Dallas, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Advantages associated with Bitcoin ATM such as convenience, simplicity, safety to accommodate a growing number of Bitcoin users would remain the chief growth propellant for the global Bitcoin ATM market throughout the forecast era. Adriot Market Research finds out more about the dynamics, favorable triggers, existing barriers, and trends in its latest research report.
Bitcoin ATM machines are recognized widely for their ease of use among customers as these interfaces are designed to remain convenient and safe, aligning with user interests and asset safety. A Bitcoin ATM allows users to receive instant Bitcoin in the wallet soon after inserting fiat, accessible on a user-friendly interface. Also, the inclusion of in-store Bitcoin ATM across stores and shops to encourage customer footfall is a significant growth booster for the global Bitcoin ATM market.
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Bitcoin ATM Installation across Stores and Gas Stations to Expedite Adoption
Bitcoin ATMs are emerging as a convenient transaction model for cryptocurrencies. As the basic functionality and structure closely match that of a regular ATM, customer acceptance has always remained strong. Public places such as fuel stations, general stores, chemist shops, restaurants, and cafes are aggressively investing in Bitcoin ATM installation within premises. This is likely to offer additional fillip in the coming years.
Bitcoin ATMs Doubling in Less than a Year Suggests Healthy Growth Map
The latest reports by Coin ATM Radar which is a data compilation website for crypto ATMs, have affirmed that the number of Bitcoin ATMs has grown astronomically, almost doubling in less than a year's time. Currently, over 80 nations have Bitcoin ATMs, and the number is expected to soar further as fiat-based cryptocurrency exchange becomes more inclusive. These developments indicate a very healthy growth roadmap for the global Bitcoin ATM market and are likely to surpass USD 2.5 billion by 2026, expanding at a CAGR of 52%.
Market players are investing amply to perk up reach and geographical penetration. Recently, Athena Bitcoin has announced its investment plans worth USD 1 million to set up Bitcoin ATMs in EL Salvador. These Bitoin ATMs would be used for Bitcoin trade.
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Money Laundering Still a Persistent Challenge Hampering Growth
Amidst rapid growth in Bitcoin ATM adoption and cryptocurrency becoming more mainstream, money laundering remains a major growth deterrent.To nib such possibilities, several countries are introducing new reforms and legal formalities to improve transparency. For instance, in the US, it is mandatory for Bitcoin ATM operators to register with FinCEN ( Financial Crimes Enforcement Network) and adhere to the norms of Bank Secrecy Act for Anti-Money Laundering. Additionally, lack of awareness and optimum understanding to restrict adoption across the developing nations, amidst growing security compromises.
The global Bitcoin ATM market is a fast-growing industry and is segregated into several segments. Broadly the market is classified into type, comprising unidirectional and bidirectional ways. Further, by hardware components, global bitcoin ATM market is diversified into QR scanner, ATM printer, and display. Cloid-based AI and On-device AI are operation-based segments. By cryptocurrency type, global Bitcoin ATM market is bifurcated into Litecoin, Ripple, Ethereum, and Bitcoin. Based on application, transport hubs, restaurants, and malls are major application segments. Based on geographical diversification, Europe, North AMerica, South AMerica, APAC, and MEA are the dominent regions.
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Bitcoin ATMs Market Report Scope
| Metrics | Details |
| Study Period | 2018-2028 |
| Base Year | 2018 |
| Fastest Growing Market | North America |
| CAGR | 45% |
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