Can Bitcoin ATMs machines make it easier for the general public and the unbanked to access the crypto-currency?
When it comes to bitcoin (BTC) purchases, cash could be king, as recent data suggests that there has been a significant spike in crypto-currency ATM installations in 2021, representing a 71.3% increase from January 1, 2021, through the time of writing.
Notably, there are over 24,000 crypto ATMs located around the world. The data also suggests that cryptocurrency ATMs are being installed at a rate of nearly 52.3 machines per day.
While growth is now underway for the crypto industry, the reason for this increase in crypto currency ATMs could be due to an increase in demand for using cash to acquire Bitcoin.
Money is easy for the traditional economy.
While there are many reasons why some people would want to acquire crypto from an ATM versus an exchange, most common use cases seem to focus on quick and easy access to crypto currency.
For example, research alleges that more than 50 million Americans may buy crypto currency next year. The results also indicate that lack of understanding is the biggest barrier for new investors. Primarily, 20% of those surveyed said they still don’t understand how to buy crypto.
In Montreal, many people are looking to get into the value of crypto currency, the haptic element of a physical machine like an ATM. This is where CryptoClubBTM Bitcoin ATM machines comes in. They were able to open multiple locations in the Montreal Area. Here is the list of the different Bitcoin ATM Montreal locations.
Bitcoin ATMs are the best way to acquire Bitcoin for a growing target group of unbanked and underbanked people. It has now become the case for millennials and baby boomers, claiming that these users make up the largest portion of BTC ATM transaction volumes to date. BTC ATMs operate primarily to ensure that crypto is digestible and accessible to new users who may not understand the intricacies of crypto or the underlying blockchain technology.
To demonstrate this point, CoinFlip conducted a Twitter survey to determine how many people on Crypto Twitter have ever used a Bitcoin ATM. This survey revealed that 72.2% of people had never used a Bitcoin ATM while only 27.8% said they had used the machines.
Weiss mentioned that he wasn’t even surprised by the results, saying that Crypto Twitter includes people who are passionate about crypto and have a deep understanding of the technology. In this context, Weiss said that mainstream users are the main customers of these bitcoin ATMs.