Bitcoin ATM Installations Skyrocket Throughout Market Correction
Content adapted from this Zerohedge.com article : Source
by Tyler Durden
While some investors are weathering the crypto storm confidently, many have jumped ship, but one group has proven resilient despite market conditions: Bitcoin ATM providers.
Bitcoin ATM installations Outpacing Traditional ATMs
As CryptoAnswers' Creighton Piper details, installations have gone parabolic over past weeks/months, as seen below.
Chart courtesy of CoinATMRadar.com via amCharts
136 Bitcoin ATMs (BTMs) were installed during the market pullback alone, bringing the worldwide total to 2177 as tracked by CoinATMRadar.com. On average, 5 BTM locations spring up every day. This is just one more example of how the crypto ecosystem continues to grow, despite depressing market sentiment.
The United States still dominates the BTM industry with 1296 locations nationwide. This is a marked 30% increase since we last covered this development in October 2017. Canada and the UK follow with 340 locations and 109 locations respectively.
Top 5 countries: USA, Canada, UK, Austria, Spain
Bitcoin ATMs Expand Access to Top Cryptocurrencies
BTMs are beginning to pop up everywhere. Las Angeles alone boasts 165 units, and New York has 127. They offer quick, easy access to anyone needing to acquire and use Bitcoin on the fly. Transactions are instant, but this convenience comes at a price. Buying Bitcoin incurs a ~9% fee, while selling fetches a 7% fee.
In addition to Bitcoin, many locations offer Litecoin (905), Ether (332), and DASH (173) as well. Of the 2177 total BTMs, 944 of them offer some sort of altcoin support, and some of them even offer Dogecoin and/or Monero.
Privacy Issues
Until recently, fiat could be converted to crypto with nothing more than cash in your pocket. Personal details were unnecessary, and transactions could be made anonymously. This was great for innocent users to take advantage of, but it also allowed black market operatives easy access. Most BTM manufacturers are beginning to incorporate identification features now to comply with increasing regulation. Operators may opt to disable those features but are often mandated to use them. Some locations are still able to be used anonymously, but generally a phone number is required. BTMs remain the go-to resource for private transactions, however. Exchanges maintain an arsenal of client data, while BTMs do not. They help distance users from centralized banks and exchanges and keep private details safe. Anyone off-put by the phone number requirement can sidestep using a burn phone.
Final Word
Unfortunately, I was not able to find out how much Bitcoin is traded through these avenues compared to LTC, ETH or other offerings. That would be interesting info, as it would represent how raw use cases of top cryptocurrencies are evolving as their networks compete. As BTC network fees escalate out of control, I would imagine ETH and LTC are gaining on BTC in this respect.
At any rate, the confidence in the BTM market tells a different story than the exchange market. While currencies are subject to FUD and manipulation, ecosystem figures are immune. The best way to gauge the health of crypto in general is to look at real usage, adoption, and infrastructure growth. Fortunately for us all, that continues to be very much a growth story.
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I love Bitcoin ATMS for a simple reason: it brings cryptocurrency from the world of mysterious into something people can see. Even though they might not understand, the fact that they see a Bitcoin ATM, a device that issues money, means people will start to equate it with money.
This is something that we have needed. Each day people are getting more familiar with crypto. I am of the belief, at this point, any news is good news. Cryptocurrency needs all the publicity it can get.
We are about to enter a phase where people are going to get their first exposure to it. I would surmise that at least 20% of the people will be exposed to some form of crypto in 2018. While they might not be using it, they will somehow be introduced to it.
I think we will also see the number of people who use an app that is tied to a blockchain will also explode...even though the people might not know it is a blockchain.
Since the market started to tank a lot of really good news came out about further adoption and the technology is improving faster then ever since december. This bear market doesn't make sense at all exempt for being a part of the natural cycle. BTC is at a great sale right now!
This is very special thanks for the valuable information
I've had a device or a bitcoin for me in the UAE, when
NCR, a multi-channel communications solutions provider, has collaborated with CoinHub, an encrypted currency trading company in the UAE, to provide the first Bitcoin ATM, allowing users to withdraw cash from their ATM accounts .
