The demand for cryptocurrency ATMs is increasing rapidly worldwide. Digital currency ATMs are required for the owners of Cryptocurrency to exchange and use when required. The number of the Bitcoin (BTC) ATMs has almost quadrupled in 2017.
The count of Bitcoin ATMs is estimated at 3502 worldwide. Its count is increasing day by day. According to the available data, the first cryptocurrency ATM was established in the year 2013 in a Vancouver based Coffee shop.
The digital ATMs established for the use of Bitcoin also supports Altcoin (ALT), Litecoin (LTC), and Ethereum (ETC). The transactions of Litecoin is estimated at 49%. The transaction of Ethereum at Bitcoin ATMs is estimated at 32%.
What is the fee for Cryptocurrency transactions at ATMs?
The cryptocurrency ATMs charges a fee of 8% for each transaction.
The manufacturers of cryptocurrency ATMs is growing rapidly. Therefore, the cash flow into the crypto currency and the number of crypto investors is surging.
ATM Market Share
The ATM market share of Genesis Coin is estimated at 33%. General Bytes holds ATM market share of 26%.
The ATM sales of General Bytes is estimated at 1,700 in fifty three countries. Another ATM manufacturer, Easybit has sold sixty ATMs.
The daily growth rate of cryptocurrency ATMs is nine. The number of digital ATMs is estimated to reach five thousand by the end of 2018. The growth of ATMs is mainly attributed to the increase in cryptocurrency users. Some of the users are finding it easy to access the assets while on the move while others intend to avoid financial institutions such as banks.
The users are allowed the withdrawal of the currency in fiat from their cryptocurrency accounts. The same is allowed from the crypto ATMs.
The Chief Executive Officer of EasyBit, Mike Dupree said his firm is targeting the cryptocurrency customers. Though a drop in the prices of cryptocurrencies and increased controls by the regulators are affecting the market, the company expects that the regulations will finally vanish.
Five Billion Dollars is Added to the Crypto Market
With the rebound of tokens and amid the concern of low volumes of bitcoin, the cryptocurrency has added five billion dollars.