As the market need for cryptocurrency grows, there has been more demand for ways to withdraw and swap cryptocurrencies.
Many people prefer to avoid centralized financial institutions like Banks. While others seek to access their crypto assets on the move. Cryptocurrency ATMs allow users to withdraw their currencies in fiat(Paper Money)
According to Mike Dupree, CEO, EasyBit, getting new customers on board outside of their niche market is still a challenge. This problem stems from the fall in cryptocurrency prices and the ongoing regulatory concerns that have affected the market.
Notably, the first ever cryptocurrency ATM was installed in a Vancouver coffee shop back in 2013. According to the statistics provided by coinatmrradar.com, 3502 Bitcoin ATMs are operating globally.
At least half of these ATMs have support for an altcoin and Bitcoin. Up to 49% of these allow users to access Litecoin while 32% are offering Ethereum transactions. On an average, the ATMs charge 8% transaction fee.
Genesis Coin boasts a 33% share of the ATM market, while General Bytes has captured 26% of the market.
According to the estimates provided by Coinatmrradar.com, there are at least 9 new cryptocurrency ATMs installed every day across the globe. If this growth continues, there are going to be at least 5000 cryptocurrency ATMs by the end of the year 2018.