The Bitcoin industry is a technologically advanced digital market that is constantly evolving and striving to provide the best funds transfer platform in the world. The blockchain has already set things in motion for the foundation of Stable Coin, and the advancement of future fiat currency.
Bitcoin purists advocate the need for decentralised databases to rule the future, rather than systems that are susceptible to manipulation and even corruption. As such competition among cryptocurrencies is fierce as they strive to achieve market dominance through advancements in security, user-friendliness and overall convenience. The provider able to bring all of these key metrics together under one product stands to knock smaller coins out of the running.
While relatively new to most people Bitcoin ATM’s have been in place for just over 5 years and have helped streamline the purchase, and sale, of cryptocurrency in countries like the USA, Europe and more recently the Asian markets.
The big question however was whether or not they have they run their course? Initially these ATM’s were thought to be nothing more than a gimmick. A tool to make a purely digital product feel real, tactile, to an audience who “just didn’t get it”. Recent market analysis seems to prove that these ATM’s are were far from a flash in the pan with the roll out of many more machines set to take place over the next 5 years!
WHAT IS A BITCOIN ATM?
A Bitcoin ATM is a digitalised kiosk that allows people to buy Bitcoin directly from the exchange with their debit or credit cards. Some Automated Teller Machines (ATM) even offer the function of being able to sell your coinage, resulting in the provision of a one stop Bitcoin trade shop.
There are two types of machine in use. These include ATMS and Cash Kiosks. Both of which are linked to the exchange and allow purchase and trade via debit or credit cards. The difference is that Cash Kiosks link you directly to the exchange, whereas an ATM works via a bank account to the exchange. In both instances, a receipt will be offered to verify the exchange, while the coinage will be directed to a public key on the blockchain, nominated by you.
These machines have been very popular in the States, even though they charge a higher fee for exchange, which is usually around 7% of the transaction value. They provide a “convenient pop-in-and-pay” service that allows the layperson to own and manage their Bitcoin without the need for a computer or even an internet connection!
STATS FOR THE FORCASTED ROLL-OUT
Last year a poll was taken to calculate where the global Bitcoin ATM market stood in revenues. The figures came back at an astounding $18,503 million to date. A brand new crypto forecast has seen that figure dwarfed over the next 5 years, as an educated prediction has been made that will see a compound annual rate of growth for this market hit a region of around 46.61%. That would see the ATM market grow to a whopping $184 million by the end of 2024.
These predictions have been made based on the increase in popularity in the Bitcoin, and overall cryptocurrency industry, with current interest said to spike over the next 5-8 years, as more business processes move to the Blockchain.
Some of the biggest crypto-markets at present, which already show strong annual growth markers, include the online gambling industry and the tech industry. Strong development is also being tracked in the retail and service solution verticals as they turn to cryptocurrency as a viable option for bolstering flagging brick and mortar sales.
IMPACT ON THE BITCOIN MARKET
ATMs increase the convenience of cryptocurrency trading, and brings a “complex” technology down to a process that anyone can understand – as we’ve all used ATM’s for financial transaction at some point in our lives.
Any tool that makes navigating blockchain business easier, will have a positive knock on effect for the market as a whole. The roll out of further ATMS in new districts are forecast to affect the industry in the following ways:
Though popularity in the market place is the instigator of the need for more machines, the knock on effect of implementing more machines will see an increase in the market too, which will then again see the need for more machines to be rolled out. It’s a real snowball effect. Every assisting tech that joins the Bitcoin bandwagon is a proponent or marketing tool to build the blockchain brand.
As stated earlier, Bitcoin ATMs make cryptocurrency available to the man on the street. There is no need for complicated computer applications or mobile apps, for those who want to transact in a more familiar way. Just as the invention of internet banking has not done away with the appeal of banking at ATMS, so the internet module in Bitcoin will not take away the appeal of Bitcoin ATM transactions.
The more and more ‘street vendors’ that support this initiative by hosting ATMs in their stores, the more visible Bitcoin will become to the public eye and will most definitely boost public interest in the concept. Wherever interest can be aroused for Bitcoin, it is positive for the industry. Because it is still such a misunderstood concept, the marketing factor produced by kiosks is a big help in promotion of the brand.
It will help propel more and more market genres into the Bitcoin sphere, while building and boosting current markets.
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