The rise of Cryptocurrency ATM in the crypto world

“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value”-Eric Schmidt

Cryptocurrency has made a global impact. From small business owners to corporate houses everybody is looking to invest in Cryptocurrency. In fact, cryptocurrency has become the talk of the town these days and is gaining popularity more than ever. Cryptocurrencies are witnessing a parabolic rise in prices because of their high adoption rate.

Crypto culture has become common in several countries while few of them are still waiting to see the results. There are several crypto coins on the market such as Bitcoin, Altcoin, Ethereum, Dogecoin, etc and thus the demand for ATMs is also rising.

The rise of crypto ATM

With the growing demand, Crypto ATMs have been install in thousands of numbers. The protocol to buy and sell this currency is easy and needs no rocket science. Moreover, a user can choose from hundreds of exchanges that are easily available online.

ATMs are just making it easier by making the currency more accessible and providing convenience to the user. Bitcoin is one of the most popular cryptocurrencies available and thus, the maximum ATM installation is of Bitcoin. As per current data, nearly 1.72 Bitcoin ATMs are installed by various organizations every single day.

The number is expected to double in the coming future. Apart from Bitcoin, some of the other crypto coins have made a substantial impact and thus users can find their ATMs too such as Ethereum ATMs installed by Lamassu.

Lamassu has already launched 100’s of ATMs so far which accounts for 18% of the total ATMs available in the global market. It has been observed that Ethereum ATMs are better than Bitcoin’s ATMs when it comes to processing time. While a Bitcoin Machine takes around 10 mins to process a transaction, an Ethereum ATM can manage it in few seconds only.

The presence of Cryptocurrency ATMs in the International market.

A lot of countries have accepted cryptocurrency legally thus, crypto ATM’s have been a great success. California, one of the largest two-tier cities, has 10% of the world’s Bitcoin ATM. Thus, Bitcoin users in California have almost 107 ATM machines for their convenience.

Coinsource, another lead organization for ATM installation, has a target of installing 1.2 machines a week. Thus, crypto ATMs can attract more and more users to adopt digital currency and become part of the digital revolution.

Cryptocurrency: The future of finance

Cryptocurrency has revolutionized the whole finance industry. From instant transactions to eliminating the intermediary, crypto has a lot to offer. Earlier it was only Bitcoin that could make an impact on such a large scale but today many cryptocurrencies are successful.

The international market value of Bitcoin faced a lot of fluctuations earlier when it got introduced but today it has become one of the direct payment modes. Thus, cryptocurrency has come really far from where it began. Some of the other popular Altcoins in the market are Ethereum, Dogecoin, Litecoin, Peercoin, and Bytecoin, etc.

Read also: Why Privacy Coins? Because Bitcoin is not a solution anymore

Crypto coins play a huge role in the economy. Crypto solutions that are offered by various crypto coins are helping them gain recognition and find their application in several industries. Being cryptography, the coins are highly secure when compare to traditional currency. Some of the industries that have adopted the crypto means are the gaming industry, the e-commerce industry, and major corporate setups.

Applications of cryptocurrency coins in future

There is hardly any doubt when it comes to the future applications of crypto coins. The crypto coins are easy to buy/ sell and exchange. These coins are now legal in most countries and many industries have made it a major mode of payment.

Using crypto coins, you need to carry any physical cash, and sending and receiving are just one click away. With the introduction of ATMs, the world is ready to see a whole new level of finance. Today, the traditional currency system is facing a digital revolution.

The advancement in the finance industry has reached a different level. Crypto has changed the whole outlook of how would people make transactions in the coming future. A new field has emerged called Fintech where finance and technology have been merged together to bring out whole new possibilities.

Fintech Crypto solutions through BlockChain

With Fintech on the rise, businesses can explore new opportunities and implement different business models using BlockChain based ledgers. Since every single transaction is recorded in the form of a block, all the backend paperwork will be reduced and gradually will not be required.

The blocks get the store on a cloud network where it gets permanent and can be verified. Thus, using BlockChain and Fintech, the finance sector can explore the idea of a modified banking system.

Crypto coins ruling the banking channels

It is not only the private sector but also the government that has adopted the crypto means. A lot of banks have stepped forward for crypto use. With crypto being the next big thing, few banks such as People Bank of China and Bank of Russia have started regulating cryptocurrency from their platform.

There are several other banks that are keen to become a part of this changing trend. They are looking out to bring their own crypto coins into the market. These days a lot of financial institutions are deploying BlockChain technology along with other decentralized applications such as hyper ledgers, distributed ledger, and Ethereum applications.