Global Bitcoin ATM Numbers Growing: Here’s the Reason Why

Author: Dylan B
Date: 
January 23, 2019
Read time: 
2 minutes

A recent report released by ValueWalk revealed that of global Bitcoin ATMs has passed 4,000 machines and shows signs of continual growth, which is a surprising statistic given the fact that the cryptocurrency industry faces challenges such as anti-money laundering policies as well as KYC policies.

A recent report released by ValueWalk revealed that of global Bitcoin ATMs has passed 4,000 machines and shows signs of continual growth, which is a surprising statistic given the fact that the cryptocurrency industry faces challenges such as anti-money laundering policies as well as KYC policies.

For most crypto-enthusiasts, the question is often, why is the Bitcoin ATM market experiencing such growth?

The biggest reason lies in the pressure coming from U.S. authorities and the G20 alike. In 2018, exchanges such as ShapeShift and Kraken received an extremely high number of subpoenas requests from the U.S. government, 18 and 315, respectively. Such a number of subpoenas clearly indicate the government’s desire to tightly regulate the industry and keep track of financial information.

Those who have turned to Bitcoin ATMs have done so as a way to detour these types of heavily regulated exchanges. This method generally allows most ATM users to get their Bitcoin without having to provide identification information, which can be can be extremely beneficial for those who are not wanting to have their finances tracked.

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Sean Keefe, a managing partner at Straight Up Capital, expanded upon the ValueWalk report by adding:

“E-commerce is over. Cryptocurrency is the future. Companies like Overstock.com are only doing Bitcoin transactions, and other digital conglomerates like Amazon and Facebook know the war chest is coming. Just like aol.com was a brand name in the mid-’90s, Bitcoin is just the start of many brands to come that will offer the same service. It’s only a matter of time before everyone will have a Bitcoin option on their mobile devices.”

However, it should be noted by potential users that Bitcoin ATMs come with their fair share of disadvantages. For example, most of these devices have much higher fees than traditional exchange platforms like Coinbase and they often have lower limits that prevent you from moving around large amounts of money. Purchasing lower amounts of Bitcoin and having to pay high fees is typically something that most users would prefer to avoid.

In addition, even though there is growth in both the number of Bitcoin ATMs and the cryptocurrency industry as a whole, Bitcoin ATMs aren’t popular in every market. South Korea is one such market where we have seen usage decline over the past two years alone.

Whether Bitcoin ATMs will make it or not truly relies on solving some of the issues above. At the moment, only time will tell.

If you are looking to invest in Bitcoin or other cryptocurrencies but have no idea how or where to begin, start learning how to invest by taking a look at the valuable and informative courses on our website. The best part? Unlike Bitcoin ATMs and exchanges, we teach you how to buy Bitcoin with no fees at all! Click on the link above to begin your crypto-trading journey today!

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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