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Bitcoin ATMs! Are they real? Here are countries that already have them

Jul 27, 2017 Posted /  6274 Views

Bitcoin ATMs! Are they real? Here are countries that already have them

Bitcoin ATMs! Are they real? Here are countries that already have them:

We are very popular with millions of ATMs of different banks functioning 24x7 in every city which facilitates the users to withdraw their money whenever necessary. But have you heard of Bitcoin ATMs?
Bitcoin is the coin that started the field of cryptocurrency in the world. It is the most popular one till date even though there are a lot of crypto currencies competing with it. More and more people are coming into the cryptocurrency investments. And most of the enthusiasts are investing in the Bitcoin. There is a facility known as Bitcoin ATM, even though it's not very well known by a lot of people right now.

* What is a Bitcoin ATM?

A Bitcoin ATM is an electronic machine just like the ordinary ATM with internet facility which acts as a real-time Bitcoin exchange, providing cash conversion services to the Bitcoin users. While mostly they are used for purchasing bitcoins in exchange for cash, some Bitcoin ATMs also allows a bi-directional functionality. Such ATMs can also be used for selling off bitcoins in exchange for cash. They are somewhat like the ordinary ATMs. What makes them different are the steps the users have to follow in the Bitcoin ATMs.

* The steps involved in using a Bitcoin ATM:

1. Phone number verification - The first step in using the Bitcoin ATM is the phone number verification. It is done using a verification code send just like OTP in the ordinary ATM.

2. Choice specification - The next step is specifying your choice. The two choices are whether to buy or sell Bitcoins.

3. QR scan - The third and crucial step in the process is verifying and ensuring the user identity by scanning the QR code. This is done using the Bitcoin wallet that is stored on your Mobile phone.

4. Inserting Cash - After this last step, Bitcoin will be credited to your Bitcoin wallet.

* The current place of Bitcoin ATM in the cryptocurrency industry:

Over the last few years, there has been a massive growth in the number of Bitcoin ATMs all over the world. The United States has the most number of Bitcoin ATMs in the world. The total number of Bitcoin ATMs was merely 4 in the year 2014 and now it has reached a number of 1392 which clearly indicates the popularity the idea is gaining. By the increase in Bitcoin investors in the coming years, it is sure that a large number of Bitcoin ATMs will start functioning in various countries in the coming years. Especially after the Bitcoin UASF (User Activated Soft Fork) that is scheduled to happen on August 1st, the main disadvantage of Bitcoin is going to be rectified. This will also increase both the number of Bitcoin investors and the number of Bitcoin ATMs in the future.

* Number of Bitcoin ATMs in different countries:

According to the current statistics of the Bitcoin ATMs, almost 49 countries around the world have at least 1 Bitcoin ATM.

Some of the main countries and number of Bitcoin ATMs each country posess are given below:

 USA - 845 Bitcoin ATMs
 Canada - 185 ATMs
 U.K - 71 ATMs
 Austria - 44 ATMs
 Spain - 34 ATMs
 Finland - 22 ATMs
 Switzerland - 21 ATMs
 Japan - 15 ATMs
 Australia - 13 ATMs

There are only 10% Bitcoin ATMs all over Asia and almost none in South America and Africa currently. But it's almost clear that the Bitcoin ATMs will gain the same popularity as the Bitcoin itself has gained in the cryptocurrency world.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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