The transaction is done in plain currency, as if it were a normal ATM transaction, and to complete withdrawals, you can rely on a card or withdraw from the QueenHap account. Once you sign in, the customer can suffer his or her account at QueenHap and other linked accounts and then determine which wallet to withdraw from. A confirmation screen appears to pull the money out of the wallet.
NCR's CxBanking solutions will allow users in the UAE to easily access their money from the Bitcoin currency
"This innovative solution locally is another example of NCR, the leading ATM and payment solutions provider in the UAE, investing in innovation," said Panicos Dimitriades, vice president of professional services at NCR Financial Services. "The positive feedback from our customers at the leading financial institutions in the UAE has helped guide our decision to introduce this solution to the market when we first introduced it to the 50th anniversary of the launch of ATMs this year."
ATMs usually allow the user to exchange bitcoin units for cash or deposit money to buy more electronic currency by transferring money from an electronic portfolio to and from their smartphones.
This was a long-term set-up but other devices make this rolling happy
Thank you hero. @zer0hedge
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Bitcoin ATMs soon to be hawked on ebay as a relic of a collapsed bubble. Sold as curios.
Broke down thru 6g overnite, on it's way to 2g, then 0. HODLer fools have been stepping in and 'buying the dip' at every 1000 on the way down; 10g, 9g 8g, 7g, 6g, etc.
Same thing happening with the shit.coms during the internet bubble collapse.
In the near future there will be a bunch of news stories/articles about the people that 'invested' in bitcon and lost it all.
That would be fucking awesome and also highly unlikely.
I never invested in Bitcoin but have always used it because it simply worked for every-usage...
Now it's completely broken... It's only a speculative asset and almost everybody knows it...
The only way people make money is either by charging fees to transact with it or else big market swings, where money is leaving one person's pocket and entering another...
Bitcoin is a fantastic invention and it will never go away until the last robot police has kicked down the door of a makeshift computer lab cooking up Bitcoins like it was crystal meth in a post privately-mined cryptocurrency world...
But don't be foolish, even when Bitcoin does eventually collapse (and it will), and is replaced with Central Bank Cryptocurrencies (because fiat will also collapse soon), there will always be privately-mined cryptocurrencies just as there have always been "counterfeits" in the real economy...
Even in money-creation, you can never really eliminate all the competition, no matter how powerful and predominant your banking cartel is.
I think one coin should be worth roughly one dollar and it should be digital cash. Pure and simple.
Decentralized, no banks, no ridiculous fees... Just digital, peer-to-peer, off-the-books cash.
The world needs that and anybody who doesn't understand that is asking for a world of pain.
Let's see what happen.
Dear @zer0hedge great article I've read about this and found that
Many people wouldn't start popping the champagne corks n celebration of this as sign of the publics growing acceptance of bitcoin, or that 'massive supporting infrastructure is being placed' (lol). In the UK bitcoin ATM's are springing up everywhere too, but they also have the notorious reputation for being used almost exclusively by drug dealers wanting an anonymous way to get cash on to the darknet markets to finance more drugs purchases, and I imagine it's quite likely the same phenomenon driving this surge of installations mentioned in the article. Who else is going to be prepared to pay those kind of fees, you all baulked at them!
"Bitcoin ATM Installations Skyrocket throughout market correction"
Well, those BTC ATM's are probably not laying on a shelf ready to be delivered at a moment's notice, and were probably ordered months ago when the hype was still alive and kicking.
and also These installations are for when people need to escape the fiat armageddon and take refuge outside the system in bitcoin. Won't be long now.
thanks for share @zer0hedge
Bitcoin ATMs soon to be hawked on ebay as a relic of a collapsed bubble. Sold as curios.
Broke down thru 6g overnite, on it's way to 2g, then 0. HODLer fools have been stepping in and 'buying the dip' at every 1000 on the way down; 10g, 9g 8g, 7g, 6g, etc.
Same thing happening with the shit.coms during the internet bubble collapse.
In the near future there will be a bunch of news stories/articles about the people that 'invested' in bitcon and lost it all. It seems that the Cabal is pushing hard for Cleptos to replace FIAT. At least with FIAT we are holding some paper to use in the toilets in an emergency... with Digital Cleptos you don't even have that.
thanks for information . great post