In the cryptocurrency world, there are many believers who expect Bitcoin and top altcoins to become the new normal. While that is a distinct possibility, it seems rather unlikely any major shift will occur. Even the growth spurts in terms of Bitcoin ATMs show there is still plenty of work to be done in the months and years to come.
The US Remains the Biggest Market
While it is good to see more and more Bitcoin ATMs come online in the US, one has to keep in mind things are not entirely promising either. Albeit the US has always been the biggest market in terms of Bitcoin teller machines, it seems growth around the rest of the globe is very difficult to come by. Until that situation changes for the better, it seems the impact of these devices will remain rather minimal.
That doesn’t mean there is no room for growth in the United States either. Plenty of US states do not have such ATMs, primarily due to concerns over regulation and licensing requirements. Additionally, it remains to be seen how the US will treat Bitcoin and altcoins in the years to come. As such, it would be wise for manufacturers to explore other options around the world as well.
Fees Remain Rather High
Despite all of the convenience provided by Bitcoin ATMs in terms of obtaining cryptocurrency, there is one major drawback to take into account as well. Purchasing Bitcoin or altcoins from these machines is subjected to a hefty premium fee. In most cases, the average fee per transaction sits well above the 5% level, which is not a good way to attract novice enthusiasts by any means.
It is evident these costs will need to be brought down by a significant amount in the near future. That is much easier said than done, as device operators want to earn back the investment cost and monthly costs as quickly as possible. However, if the fees prevent people from buying cryptocurrency, it will become incredibly difficult to achieve that goal.
Overall Growth is Very Impressive
Based on the current rate at which the number of Bitcoin ATMs continues to grow, there aren’t too many problems to be concerned about as of right now. Over 5,000 of these machines can be found across several dozen countries. That in itself is a promising sign, although it doesn’t explain how often these devices are being used or whether they are even profitable in the first place. That latter part is crucial when it comes to operating such a device.
According to the current statistics, over 6 Bitcoin ATMs are installed every single day. That is an astounding growth rate, especially when considering how the year 2018 was rather problematic for all cryptocurrencies in terms of pricing. Now that the Bitcoin value has begun moving up once again, it seems things might turn around in favor of this industry.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.