The number of Bitcoin ATMs is increasing rapidly

 

ELON MUSK EFFECT

The number of Bitcoin ATMs has increased rapidly, especially since last year. Interest in crypto units such as Bitcoin, Ethereum, Dodgeoin, Litecoin, which are currently over 56 thousand dollars, has increased globally after the positive sharing of billionaire entrepreneurs such as Elon Musk.

The executives of the kiosk operators CoinFlip and Coin Cloud told Reuters that they have now installed thousands of cryptocurrency ATMs in the US and are investigating the places that their competitors have not yet reached.

VISITED EVERYWHERE, INCLUDING THE DESERTS

Mark Shoiket, the founder of Quan Coin, stated that he was looking everywhere, including the deserts, by taking the map of the USA to set up an ATM.

As of January, there were 28,185 bitcoin ATMs in the US, according to howmanybitcoinatms.com, an independent research site. About 10 thousand ATMs were installed in the previous five months.

THERE ARE DIFFERENT REASONS TO PREFER BITCOIN ATMs

On the other hand, people's reasons for using ATMs instead of making online transactions vary. While some prefer to receive cash payments, others go to an ATM because they do not want to open an account in a bank. 

Some want to send money abroad or stay anonymous, while others feel more comfortable interacting with a physical machine. Rebecca White, a 51-year-old Bitcoin investor in the Pittsburgh area, makes larger investments online and uses Bitcoin ATMs whenever her family has extra money. 

"When we do our grocery shopping, for example, when we have $ 60 surplus, I stand in a Bitcoin ATM," said White, who works in the nuclear power industry.

On the other hand, some machines only offer bitcoin while others allow customers to invest in various digital currencies. Few bitcoin ATMs cost more than online transactions. 

Pamela Clegg, director of financial research and education at cryptocurrency compliance firm CipherTrace, said the fees ranged from 6 percent to 20 percent of the total transaction. Fees vary by location and Bitcoin ATM operator. Clegg also added that the ATM market has grown by a burning 45 percent since last year.

GROWED 45 PERCENT

Pamela Clegg, director of financial research and education at cryptocurrency compliance firm CipherTrace, said the fees ranged from 6 percent to 20 percent of the total transaction. Fees vary by location and Bitcoin ATM operator. Clegg also added that the ATM market has grown by a burning 45 percent since last year.