The world is changing faster and getting more technology savvy by the day. In the last decade, blockchain has started to emerge as the next big thing, and many experts believe that it is going to transform the financial economy in a disruptive manner. To this end, the adoption of cryptocurrencies in everyday life has started to become more feasible than ever before.
A recent media report suggests that the number of new Bitcoin ATM installations around the world has reached 22 per day on average. Bitcoin ATMs are the digital coin alternative for the fiat currency ATMs that allow digital investors to access their cryptocurrency funds and withdraw coins at their convenience.
The Demand of Bitcoin ATMs Increased in March
During March and April of the ongoing year, the total number of Bitcoin ATMs increased from 36,023 to 36,709. The statistics for the Bitcoin ATMs are compiled and verified by Coin ATM Radar. The increase in the Bitcoin ATM is also an indicator of the demand among the masses. There are many people for whom cryptocurrency is synonymous with Bitcoin alone.
It is also worth noting that since all BTC ATMs are not yet registered with Coin ATM Radar, the actual number of the metric can be higher than the official estimation. Thus far, the United States is leading the world in the matter of installing the most number of Bitcoin ATMs in the world. According to media reports, around 20 thousand new ATMs were installed in the region last year. With the continuous growth of Bitcoin ATMs around the world, the investors are optimistic about the stability of the top coin in the longer run.
One of the major reasons for the increasing demand for Bitcoin ATMs is that the consumers can allocate their funds without KYC verification. KYC or Know Your Customer is an online cyber security protocol that requires the users to submit their credentials like name and address, among other data. With KYC-based platforms, the users cannot conduct any financial transactions without the fear of leaving behind their digital footprint.
People who prefer cryptocurrencies due to their decentralized nature are fonder of the KYC sans machines. However, the government institutions like the Financial Conduct Authority of GBT have mandated a shutdown of all Bitcoin ATMs to avoid any legal repercussions. Likewise, the Singapore government also implemented a restriction on all cryptocurrency-related advertisements.