During the last years, several companies have dedicated to install and operate ATMs that allow buying and/or selling bitcoins in a simple and accessible way to the public in different places around the world. Thanks to these tools, the ease of access to cryptocurrencies has increased and, with it, their adoption. Bitcoin ATM devices represent a transition between two technologies at the service of people, bringing a tangible tool to access the virtual economy. From these ATMs, a figure of 5,000 copies has been counted for this time of the year, the first time to reach this number.
First Bitcoin ATMs
After the successful launch of an ATM in Vancouver more than 2 years ago, ATMsof maker Bitcoin Robocoin installed similar machines in Seattle and Austin.
Promoted and sponsored by Robocoin, like the first Bitcoin ATMs in the United States, they cost around $19,000 and have differed widely from traditional ATMs, due to their extensive security measures with the implementation of such advanced technologies compared to a passport scanner or a driver’s license.
In addition to its launch in the United States, Robocoin also planned to take its machines to Asia a few weeks later with great success. The first ATM company installed in Vancouver and operated by the local company Bitcoiniacs, processed transactions for more than US $ 900,000 in its first month, which led some to believe that the company had a winning formula.
Located in a cafe in Vancouver, the ATM is next to the users, a representative of the company willing to answer questions of the digital financial field and help people who have concerns related to these issues.
CoinATMRadar confirmed 5.000 existing devices
For the first time, the Bitcoin ATM number reaches 5,006 units distributed in 90 countries, reported the CoinRadarATM tracking technology. The massive amount of devices in the world would have been a key tool for the introduction of Bitcoin (and the other cryptocurrencies) into the world. Each point allowed normal people to change the fruit of their work in USD for BTC tokens, betting on a digital asset that operates with the best technology of our times.
The study conducted determined the number of devices over the years in the BTM space, which continues to increase, specifically in the United States, where there are more than 3229 locations equipped with technology.
Only in the month of June, more than 150 installations per day have been registered. Likewise, General Bytes has been recognized for surpassing Genesis Coin as the largest manufacturer of BTMs in the current era, in addition to exceptional trajectory manufacturing products that work with blockchain tech.
It has been reported recently not only that the classic BTM model has been emerging, but also other BTC acquisition methods. In the United States, we can expect Bitcoin accessibility “just around the corner” for all major cities. “American equipment rental company” Coinstar “has put devices into service in more than 2200 locations nationwide.
The president and co-founder of DigitalMint (cryptocurrency provider) Marc Greens, expressed his emotion for the new alliance with CircleK, ensuring that it is a respectable company with which they can work to continue promoting Bitcoin around the world.
“This partnership will open the door for a massive expansion of BTC access to brand new markets around the globe.”
The increase in competition between companies that supply BTM devices can only mean progress for the community and future users. As more parties become involved in the creation of new locations, transaction fees for each operation will decrease.
Is it safe to use this equipment?
Bitcoin ATMs are usually managed by well-known operators with an established business entity. In general, they have a business address, telephone support and email.
A user interacts with the machine directly and there is no one else involved in the process. In comparison to knowing someone from Local Bitcoins, it is much safer, since no one knows in advance that he carries a substantial amount of cash with him.
This also applies to anonymity. Of course, if the Bitcoin ATM machine has a full function check enabled, it is difficult to make an anonymous purchase, despite this it is usually possible to find a machine that does not require any form of verification, especially for relatively small amounts.
How available are these devices? Are they easy to handle?
It can be argued that Bitcoin ATMs are less available than Bitcoin online exchanges. They have a physical location that you should visit, compared to just using your computer or mobile phone connected to the Internet from anywhere.
In addition, the Bitcoin ATM machine is usually available during business hours, which is much less than the 24/7 availability of online exchanges.
Obviously, there is a segment of users that will not go through online registration or bank transfer to deposit funds in order to obtain a portion of bitcoins for the first time. In this case, the Bitcoin ATM machine is a much simpler option that one can detect in a nearby location, be it a local grocery store or a beauty salon.
People are very familiar with making cash transactions, so buying bitcoins in cash is a fairly easy process. The makers of Bitcoin ATMs are working to adjust the flow of operations and make it even easier for the user, so even children can use it.
This is an obvious reality where using an online exchange you must send trust funds as a deposit. For this, you need to have a bank account.
Although things are improving lately with the development of mobile financial services, still half of the adult population around the world does not have access to banking services or a bank account, according to a World Bank report.
It can be argued that Bitcoin ATMs are installed mainly in countries with high financial inclusion. However, even when you have a bank account, you may not want to take a risk and use a Bitcoin ATM in exchange to perform operations with BTC tokens.
There have been many users who reported canceling relations with banks and closing their accounts when they identified that funds transfers could be made to send and receive bitcoins in the most popular exchanges.