased investment into cryptocurrency, bitcoin ATMs provide more opportunities for those who need them.

The first bitcoin-enabled ATM was opened in October 2019. With over 7,000 of the machines now in existence, it is clear how practical they are. Although these ATMs’ density is distributed, this will eventually become something beneficial for other countries. BTC ATMs have made their way through most developed and developing countries around the world.

America is the fastest-growing market for crypto ATMs, and it is the most dominant nation in the new installation. The number of crypto ATMs located in the United States increased from 4,213 to 9,242, an increase of more than 50 percent during the course of the academic year. The United States currently accounts for about 80% percent of the global crypto ATM count.

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There are crypto ATMs located in many different locations, including small shops, shopping centers, transportation hubs, and even one in the Tesla Gigafactory.

In the top five in Canada, ranked second with 880 ATMs; the United Kingdom at third with 268 machines; Hong Kong in fourth with 62 machines; and finally Colombia, which recently showed considerable interest in establishing crypto ATMs with 59 machines.

For Africa, South Africa has been the major player for many years, but it should keep a close eye on Nigeria as it has shown increased interest lately.

Genesis Coin ranked first in many crypto ATMs at the world level, followed by General Bytes with 3000 crypto ATMs, followed by Cryptsy with 2000 ATMs.

The growing number of ATMs equipped with crypto functionality demonstrates the growing demand among retailers and financial institutions, including Paypal.

Types of Bitcoin ATMs

There are three different types of Bitcoin ATMs, converting BTC to fiat currencies, buying BTC, and rare Bitcoin ATMs to buy and sell BTC. Some ATMs accept bitcoins, letting users withdraw cash. This is especially beneficial when traveling in a foreign country.

If you live in a particular area, you can use bitcoin ATMs to buy and sell BTC, eliminating steps in the process. Even though many businesses currently accept bitcoin, it is still a little difficult for most people to spend their bitcoin on an everyday basis. To use Bitcoin, people will need to convert it into fiat currency, withdraw it to a bank account, and only spend it.

With these ATMs’ availability, fewer steps are required when withdrawing money. These are places where physical bitcoin exchanges occur.

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How to use a Bitcoin ATM

Bitcoin ATMs have made it easy to buy and sell BTC from anywhere in a fraction of a second. When a customer withdraws from a Bitcoin ATM, their Bitcoin balance goes into their Bitcoin wallets or cash out into a paper wallet. In most cases, machines will also require users to provide identification to comply with KYC (Know Your Customer) rules. There is no going back if you send or receive bitcoins from a party, so make sure you do not send anyone your money in BTC by mistake. Although ATMs have made life easier, scammers have found a way to manipulate people by sending them money through BTC and vanishing without a trace.

Purchasing bitcoins through an ATM

However, there is a general process of using an ATM to buy Bitcoin. First, select the option to purchase Bitcoins (only applicable to ones that offer both buying and selling services). Then scan the QR code on the bitcoin ATM with your smartphone. Enter the amount of currency you are purchasing. Please wait a few minutes while the machine processes your transaction. Once you achieve all of this, follow up with your bitcoin wallet to confirm the sale—and enjoy yourself. It’s that simple.

Buying Bitcoin through an ATM

Selling BTC using an ATM is harder because each transaction is unique and on a case-by-case basis. It depends on the type of machine and the computer system it utilizes. If there is a specific ATM brand nearby, make sure to research its accuracy and reliability before deciding to sell it.

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Fortunately, you will not have any problems if you just follow the instructions displayed on the screen.

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