Cryptocurrency ATM: Machines are also introduced to support multiple Wallets and Exchanges

Cryptocurrency ATM is machines or kiosks connected to internet which allow the inclusion of cash in exchange of crypto currencies such as Litecoin, Bitcoin and others. The ATMs generates paper receipt which allocates the money to a public key on the block chain. Cryptocurrency or virtual currency is a medium of exchange generated and stored electronically in the block chain using the encryption techniques for controlling the creation of monetary units and for verifying the transfer of funds.

Bitcoin, Ethereum, Litecoin and Dogecoin are few crypto coins available and are dominating the market. In some cases, the transaction entails the users to have current accounts along with the operator. Moreover, these machines are also introduced to support multiple wallets and exchanges and are programmed to support any nation currency of various denominations. Growing acceptance of decentralized means of transaction is expected to fuel the market over the forecast period.

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Growing number of investors, and user confidence in crypto currencies, are also projected to spur the industry demand. Also, increasing mining complexity and growing awareness among the consumers for the crypto coins is further expected to enhance the demand. According to the Coin ATM Radar, the number of bitcoin ATMs is increasing at a steady growth rate of 1.72 ATMs per day.

In 2017, Coinsource, one of the major players in the bitcoin ATM industry from California has added 14 new ATM machines in Southern and Northern California. The company installation rate has increased from 1.2 machines per week in 2016 to 2.3 machines per week making a total of 39 units in the region.

The ATM machines installed by Coinsource network are “one way” machines which is only used for buying the bitcoin but the consumer cannot sell the bitcoin. Two-way ATM machines globally represent only one-third of the supply (approx. 30%), which also allows consumer to sell the crypto coins, i.e., bitcoin for approved cash and one-way ATM machines two-third of the market share around 70%.

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However, companies such as Lamassu are installing the Ethereum ATM’s. The processing time of Ethereum ATM’s is quite less as compare to the Bitcoion ATM’s. An Ethereum ATM takes few seconds for completing a transaction whereas Bitcoin ATM takes around 10 min to complete a transaction. Lamassu has launched approximately 196 ATMs holding a noble share in crypto ATM in the international market.

However, the issuing fee associated with transaction made for buying the crypto coins is expected to restrain the market. Furthermore, the providers and manufacturers of the ATM machine are different results in support issues and less efficient ATMs which are also anticipated to hinder the industry.

North America region remains the dominating region in terms of value and volume owing to the maximum installations of ATMs in the region such as U.S., Canada and is also expected to dominate the market share over the forecast period. The region is then followed by Europe, Asia Pacific and Latin America. The Key manufacturers in the market include Genesis Coin, General Bytes, Lamassu, Coinsource, BitAccess, Covault, and BitXatm.

 

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