Even though some people might argue there is no growing demand for Bitcoin ATMs around the world, it is important to note there are now over 600 of these devices available to consumers. Market penetration remains incredibly low compared to the number of bank ATMs, though, and most of these devices are installed in areas where there is fierce competition on the market already.
More Bitcoin ATMs Are Needed In Key Areas
The main objective of using a Bitcoin ATM is to get the popular digital currency into the hands of as many consumers as possible while simplifying the process of buying BTC at the same time. By accepting cash payments, a Bitcoin ATM is the most convenient way to obtain digital currency, assuming one can find such a device in their area.
For some regions, it is a challenge not to come across a Bitcoin ATM these days. Almost half of these devices in operation today can be found in the United States, creating a somewhat centralized problem. Even though some people might say it is important to conquer the US Bitcoin market, there are other critical areas where digital currency can do a lot of good.
Keeping in mind how US citizens have access to a wide variety of Bitcoin exchanges, it does not necessarily make sense to see close to 300 Bitcoin ATMs installed in the region as well. Granted, there are plenty of consumers in the United States who may want convenient access to Bitcoin one day, but the most pressing demand seems to be coming from South America, where the number of teller machines is incredibly low.
Based on the recent statistics provided by CoinATMRadar, 2.85 Bitcoin ATMs are being installed every day. That is quite a significant margin, as this percentage used to sit below the “2” mark for quite some time. There is a growing demand for Bitcoin ATM devices around the world by the look of things, which means an exciting competition between manufacturers.
Speaking of which, Lamassu sees a nice increase in the share of the Bitcoin ATM market, as they are slowly starting to catch up to Genesis Coin. Keeping in mind how Lamassu Bitcoin ATM devices will now support both Bitcoin and Ethereum, things are bound to get fascinating in the next few months.
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