3 Million Traditional ATMs Will Double Function As Bitcoin ATMs
Crypto ATMs, something almost unimaginable 5 years ago, has been making remarkable growth. On June 1, 2019, a survey said that there were a total of 4858 crypto ATMs globally. This is expected to have touched the 5000 milestones, and while it’s nothing compared to the over 3 million traditional ATMs in the world today, it is possible this number climbs to 4.3 million by 2020.
Crypto enthusiasts say that the disparity should not be a source of alarm. They, in fact, say this extensive traditional ATM network is good for Bitcoin. A Reddit user RickDawkins, for instance, says:
“I operate a couple of dozen regular ATM kiosks. There is Bitcoin capable software coming to them soon, so someday those 3 million traditional ATMs will double function as Bitcoin ATMs. No other details are known yet. It’ll take a couple of years to get all the updates out I’m sure. This industry is slow, and they always postpone deadlines.”
A Bitcoin ATM manufacturer, Robocoin, has designed a software pack in place that turns any regular ATM into a BTC dispensing machine. Through these machines, which most people must already be accustomed to, any ATM can accept, transfer or dispense regular cash, alongside digital currency. Some day, withdrawing BTC as fiat to pay for your Starbucks coffee, might be as simple as going to an ATM. Although hopefully by then Starbucks also accepts Bitcoin as a mode of payment. The software, known as Coin SDK, was Robocoin’s initiative to encourage crypto mass adoption.
Most ATMs these days are just directly connected through a connection that pretty much is analogous to the internet, meaning that a simple software update with a method to access coins, assess the value in the wallet and allow a user to withdraw coin is extremely viable and not even that far ahead from what ATMs are already capable of. It will be exciting to see this come through, although it might even take 5 years to actually happen. Hopefully, by then a lot of cryptocurrency problems in the mainstream world are cleared up by then.
Currently, the crypto ATM manufacturer General Bytes has installed most of the newest machines in the business. Twenty-four other BATMs have been produced by maker Lamassu. Bitacess has also quite recently installed a further 24 crypto ATMs. The country with the highest number of crypto ATMs globally is the US.
At least 60 percent of all crypto ATMs reside here. Canada is home to 12.4 percent of all crypto ATMs. This implies that over 70 percent of all these machines are based in North America alone. Europe holds 22 percent of the world’s population of these ATMs, while Asia has 2 percent.