Bitcoin ATM service is growing more and more

8 years ago - Published in Finance, Fintech Land, Technical Analysis

Bitcoin ATMs are becoming increasingly redundant. Innovative bitcoin service providers and companies are transforming existing bank and public ATMs into bitcoin machines by installing their signature software.

In countries like Taiwan, South Korea, the Philippines and Switzerland, users can visit literally any convenience store, bank ATM and subway teller machine and see a bitcoin option. Bitcoin companies are developing software that are applicable to existing ATMs and allowing users to utilize machines located nationwide to either purchase or sell bitcoin.

As a result, bitcoin ATMs have become increasingly redundant as there no longer exists a purpose to manufacture ATMs specifically for bitcoin. The manufacturing process of ATMs are expensive and time-consuming and in order to install thousands of ATMs provide a necessary level liquidity to bitcoin ATM users, manufacturers need millions in investment to operate. Even then, maintenance fees and the cost of physical labor to fill cash into the ATMs are extensive.

There are now 1002 of them with the majority of these machines – 621 – located in the US followed by Canada. South Africa is the only country in Africa on the list with just one machine.
The US figure didn’t come as a surprise as the country seems to be the next major market for Bitcoin in a couple of years. Several factors are working to its advantage. They include the economy, the currency, the population, higher disposable income and more importantly, events in China.

Recently, Swiss railways ticket machines received extensive media coverage from both local and global media outlets for enabling users to purchase bitcoin directly from subway terminals in Switzerland. Blockchain-powered custom tokens platform community manager Karl Karlsson shared an image of the receipt from machine which showed the Karlsson’s bitcoin wallet address, transaction number and the amount of bitcoin purchased.
Aside those with a commercial focus, some of the private organizations that have unveiled their personal Bitcoin ATM machine include Deloitte and Ernst & Young (EY), one of the “Big Four” accounting corporations in the world, which installed a Bitcoin ATM in their public office in Switzerland, enabling its clients and employees to purchase and sell Bitcoins.

For bitcoin to gain increasing market adoption and mainstream support, it needs to be publicly available on financial channels and platforms already used by users currently.