There’s been a lot of talk about cryptocurrencies over the years. The most popular cryptocurrency, Bitcoin, was introduced in 2008 as a currency that had no need for a central bank. Bitcoins are sent to and from users using the bitcoin peer-to-peer network.
Bitcoin, like most cryptocurrencies, started with basically no value. According to Statista, a leading statistical data source, the value of Bitcoin has varied widely over the past decade. However, the value of Bitcoin rose alarmingly quickly to a high level in 2020 and it has never really dropped that dramatically since.
With bitcoin becoming more mainstream, more interest in investing in bitcoin has come about. However, potential users aren’t always as tech savvy as they may need or want to be to develop a cryptocurrency portfolio. That’s where Bitcoin ATMs come in.
What is a Bitcoin ATM?
A Bitcoin ATM, like a traditional ATM, is a kiosk that allows customers to engage in financial transactions. In the case of a Bitcoin ATM, the kiosk allows users to safely purchase or sell Bitcoin using cash.
Over the past decade, Bitcoin ATMs have become more popular on a global scale. In the United States, according to the project How Many Bitcoin ATMs – a group of academic researchers and volunteers from MIT, Stanford, and other universities – there are currently over 50,000 Bitcoin ATMs in the United States. This is a sharp increase from late 2020 when there were fewer than 20,000 Bitcoin ATMs in the U.S.
Will Bitcoin ATMs Last?
This seems to be the million dollar question. However, the ATM industry seems to think so. Given that the value of Bitcoin is somewhat steadily increasing and the rise of Bitcoin ATMs being installed, it appears that investing in a Bitcoin ATM might be an added service that IADs want to explore. And since Bitcoin ATMs can partner with traditional ATMs, the question of whether or not to install a Bitcoin ATM might just be a no-brainer.