Cryptocurrency ATMs increased

There was a great financial revolution when the ATM (Automated Teller Machines) was introduced. Now, every savings bank account holder uses their respective ATM card for the withdrawals from the account. 

People are looking for alternatives for fiat currencies for their operations that give importance to cryptocurrencies. Many countries are giving approvals for payments in the form of cryptocurrencies. Multinational companies are giving options to their employees on payment of salaries in cryptocurrencies. People are showing interest in cryptocurrencies. This forced the initiation of ATMs for digital currencies as well. As per the recent research by crypto education platform Crypto Head, United States of America is the world’s top most “crypto ready” nation.

The country has plenty of crypto ATMs when compared to other nations. As of 2021, the U.S. has an impressive 17,436 crypto ATMs in service followed by Canada having 1,464 crypto ATMs and the United Kingdom is in third position with 200 machines. The global crypto ATM market is projected to grow at a Compound annual growth rate (CAGR) of 46.60% to reach US$183.779 million by 2024, from US$18.513 million in 2018. World’s first Bitcoin ATM was opened in Vancouver in Canada in 2018. The ATM allows users to exchange their credits of the digital currency for cash and vice-versa. Using a normal bank ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions, most notably cash withdrawals and balance checking, as well as transferring credit to and from mobile phones.

Digital currency ATM is actually a real physical device that allows people to purchase Bitcoin, Dogecoin and others with cash or their debit or credit cards. Crypto ATMs are the kiosks which allow a user to exchange their cryptocurrency for cash. A crypto ATM is not the same as a normal bank ATM which allows customers to physically withdraw, deposit, or transfer funds in one's bank account. Crypto ATMs generate blockchain based transactions that send cryptocurrencies to the user's digital wallet, often via the use of QR code. Bitcoin ATMs will set a lower and upper limit on the cash that can be deposited and do not connect customers to a bank account. Customers have been charged for using crypto ATMs and the fee is charged as a percentage of transaction rather than fixed dollar value.