Category Archives: ATMs

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Crypto ATM Market Set for Over 47% Annual Growth Rate

Crypto ATM Market Set for Over 47% Annual Growth Rate

It’s not often that the rise of the crypto ATMs is far from the news as they spread around the world, and a new report has now revealed the potential for the machines to return a compound annual growth rate (CAGR) of 46.61% by 2024.

The potential for the ATM market to blossom to USD 183.779 million over the next five years was revealed in the same recently released report entitled ‘Crypto ATM Market – Forecasts from 2019 to 2024’.

A great deal of this expected surge in the need for crypto ATMs will come from the Asia Pacific region according to the report, due to a “rising disposable income and growing popularity of cryptocurrency”. It’s also expected that the hospitality industry will see a greater demand for crypto ATMs over the coming years.

This interest from Asia has been illustrated recently by the Union Bank of the Philippines (UnionBank) launching a two-way cryptocurrency ATM under its sandbox program; an initiative was has been designed to allow crypto users to buy and sell crypto for fiat, hopefully, increasing the adoption of crypto usage in the country.

Back in the US New York now offers customers the opportunity to purchase Bitcoin using a regular credit card at machines supplied by ATM provider LibertyX with Chicago currently undergoing its own battle of the ATMs with many providers vying for trade.

The number of installed Bitcoin ATMs has increased by 720 percent since 2016 and is set to increase for one clear reason according to Dom Garret, director of engagement at Coinme:

“Much like the current financial system, the digital currency economy has roadblocks to those who want to take part. From those who do not have access to a bank/debit card to those operating in a cash economy, the physical machines represent an ideal on-ramp that people trust to enter the digital currency economy.”

 

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Downturn What Downturn? Australian ATMs Booming at $360,000 Weekly

Downturn What Downturn? Australian ATMs Booming at 0,000 Weekly

Bitcoin price might be down compared to the highs of late 2017, but one business down under is doing very well thank you, according to one ATM operator.

Auscoin, an Australia-based Bitcoin automated teller machine (ATM) firm with 31 ATMs across the country, is planning to expand its locations to 1,200 soon due to the volume of traffic using its yellow boxes. With a massive AUS 500,000 (USD 360,000) being generated from the company’s current stock of machines, it is not hard to see why an increase may be on the way.

It seems the slump in the market has done little to affect the use of the ATMs, according to Auscoin founder Sam Karagiozis.

He said, “…our turnover is AUD 500,000 a week, which is absolutely a huge sum considering the recent drop in the price of Bitcoin. It clearly shows there is a real market for it [Bitcoin] and many hodlers see digital assets as the future of finance.”

Auscoin clearly has the Australian market and Karagiozis feels that is because of the visibility of the ATMs both in Australia and across the globe that the market has gained the credibility that it has. He argues that it is availability which has opened up the market to all comers: “We believe the most significant barrier to entry for everyday people in the cryptocurrency market is accessibility.”

With stores in France and Spain coming online to sell Bitcoin, and the increase of new ATMs increasing, it is quite clear that cryptocurrencies are being well used, not simply sitting in hard wallets waiting for the market to hit a bull run.

Last year, the small beachside town of Agnes Water in Northern Queensland, with only 1,800 inhabitants, surprised everyone when it declared itself to be the first “digital currency friendly town”, offering Bitcoin and other cryptocurrency payments at 31 businesses around the town.

 

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ATMs Still Gaining Popularity Globally with 5 Daily Installations

ATMs Still Gaining Popularity Globally with 5 Daily Installations

The installation of cryptocurrency ATMs continues around the world as it has done throughout 2017, despite the crypto market downturn.

Newly-published figures indicate that new installations have taken the number of extant machines around the globe past the 4,000 total. This illustrates the degree to which users are increasingly needing a convenient way to access their crypto assets.

According to industry statistics aggregator Coin ATM Radar the current installment rate is now 4.9 a day. The new data breaks down the spread of crypto ATMs, suggesting that actual locations have changed little with the majority of the machines still being located in North America, followed by Europe with roughly a third of the North American total which currently has 72% of the global total actively in use.

Hong Kong represents Asia’s biggest market for crypto ATMs, accounting for 0.8% of the world’s active ATMs. In Europe, Austrians and the UK public are the most prominent users of machines on that continent. Lagging behind is Oceania, which includes major crypto user Australia, South America. The African continent has only 0.2% of the global usage, despite an increased interest in cryptocurrencies in 2018.

In the US, the country showing the biggest increase in installations in 2018 with 1,259 new active ATMs, California (473) and Illinois (250) have the largest number of machines in the country. The figures show that Bitcoin is supported by 99.9% of the world’s 4,167 machines.

The token break down shows a  59.5% support for Litecoin (LTC), 49.3% support for Ethereum (ETH) and 33.9% support for Bitcoin Cash (BCH). Dash (DASH) is supported by 17.9% of ATMs, while Monero (XMR), Dogecoin (DOGE) and ZCash (ZEC) are each supported by 3% or less.

 

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