According to new research from the firm known as Data Light, the latest digital currency news show that the number of crypto ATMs has doubled this year as the global acceptance and adoption of cryptocurrencies like Bitcoin became more visible.
According to Bitcoin.com, there are now more than 4,000 cryptocurrency ATM machines spread across 80 countries that facilitate the exchange of fiat currency for digital assets. As Data Light’s research noted, an average of six machines per day throughout the year was the normal installation rate.
As the report shows:
“Even despite the ongoing bear market, the number of crypto ATMs double in 2018. Apart from Bitcoin, such machines offer Ethereum, Dogecoin and other cryptocurrencies. It’s obvious that the year been good for the crypto-ATM business as on average there were 6 crypto ATMs installed each day.”
When it comes to adoption, blockchain and cryptocurrencies have been standing still this year. The Lighting Network has been announced to be launched, the RippleNet received commercial adoption and the ASEAN region brought more regulatory clarity regarding cryptocurrencies and blockchain and such developments which are all factors that pushed the adoption of crypto ATMs.
This is how the world adopts a new kind of ATMs – the ones that sell crypto. pic.twitter.com/qD1tIFNYsp
— DataLight (@DataLightMe) December 19, 2018
The progress has been seen even with nations adopting cryptocurrencies. One example is Venezuela and its own token called Petro – as well as Malta with its continuous commitment to technological advancements.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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