In this era of the Covid-19 pandemic where peer-to-peer (P2P) transactions are being discouraged, investors are starting to develop new effective alternatives of transacting. One of the alternatives is using Bitcoin automated teller machine (ATMs), a digital banking outlet which enables cryptocurrency users to conduct pivotal transactions without the aid of a P2P trader. Crypto ATMs are one of the swiftest means to purchase and sell digital currencies.
A new Crypto ATM review has indicated that the number of Bitcoin ATMs globally increased by more than 56 percent in 2019. According to the same report, the number of new Bitcoin users did not vary significantly from the 2018 figure. Experts believe that the rate at which new people join bitcoin is somewhat stagnant.
Two Bitcoin ATMs had been working in Lithuanian shopping center GO9, but the State Tax Inspectorate of Lithuania (Valstybinė mokesčių inspekcija - VMI) asked the owner company to shut them down. The authorities explained that the ATM can’t work on the financial market until they have appropriate certifications.
The Italian giant TAS Group and the Austrian start-up that has made a name as leading Bitcoin ATM provider are teaming up to deliver a crypto debit card. It will allow clients to quickly and easily exchange from crypto into fiat or vice versa on any Cointed ATM, as well as making payments to selected retailers.
Bitcoin has recently surpassed the value of Goldman Sachs Group Inc. and hovers above $100 billion. However, the wider public is yet to be introduced to Bitcoin and cryptocurrencies. Even so, in October 2013, Bitcoin ATMs made their debut at the Bitcoiniac`s kiosk in one of Vancouver’s coffee shops. Today, just four years later, there are more than 8 million Google search results for “Bitcoin ATM near me’’.
As Bitcoin is growing more and more popular, many players in the traditional financial market are turning to cryptocurrency. For example, Japanese ATM manufacturer Oki is going to launch a new line of Bitcoin ATMs that would allow converting cryptocurrency into local cash or make deposits with fiat money to a cryptocurrency account.