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Despite falling crypto prices, the installation and use of Bitcoin ATMs has surged in recent months, with 5 popping up every day. The picture looks pretty bleak for Bitcoin at the moment. It could go even further if the waves of negative sentiment and media FUD continue. Those new to crypto have probably jumped ship by now and sold in a FUD-induced panic. This causes the self-perpetuating decline to continue, falling below key support areas.
One group seems to have benefited from the falling crypto prices: Bitcoin ATM suppliers. Bitcoin and cryptocurrency machines has surged in recent months. At the time of writing, the global total is 2,177 Bitcoin ATMs. 136 were installed during the market correction. In 2017, the number of Bitcoin ATMs doubled from 954 on Jan 1st to 2,028 on Jan 1st, 2018. Canada comes in second with 340, and the UK is third with 108.
Despite Japan and Asia dominating global trade volume, the continent only has 47 BTMs, which is just 2. Due to increasing regulation, many BTM suppliers are incorporating identification features into their machines. Operators may choose to disable those features but are often required to use them. Anonymous use is available in some locations, but usually a phone number is required. Infrastructure growth and cryptocurrency adoption is more of a leading indicator to the state of the markets than mass media FUD and bubble speak. Market corrections are a natural thing and are healthy. Double digit growth week on week is not sustainable for the long term.
Is there a BTM near you? Let us know in the comments below. Images courtesy of Wikimedia Commons and Bitcoinist archives. In case you were wondering, neither Warren Buffett nor Jamie Dimon have changed their minds in regards to Bitcoin. Which one of you hates Bitcoin more?
Warren Buffett — an American business magnate, investor, and CEO of multinational conglomerate holding company Berkshire Hathaway — is one of the most notoriously bearish individuals in the traditional finance space when it comes to Bitcoin. 90 percent of Bitcoin Cash holdings are held as investments and never change hands, new research from Chainalysis revealed on June 8. 50 split between investments and transactions. Receive all Bitcoinist news in Telegram! We already told you the story of how Cointed became Europe’s leading provider of Bitcoin ATMs in our latest Bitcoin News.
Yet, getting to the top and staying there are two separate battles. The CEO Wolfgang Thaler and assistant manager Jimi Aho shared with us how they plan to maintain the company’s competitive advantage and stay at the top. In their transparency report, you can find that the company owns 116 machines, out of which 70 are already operating. They are adding a new location almost every week! As most other Bitcoin ATM providers Cointed has two models: One-way and Two-way. When it comes to this provider, bitcoin ATM is a misleading term.
Cointed’s ATMs can support any currency the client wants listed on their exchange. Together with that soon all machines will have NFC support for mobile payments. What is NFC and why it mattersNFC stands for near-field communication. Basically, it allows two devices placed near each other to exchange data.