Tuesday, January 28, 2020

Bitcoin ATMs Hit 4,000 Around the World, But Why are They so Popular?

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Bitcoin’s past year performance has not deterred people from trading the virtual currency at ATMs. This can be attested to the fact that there are currently over 4,000 crypto ATMs across the globe. As such, it is not uncommon to walk into a mall, restaurant, or grocery store to see one of these machines. At this point, one may wonder, why are Bitcoin ATMs so popular given their high transaction fees?

Over 4,000 BTMs Around the World

Based on Coinatmradar.com’s data, most Bitcoin ATMs (BATMs) can be found in countries like the U.S., U.K, Austria, and Spain. It is also worthy to note that African countries are a part of this movement because a number of these machines can be found in South Africa and Zimbabwe. BTCNN’s report on January 19 also reveals that Venezuela has installed its first BATM.

But what has led to this rapid increase given that some users have complained of the high transactions fees charged at these stalls? A lot of factors can be attributed to their popularity. The first is the high demand for these machines by cryptocurrency enthusiasts and new investors. This has brought about a competition between its manufacturers such as Genesis Coin, General Bytes, Lamassu, BitAccess, and Coinsource.

Quick and Convenient Transactions on BATMs

The high demand, on the other hand, can be attributed to the ease at which transactions can be carried out in comparison to exchanges. In this case, a person can insert their cash or use a credit card to buy Bitcoin. An exchange, in contrast, will require signups, user verification, and several other procedures before purchases are made.

In line with that, cryptocurrency exchanges of late are trying to comply with guidelines such as Know Your Customer (KYC) procedures which have been set by financial regulators. Thus, a new investor will have to go through these procedures before buying virtual assets. That being the case, anyone who knows they can bypass the KYC entirely and still get a hold of Bitcoin will most likely grab the opportunity.

Finally, the ability to receive money in real time has led to a rapid increase in Bitcoin ATMs. In comparison to exchanges, a lot of processes from setting up an account, passing the KYC, to finally depositing funds take a lot of time. The same can be said about the waiting time needed for transactions to be confirmed.

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