With cryptocurrency gaining momentum and all the major digital currencies gaining pace this past week, it seems cryptocurrency ATMs have become a new battleground for competition. The demand for cryptocurrency ATM has surged up in recent time as the numbers of Bitcoin ATMs have increased by four times across 2017.
The competition is heating up among the providers of cryptocurrency ATMs as the digital currency look for a quick exchange and wishes to spend their invested cash as per their will.
Notably, Waves coffee shop in Vancouver was the first place to host the first cryptocurrency ATM in 2013. Since then, around 3500 Bitcoin ATMs have been installed across the globe. Interestingly, the places where these ATMs have been installed are populated train stations, delis, hookah bars, tattoo shops, pubs etc.
As per the statistics available, more than half of cryptocurrency ATMs support Bitcoin as well as at least one altcoin whereas 49 per cent are supporting Litecoin transactions and 32 per cent are supporting Ethereum transactions. The average fee charged for cryptocurrency ATM transaction is around 8 per cent.
Leaders in Cryptocurrency ATM Battleground
With the increasing demand of cryptocurrency ATMs, the ATM providers are coming with new channels for crypto investors and capital inflow in the cryptocurrency ecosystem.
According to the statistics available, the Czech company General Bytes have installed more than 1700 ATM machines in around 53 countries since 2014, which contributes to its 26 per cent shares in the market of ATM providers, whereas the market is lead by Genesis Coin which has almost 33 per cent of shares. Also, EasyBit which is a five-year-old company has already sold more than 60 ATMs in four continents and till date, it has developed four machine models.
As per an estimate given by Coinatmradar, nine ATMs per day are being installed across the globe and if this rate continues to prevail by the end of 2018 then almost 5000 cryptocurrency ATMs will be installed globally.
ATMs Easing Out Transactions for Cryptocurrency Users
The upsurge in the demand for cryptocurrency ATMs is on the backdrop of crypto users as they don’t prefer centralized financial institutions for every digital currency transaction. ATM also enables them to use their cryptocurrency or cash invested in it on the go also as it allows withdrawal from the balance of digital currencies.
Commenting on the future of cryptocurrency ATMs, Mike Dupree, CEO of ATM makers EasyBit, says, “Existing crypto users are the target of EasyBit as it is really difficult to make customers outside the crypto community.”
According to Dupree, the market gets affected by the downfall in the prices of digital currency and regulatory concerns but the best part about it is that it is not necessary that a financial institution needs to provide a back up to your wealth. He said, “Decentralization is the future and regulation will eventually fall in line.”
Recently, Maltese ATM startup Moon Zebra installed first two-way Bitcoin and Litecoin cryptocurrency ATM in Malta in July 2018.