Bitcoin now has over 8000 ATMs Worldwide. According to monitoring resource CoinATMRadar, 8208 Bitcoin ATMs are currently installed in 73 countries. This Bitcoin ATMs allow users to buy and sell Bitcoin (BTC) and altcoins for cash.
There are more than 6000 of these ATMs in the united state alone. Crypto investors can withdraw, transfer and purchase Bitcoin Cash (BCH), Ether (ETH), Dash (DASH), Tether (USDT), Zcash (ZEC), Monero (XMR), Litecoin (LTC), Dogecoin (DOGE), XRP.
See Also: Bitcoin; Hotbed for institutional investors.
Growth Of Bitcoin ATMs In The US
In the United State, the number of BTC ATMs (BTMs) rose to 17% Q1 2020. Cointelegraph reported that there were more than 7,000. The sporadic growth in the crypto asset and growing public demand for cryptocurrency is a major reason for the rise in Bitcoin ATMs.
However, much of the growth has been in the United States. “The number of BTMs in Switzerland Austria and the United Kingdom decreased in 2020, while Spain was stagnant with 71.” CoinATMRadar’s data reported.
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What To Know About Bitcoin ATM (BTM)
Bitcoin ATM (Automated Teller Machine) is a kiosk that allows a person to purchase Bitcoin using cash or debit card. Apparently, some Bitcoin ATM offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine.
There are two main types of Bitcoin machines: cash kiosks and ATMs. Both types are connected to the Internet, allowing for cash or debit card payment, respectively, in exchange for bitcoins given as a paper receipt or by moving money to a public key on the blockchain. Bitcoin cash kiosks look like traditional ATMs, but do not connect to a bank account, instead, connect the user directly to a Bitcoin Exchange.
BTC ATMs are traditional ATMs that connect to a bank account via the user’s debit card. They both dispense cash and sell bitcoin. According to an advisory issued by the Consumer Financial Protection Bureau, “they may also charge high transaction fees. Media reports describe transaction fees as high as 7%. Also, exchange rates are $50 over rates you could get elsewhere.”
