Could We See An Increase of Cryptocurrency ATMs?
A report published by Research and Markets suggests the cryptocurrency ATM market could grow at a compound annual growth rate (CAGR) of 54.7% between the years 2018 to 2023. The cryptocurrency ATM market currently stands at $16.3m and this is expected to grow to $144.5m by 2023. You can sell Bitcoin at an ATM and have it credited to your account.
As endorsement grows for cryptocurrencies so will the number of ATMs that are installed. Bitcoin is currently the most available but we could be able to sell Ripple or sell Litecoin just as easy.
A cryptocurrency ATM can function in multiple ways. It can work as a dispenser where your card is used to purchase a receipt dispensed with QR codes. These QR codes hold the public and private keys which are used to transfer the Bitcoin.
The crypto ATM can be more diverse than the conventional ATM as it can be used in two ways multifunctionally. The ATMs that can function this way are likely to generate more popularity. With increased availability it will become easier to sell Bitcoin or cash out crypto to have it credited or dispensed in fiat.
The cash ATMs were introduced almost 50 years ago and have provided a much-needed service for consumers across the world. The innovation of ATMs to accommodate cryptocurrencies is a huge step for the market.
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