Bitcoin : There are now more than 7,500 Bitcoin ATMs all over the world

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There are now more than 7,500 Bitcoin ATMs all over the world

The coronavirus pandemic is now engulfing the world and its economy, people around the globe are searching for new alternatives to make transactions keeping social-distancing in mind. So the solution to this problem is ‘crypto trading’. More and more people are now using cryptocurrency not only for transactions but also to increase their holdings and safeguard their financial future.

According to Statista, the United States dominates the Bitcoin ATM industry with a total of 5,422 ATM (70 percent global market share), Canada comes second with (9.5 percent), the United Kingdom has 279 (3.7 percent), while Austria boasts 137 (1.8) functional Bitcoin ATMs.

In terms of Bitcoin ATM popularity across continents, North America occupies the frontline, followed by Europe (16 percent global market share), South America (0.8 percent), and Asia (1.7 percent), with Hong Kong accounting for 0.7 percent of the Bitcoin ATM market in the region.

CoinCloud currently tops the league of Bitcoin ATM operators with its 653 ATMs scattered across various locations, followed by Bitcoin Depot (500 ATMs) and Coinsource (300).

United States-based Bitcoin ATM manufacturer, Genesis Coin holds the top spot in the ATM manufacturing sector with a total of 2,575 installations (33.8 percent), followed by General Bytes (30.7 percent).

After the analysis of the entire data, it can be concluded that the Bitcoin ATM industry has seen a 70 percent gush since last year and there are now more than 7,500 Bitcoin ATMs in the world. This indicates that there is the gradual warming of the blockchain-based transaction. But before giving the entire market in the hands of cryptocurrency we should also remember the drawbacks of crypto trading. Cryptocurrency comes with several disadvantages too.

Most people are not aware of how to use cryptocurrency and hence open themselves to the hacker. Digital currency technology is somewhat complex and therefore most of the people in India cant use it freely. Thus, it will reach in limited hands creating medium disparities. Moreover, in case of a false transaction, there is no way to get a refund of the amount paid. So, we can say that cryptocurrency comes as a mixed bag some part of it benefits us while others may put us in danger.

Also Read: Covid-19 has hit Government funds , but printing more money is not a good idea says finance panel chair

Jyotika Kumari
Content Writer +Creative Writer +Social Media Manager so basically I get you Up 2 Date.