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Over the years we have witnessed the development of cryptocurrency. Tons of people around the world now depend on this online cash for their day to day transactions. Although cryptocurrencies like Bitcoins are not acceptable in a lot of places, many businesses are opening up to receiving them as a means of payment.
One of the evidence that Bitcoin is gaining ground in the world is the emergence of Bitcoin ATM sioux falls sd. We have witnessed the growth of the Bitcoin ATM market for two years running. In fact, reports indicate that more than 8 of these ATMs are installed daily.
In this post, we will take a quick look at some stats that shows us how the Bitcoin ATM market develops but before that, let us take a quick look at what a Bitcoin ATM is.
What is a Bitcoin ATM?
Just like the traditional Cash ATMs, Bitcoin ATMs allow people to make Bitcoin transactions. It is an automated teller machine that allows you to either purchase or trade your bitcoin. It allows you to transfer bitcoins to people around the world and also convert them to cash.
In most cases, Bitcoin ATMs allow you to do more than just transact on with bitcoins. This means that you can also purchase or trade other cryptocurrencies on most bitcoin ATMs. Learn more from the Nakitcoins website.
How the Bitcoin ATM Market Develops
Here are a few stats that show us how the Bitcoin ATM market grows:
- NUMERICAL INCREASE OF BITCOIN ATMs: Ever since the first Bitcoin ATM was launched in 2014, studies show that there are more than 6700 Bitcoin ATMs around the world today. This increase in the installation of Bitcoin ATMs is one of many pieces of evidence that the Bitcoin ATM market is developing. The year 2018 and 2019 recorded the highest installation of Bitcoin ATMs so far, indicating that there over 70 percent of these ATMs were installed in those years. More than 2054 Bitcoin ATMs were installed in 2019.
- INCREASE IN THE MARKET SHARE OF BITCOIN ATM MANUFACTURERS: Today, we have over 30 Bitcoin ATM operators and over 50 Bitcoin ATM manufacturers. This indicates an improvement in the market shares since the inception of the Bitcoin ATM in 2014. Genesis Coin owns 33.5 percent of the shares while General Bytes owns 32.1 percent. Lammasu is the third-highest manufacturer shareowner controlling 7.2 percent of the market share.
- DUAL OPERATIONAL TRANSACTIONS ON BITCOIN ATMs: At the inception of Bitcoin ATMs in 2014, Bitcoin ATMs only allowed people to buy Bitcoins. However, we have witnessed these machines perform both purchase and selling orders. Although there are still “Buy Only” Bitcoin ATMs, we have also seen the emergence of the Bitcoin ATMs that permits both the buying and selling of Bitcoins and other cryptocurrencies. While 66.6% of Bitcoin ATMs allow users to cryptocurrencies only, 33.4% allows users to perform both operations.
In conclusion, the stats, above indicates that the Bitcoin ATM market is developing. Hence, highlighting its potentials to come into full manifestation in a few years.
