Ten years on from the launch of Bitcoin (BTC) cryptocurrencies have emerged as a major player in the financial landscape despite opposition from conventional finance institutions.
Secure and quick transaction processes of digital token have seen a sharp rise in its use with the current total marketcap sitting at a whopping $183 billion.
The Popularity Of Bitcoin (BTC) Has Seen The Rise Of Crypto ATMs Worldwide
Popular coins such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) currently enjoy huge adoption by thousands of users worldwide.
It is, therefore, no surprise that there is a growing trend towards Crypto ATMs. A recent report revealed that five crypto ATMs are installed every day in different parts of the world. It is understood that there are more than 4000 crypto ATMs across the world in 78 countries.
This number is impressive considering the current bearish market being experienced and the reduced hype surrounding blockchain technology. A photograph posted on Reddit recently, showed a number of crypto ATMs in Estonia which drew excited comments from crypto enthusiasts.
North America Leads The Way With Over 70% Of Installed Crypto ATMs
North America contains the largest number of crypto ATMs with the USA and Canada leading the way. Europe follows with 23% of the total number while Asia, South America, Africa and Oceania lag behind on single digits total.
Many coins have embarked on partnerships with debit card companies and issue cards domiciled in their respective currencies. This development has helped push the adoption of digitokens as users can withdraw fiat currency from the crypto ATMs.
Crypto ATMs Gaining In Popularity Despite High Transaction Fees
However, despite this breakthrough there are several problems existing that need to be tackled in order for crypto ATMs to be seen as the norm. many crypto users have complained about the large transaction fees incurred when utilizing these ATMs.
Many financial institutions frown at the prospect of blockchain transactions and impose huge transaction fees when converting digitokens to fiat.
It is no surprise that the countries that have the highest crypto ATMs are the western countries that have embraced the possibilities associated with blockchain technologies.
Third World Countries Need Embrace Cryptocurrencies
More countries have to embrace the potentials of cryptocurrencies as a means of smoother and easier transactions. This would include passing laws that support blockchain development and removing restrictions preventing crypto transactions.
Third world countries would be better served encouraging digital currencies as an alternative to fiat currencies and Crypto ATMs is one of the first steps in adopting cryptocurrency transactions.