Similar to a regular ATM, a Bitcoin ATM, or BTM, is a kiosk that allows customers to buy or sell Bitcoin and other cryptocurrencies using cash or a debit card. The chart shows the number of crypto machines installed over time. On the other hand, the daily gauge uses the previous 60 days as a basis for the gauge scale and the last seven days as a basis for the speed scale, illustrating 47.1 ATMs installed per day. Since its introduction in the United States in 2014, BTMs and other cash-to-crypto point-of-sale facilities have let users easily enter the world of cryptocurrency. BTM tracking website How Many Bitcoin ATMs reports that there are presently over 42,000 BTMs throughout the U.S. Whatsmore, around 106 million individuals were said to be using cryptocurrency in February 2021, based on Crypto.com statistics.
Crypto ATM operators for compliance cooperative
Top Bitcoin ATM operators and Blockchain industry leaders recently formed a new Cryptocurrency Compliance Cooperative (CCC), as reported by PRNewswire on Wednesday. Director of Regulation & Compliance, Chainalysis, Caitlin Barnett, stated: Bitcoin ATM operators DigitalMint and Coinsource, blockchain analysis platform Chainalysis, and others’ objective, as a collaborative organization, is to establish a safer environment for all customers and legitimize the cash-to-cryptocurrency sector by strengthening compliance requirements that many consider being lacking at the moment. By way of illustration, according to the New Jersey Commission of Investigation, 75 percent of the BTM operators in the state of New Jersey enabled some transactions without needing the consumer to submit any information other than a mobile phone number.
Use of a crypto ATM
The function of crypto ATMs can bring cryptocurrencies closer to consumers who may not have access to or know how to use applications such as Coinbase and Binance. Furthermore, crypto ATMs provide customers with a simple, fast, and safe alternative to obtain Bitcoin, for example, using cash, which is not always an option with online exchanges, which can leave out 22 percent of the population, who are underbanked or unbanked. [coinbase]
