The Bitcoin industry is booming.
It is the very first and also the most valued Cryptocurrency now. In the year 2009, when Bitcoin was first introduced in the market, most investors had not taken it seriously. Gradually with time, Bitcoin has started to show its true potential.
More and more investors started to put their money in Bitcoin and gained a lot of returns. Bitcoin has also made a lot of individual millionaires overnight.
Finance experts are also stating that in the future, Bitcoin might replace the traditional fiat currencies or at least will establish itself as an alternative to that. It might be hard to believe. We also couldn’t believe that Bitcoin would be there where it is right now at the time of its inception.
A lot of investors and also common people are using Bitcoin trading platforms, like Bitcoin Loophole, for making Bitcoin and other Cryptocurrency investments. Even the number of Bitcoin ATMs is also increasing.
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5 Reasons Why Bitcoin ATMs Are Expanding
Whether it is investing or transacting, more businesses and users are using Bitcoin along with other Cryptocurrencies. Across the globe, there are more than 36,000 Bitcoin ATMs. This huge increase in the number of Bitcoin ATMs has not taken place without any reason.
There are actually many.
Here, in this article, we will discuss those reasons.
Reason No 1: More People Are Owning Bitcoin
As per a study conducted in 2021, it has been seen that around 100 million people were using Bitcoin. Compared to the previous year, i.e., 2020, the global adoption rate of Bitcoin was up by 881%.
This monumental rise in the usage of Cryptocurrencies and Bitcoin has also increased the demand for some convenient ways to transact. Bitcoin ATM operators have noticed that, and thus they are supplying more Bitcoin ATMs in different locations.
Reason No 2: Payment Platforms Are Preferring Bitcoin
Along with more individuals, more payment platforms are also adopting the increasing culture of Bitcoin. Major payment platforms such as PayPal have adopted Bitcoin as one of their trusted medium of exchange.
In the previous year, 2020, Paypal has offered more than 360 million users access to buying and selling Bitcoin. By the end of this year, 2022, the Bitcoin transactions are predicted to double.
Reason No 3: A Revenue Stream For Retail Outlets And Stores
Businesses are now looking to increase foot traffic into their shops and stores. Here, the increasing numbers of Bitcoin ATMs are another option for them.
As Bitcoin is becoming more popular, users are also going to need access to Bitcoin ATMs in convenient locations. This way, business owners will benefit not only from foot traffic but also from the passive income from ATM renting.
Reason No 4: Meeting The Requirements Of The Unbanked
Bitcoin ATMs always offer a service that is required by those people who do not have bank accounts or who have become skeptical of traditional banks. Digital exchanges or wallets store your Bitcoin and facilitate transactions.
It means one does not need traditional bank accounts entirely for storing and transferring funds. Bitcoin ATMs bring convenience and familiarity to owning Bitcoin along with other crypto assets.
Reason No 5: Bitcoin ATMs As A growing Industry
ATMs have always been trustable and known machines for withdrawing and also depositing funds. Due to the unfamiliar technology, some people are hesitant to invest in Bitcoin. This is one of the most prominent reasons.
So, here with Bitcoin ATMs, those people might become more incentivized in order to adopt Bitcoin. A lot of businesses and companies are now considering Bitcoin ATMs as an enormous growth opportunity. A lot of manufacturers are developing and also installing Bitcoin ATM machines in different locations.
Here are the names of some of the major companies.
- Chain Bytes.
- Coin Flip.
- Bitcoin Depot Coincloud.
Working Of A Bitcoin ATM
In case you are thinking about using a Bitcoin ATM, you first need to know that these ATMs do not work in a similar way to traditional ATMs. Here is a guide for you.
- First, as a user, you are required to verify your identity, generally with your mobile number.
- Then for buying or selling Bitcoins, you need to add cash to the machine.
- Next, you will get a QR code that connects to your digital wallet to verify the transaction.
- Once the verification is done, your digital wallet will show a record of the transaction.
For every transaction, a fee will be charged that is a certain percentage of the total transaction amount.