By An ATM (automated teller machine), traditionally serves as a means to deposit or withdraw money. However, ATMs have now expanded to enable people to exchange specific cryptocurrencies, such as Bitcoin, Litecoin and Ethereum for cash. The ATM is linked directly to a Bitcoin exchange and not to a bank.
The ResearchandMarkets.com website published an article 4 September, where they projected that the ATM market will increase from $16.3 Million in 2018 to approximately $114.5 in 2023. This is a staggering 602.7% growth over the 5 year period.
The growth in the crypto ATM market is directly related to countries such as the United States, Germany and Japan permitting cryptocurrency development and in their adoption of digital currencies into their economies.
Contrastingly, a lack of knowledge and regulation around cryptocurrency is hindering its growth. This interplay is affecting the progress of the crypto ATM market. The status of cryptocurrencies such as Bitcoin varies largely from country-to-country, and from state-to-state within North America. The majority of financial authorities do not acknowledge Bitcoin as a currency or regulate it. They rather urge caution of its usage. Therefore, a lack of information and the vagueness around cryptocurrency has held back its growth.
A published study reported that the significant growth during the forecast period will be from two-way ATMs. The two-way ATM refers to a machine that allows transactions in both directions, namely to change digital currency into fiat and to convert fiat back into a cryptocurrency. The article continued to argue that the dual function of the two-way crypto ATM is what has driven its popularity among its users.
Purportedly, the United States’ crypto ATM market is considered to become the largest shareholder by 2023. 
The North Americans are equipped to dominate the market as they have access to numerous hardware and software service providers, in addition to a mature and preferable investment market.
The Ontario-based bitcoin and Ethereum ATM manufacturer has installed their ATMS in three branches of Hasty Market, namely Toronto, Brampton and Etobicoke in 2017.
The ATMs are beneficial for small users, traders and investors who are unable to warrant the use of established exchanges. This has been particularly beneficial in South Korea and Hong Kong, as it encourages the general populace to use the ATM.
From 2014 to date, Hyosung has made it possible for South Korean ATM users to buy and sell Bitcoin through ATMs located in convenience stores and subway stations. Hyosung has also developed a mobile app called Coinplug, which allows users to buy and sell Bitcoin.
With the global adoption of Ethereum, casual users and investors will benefit from the ATMs. Hyosung is planning on shipping ATM models to countries that support Bitcoin, such as the United States and most of Europe.
Conventional ATM manufacturers are threatened by the crypto ATM market, as they consider digital currencies a risk to their business. Cardtronics reported that cryptocurrencies are among the major jeopardies to their business in their annual report. The use of ATMs has declined, as consumers generally prefer electronic means of payment, as opposed to actual banknotes.
Is there crypto ATM machines in your country, let us know in the comment section below?
Follow CoinBeat on Facebook, Twitter & Telegram
Subscribe to our CoinBeat Newsletter
Submit an article to CoinBeat
View live Marketcap Prices here
Comments