Bitcoin ATMs (BATMs) are extensively used for investing, trading and considered as easiest way for buying bitcoins. Apart from this, the bitcoin ATMs also support selling of bitcoins with the help of the multiple national currencies across the world. The bitcoin ATMs are used for trading in bitcoins as well as exchange the cash with the bitcoins. Bitcoin ATMs allow the users to buy and sell the bitcoins, therefore, attracting the attention of numerous people, eventually enhancing the demand for bitcoin ATMs. Moreover, With the demand of bitcoins, the number of bitcoin companies engaged in manufacturing of bitcoin ATMs are increasing. According to a report, in August 2020, the number of Bitcoin ATMs have tripled to around 9,000 globally and thereby more and more companies and start-ups are increasingly growing their network by introducing more BATMs providing easy access to people due to its high demand. The start-ups are also gaining importance due to increasing demand of Bitcoin trading. The apps for Bitcoin are easily available on smart phones and some of the most popular apps include PrimeXBT, Binance, Coinbase, etc., are propelling growth of the market. These factors are projected to increase the growth of the market as well as provide future opportunities.
Furthermore, bitcoin ATMs have become very convenient for Bitcoin holders as they can easily make online transactions and carry out various functions. Some Bitcoin ATMs enable user to sell his Bitcoin or crypto currencies in exchange for fiat currency and hence the amount is dispensed. Bitcoin ATMs provide advantages such as fast transactions, security needs are met as every user has to go through the KYC and it also has a digital wallet. The BATMs provide familiarity and comfort as the ATM is available physically and one can use it conveniently instead of going through online processes. Moreover, bitcoin ATMs creates a customer-provider relationship due to its physical presence and also as individuals are becoming well acquainted with bitcoin, need for such ATMs is surging. Apart from this, due to the onset of COVID-19 pandemic, most of the manufacturing and business processes were impacted. But in case of bitcoin ATMs, there is no negative impact on the market, as the people in the developed countries are focusing to pay via bitcoins for their daily shopping. In this crisis situation, the bitcoin buying and selling has not decreased. Apart from this/Other than that, the manufacturers and suppliers have installed bitcoin ATMs in most of the bars, gas stations restaurants and stores, increasing the demand for bitcoin ATMs market.
In addition, the bitcoin ATMs are available in different types such as one way bitcoin ATM and two way bitcoin ATM. Whereas, one way bitcoin ATMs are widely used in most of the developed countries for investing and buying. The one way ATMs provide convenient access to customers and also ease their transactions, hence it has high demand as compared to other bitcoin ATMs. Moreover, two way segment is also expected to show high share in the market during forecast period. Furthermore, the market is also categorized based on bitcoin ATM components such as display, printer, QR scanner, and others where. others segment dominates the market, which includes bill acceptor, cash dispenser, cash counting machine, cash holder and card readers, among others. This components are widely used in the ATMs to make the process safe and quick. These components also perform a large mechanism, hence generate huge share and have high demand in the market. In addition, the display segment is also expected to show highest growth rate in the forecast period.
In terms of regional segment, North America leads the market due to high presence of bitcoin ATMs in the region, and rising government regulations. In this region, people are widely adapting the bitcoins and they are also investing in the cryptocurrencies. Apart from buying and selling of bitcoins, people are also using bitcoins for purchasing of prominent brands and in transportation industry, thus, enhancing the demand for bitcoin ATMs market. Some of the major companies in the global bitcoin ATMs market are GENERAL BYTES s.r.o., Genesis Coin Inc., Lamassu Industries AG, Covault, LLC, Bitaccess Inc., Coinme Inc., Coinsource, BCASH, ServiceBOB GmbH and RUSbit.
Trends and Future Outlook:
- Legalization of cryptocurrencies in various countries across the world, leads to the adoption of bitcoins
- Approval of bitcoins for purchasing of various brands and at different stores, shopping malls, hotels and restaurants, among others, also increase the adoption of bitcoin ATMs