3 Reasons Why Bitcoin ATMs Are Not Trending

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It seems Bitcoin ATMs have exploded overnight. Where they were previously concentrated only in major cities, I now see them everywhere in places ranging from gas stations to second-hand game stores. These bitcoin ATMs are not just a fad; in fact, they will be a lasting trend for quite some time for several reasons.

It seems Bitcoin ATMs have exploded overnight. Where they were previously concentrated only in major cities, I now see them everywhere in places ranging from gas stations to second-hand game stores. I don’t think these bitcoin ATMs are just a fad. I think they will be a lasting trend for quite some time for several reasons.

Bitcoin usage has skyrocketed

Previously a curiosity among the IT crowds, bitcoin is now a household name around the world, as we can see from its exploding user base.

Statista estimates that there are currently 221 million cryptocurrency users. In fact, the number of cryptocurrency users grew by 190% between 2018 and 2020 alone.

This interest in crypto extends beyond bitcoin itself with the growing popularity and value of non-fugitive tokens, digital certifications of ownership of a digital medium: often a unique art form.

It opens up wealth to underserved markets

Bitcoin ATMs appear in many unexpected places. They’re not just in fancy restaurants. They are also found in smaller strip mall establishments. I think it’s because these ATMs are opening up wealth to traditionally underserved populations.

Many of these people don’t have access to a 401K, bank account, or other means of accumulating wealth, but they often have cash they can use to buy bitcoin at these ATMs.

By investing in bitcoin, they gain access to a highly volatile currency, but one that has certainly increased in value significantly over time, from just under $20,000 at the end of 2020 to around $42,000 at the time of writing. This article.

He taps into the power of money

While many have said that cash is dead, the statistics don’t quite match that reality. While many people have switched to cashless methods, cash still accounts for around 20% of all transactions globally, said Michael Graham, vice president of retail strategy and solutions at Hyosung in an article. on ATM Marketplace.

However, these cash users were unable to purchase bitcoin with cash as it was only available online. Bitcoin ATMs fill a market need by providing a convenient tool to buy bitcoin in person with cash.

As a result, Bitcoin ATMs can often form symbiotic relationships with traditional ATMs, since users can withdraw money from one of them for use at the Bitcoin ATM.

Bitcoin will likely continue to be a major player in the cryptocurrency market for some time to come, and even if it loses popularity, crypto ATMs may just embrace the cryptocurrency that takes its place at the top of the market .

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