July 3rd, 2019
With the increased use of Bitcoin and other cryptocurrencies, there arose a need for ways to exchange cryptocurrencies to conventional methods of payment. Since the popularity of cryptocurrencies has outgrown the pace at which companies are accepting this type of payment, people are demanding bitcoin exchanges and so-called BTM’s (ATM’s for cryptocurrency). Even though giant companies like Microsoft are trying to gradually integrate this type of payment, people are still able to pay with cash at more locations worldwide.
The high demand for cryptocurrencies drives the prices of these currencies up, as it would happen with any other good or service. This is how a number of scams have emerged. These scams include fake cryptocurrencies, cryptocurrency exchanges or online trading websites, such as the Bitcoin Loophole and other similar companies.
With these issues, people are looking for secure and legal ways to use cryptocurrencies. One of those ways is using official ATM’s of giant cryptocurrencies, such as Bitcoin. In order to meet this demand,cryptocurrency companies all over the world started opening BTM’s. Most machines, take your cash and allow the user to buy cryptocurrency. Some machines allow the user to withdraw cash like a standard ATM. Unlike the standard version of BTM’s, these machines are not tied to bank accounts. Instead, they are connected to a person’s cryptocurrency balance.
The use of cryptocurrency ATM’s is spreading all around the world. At the time being, such ATM’s are already present in approximately 90 countries worldwide. The United States is the leader in the number of ATM’s, with more than 3,000 cryptocurrency ATM’s already installed. Thus the United States holds more than half of the whole world’s number of crypto ATM’s. Such popularity is perhaps connected to the United States’ leading status in terms of economic growth. The population of the US is able to use its surplus income to purchase cryptocurrencies and invest in the industry.
While more and more people are using cryptocurrencies both in the United States and in other countries of the globe, the governments are constantly thinking about ways to regulate cryptocurrencies and find a method of including it in the official economy of a country. The current challenge for the governments is that the financial operations using cryptocurrencies are not accounted for in the economic growth of the state. On the other hand, it plays into the consumers’ hands, since cryptocurrency transfers are not (yet) controlled by the government. Hopefully, even after the introduction of more detailed regulations on cryptocurrencies, it will be still very beneficial for the general public to use crypto payments.
Many experts have noted that the increasing number of cryptocurrency ATM’s is supposed to push down the fees used for these transactions. Right now, it is much cheaper to use cryptocurrencies online instead of transferring them into cash balance. However, the competition in this market will probably make it more affordable to transform cryptocurrencies into cash.
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