Bitcoin ATM Kiosk Market Update – Crypto

Bitcoin ATM Kiosk Update

Bit of news in the Bitcoin space. Recently Cole Kepro out of Vegas went into receivership and put several hundred non-delivered bitcoin kiosks up for sale.  Their troubles trace back to being willing to invest in Chicago bitcoin operator who ended up going defunct.  Lots of kiosks with no place to go.

A total of almost 300 have been “sold” in one form or another. These units are highly engineered and top tier quality. Not your usual cheap overseas models. If you are interested you can send an email to us at [email protected] or you can contact John Bryant on LinkedIn. John is very longtime kiosk industry veteran and straight shooter.  Pretty sure he has some BNRs for sale too. Say hi for Craig for a discount.

Bitcoin Crypto ATM Market

This week we also have an article and numbers on the Bitcoin ATM market, We haven’t seen the report ourselves so we cannot vouch for it but it appears “relevant. Hard to say with research market reports.  We note there is zero coverage of legislative and legal changes going on right now. California is a good case in point for these types of units and trying to make the transactions more transparent.

 

 

Article

Crypto ATMs can be found in various locations such as shopping malls, convenience stores, and airports, making it convenient for individuals to access cryptocurrencies. Making crypto easier to access with greater visibility is great for the market overall. A potential network of epic proportions, with more than 160, 000 convenience stores in the United States alone. Adding grocery stores raises the tally to 36,000. Over 82 percent of retail, grocery, and luxury goods merchants are ready and willing to accept crypto. So are nearly 26 percent of travel, hospitality, and automotive merchants. As use of cryptocurrencies becomes more popular throughout the world, the number of crypto ATMs continues to rise, making them more accessible to consumers.

Market Analysis and Growth Rate

The crypto ATM market has grown in recent years and the number of ATMs have been installed all-around world. The first BTM was installed in Vancouver, Canada on October 29, 2013. This activity produced more than 40,000 BTMs within last 10 years. The United States has the largest number of Bitcoin ATMs with approximately 33,700. While 2,650 crypto ATMs in Canada the country has moved to the number 2 spot in terms of the number of the most crypto ATMs. In January 2022, Spain has announced that plans to add 100 new Bitcoin ATMs to the existing BTM network. The industry is forecasted to grow due to the rising acceptance of cryptocurrency and demand for simple and accessible ways to purchase and sell digital currencies.

The global Crypto ATM Market size will hit USD 5 billion through 2036, increasing at a CAGR of 55% before the end of the forecast window, which would be 2024 to 2036. In the year 2023, the market of crypto ATM exceeded USD 600 million. The increase has been fueled by the rapid acceptability of crypto coins, drives-like approach to purchasing and selling cryptomarkets. Some of the key players in the industry, including CoinFlip, CoinCloud, Coin ATM Radar, Bitcoin Depot, Bitstop, and Coinsource.

Trends in Crypto ATM Adoption

The cryptocurrency transaction’s future is changing at an unprecedented pace, with a wide range of cutting-edge trends and novelties coming to life within the scope of crypto ATMs. These exciting developments are revolutionizing people’s behaviors towards digital currencies and creating conditions for more wide-scale acceptance and flexibility.

Growing Acceptance of Cryptocurrencies

Just 8 years ago, the world had only 7 cryptocurrencies. Today, there are more than 22,000 active cryptocurrencies. All those cryptocurrencies altogether hold a value of more than $1 trillion while the number of people using cryptos exceeds 290 million. Consequently, due to the soaring numbers of people accepting cryptos as a form of payment, especially for businesses, people are fast to adapt crypto ATMs as they offer a more accessible form of buying and selling cryptocurrencies with cash.

Integration with Mobile Wallets

Another notable trend for crypto ATMs is the connection to the mobile wallet. It permits the consumer to avail of digital assets and continue with the sale and purchase through his system. Once the crypto ATMs are connected to the mobile wallet, it facilitates the producer to offer connectivity assistance to users for more availability of the conveniently controlled digital currency.

Biometric Authentication

While it is necessary to follow some security measures to protect people’s identities from falling into the wrong hands, the credibility of one’s identity is just as important. Therefore, crypto ATMs are developing biometric authentic and verification technologies for added layers of security. As such, only authorized personnel can access it using this feature, which optimizes security.

Increased Adoption by Mainstream Financial Institutions

The new wave of pragmatic acceptance concerning cryptocurrencies has seen mainstream financial institutions acknowledge the benefits and have started adopting crypto ATMs to allow their clients to experience the potential of these new technologies. Furthermore, the use of these innovations by conventional financial firms not only legitimize the currencies but also represent a significant step towards availing the ATMs to a broader audience.

Impact on Financial Inclusion

Regarding their potential impact on financial inclusion, crypto ATMs can indeed increase access to financial services for people who are unbanked and under banked. This type of ATM provides an opportunity for people to buy and sell cryptocurrencies for cash and thus be a part of the global digital economy without having a regular bank account.

• Financial services access: Crypto ATMs enable people who lack access to standard banking services to purchase, sell, and hold cryptocurrency, which can then be used for a variety of transactions and savings.

• Remittance: Individuals can receive and send remittance more cheaply and quickly with Crypto ATMs. This is particularly true for populations in less-served locations or nations with restricted financial institutions.

• Privacy and secure: People can keep a low profile or use understood payments channels whenever dealing with unstable currencies or concerned about their wealth. .

• Financial Education: Crypto ATMs can serve as educational tools, introducing individuals to the world of cryptocurrencies and promoting financial literacy.

• Empowerment: By providing access to financial services, crypto ATMs empower individuals to take control of their finances and participate in the global economy.

Regulatory Challenges and Opportunities

• Anti-Money Laundering (AML): Due to the possibility to launder money and conduct illegal activities, it is a problem for a crypto ATM to ensure AML-compliant operations. At the same time, the ATMs can be used to install advanced AML measures, real-time monitoring, and reporting suspicious activities.

• Know Your Customer (KYC): It is hard to conduct proper KYC for users, as most ATMs can operate without identification. However, it can be an opportunity to implement KYC and benefitably cooperate with IDV services.

• Licensing and registration: Crypto ATMs need to overcome the challenge of diverse requirements in jurisdictions such as licenses and registration. Still, when adhering to this factor, companies can open doors for collaboration with relevant authorities and financial institutions.

• Taxation: Another problem to solve is the requirement to determine the possible taxation implications of the crypto ATM transactions, which are determined differently in every country. From there, cooperation with the taxing authorities may open opportunities for easy cooperation and applications.

What Future Holds?

The future of crypto ATMs looks bright as a significant number of installations is projected in the coming years. Perhaps, other developments such as collaborations with traditional financial institutions could bridge the gap between digital currencies and banking services. Privacy-crypto innovations could also play a significant role in offering more privacy for users when transacting with crypto ATMs. Additionally, with the vast expansion of the Internet of Things, this infrastructure could reach smart cities and connected devices to ensure a seamless purchase of cryptocurrencies.

Source: https://www.researchnester.com/reports/crypto-atm-market/5843