According to a research firm known as Data Light, the number of crypto-ATM’s doubled this year as the global acceptance and adoption of cryptocurrencies became more visible. As per Bitcoin.com, there are now more than 4,000 cryptocurrency teller machines spread across 80 countries to facilitate the exchange of fiat currency for digital assets.
An average of six machines per day throughout the year was calculated to be the installation rate by Data Light. In a tweet, the company, which is a cryptocurrency data analytics platform, suggested:
“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.”
On the adoption front, the blockchain and cryptocurrency space has shown zest, especially in 2018. The Lightning Network has been announced to be launched, the RippleNet received commercial adoption, the ASEAN region brought more regulatory clarity regarding cryptocurrencies and blockchain and such developments have pushed the adoption of cryptocurrency ATMs.
Even when it comes to nations adopting cryptocurrencies as their national choice of money and others exploring the option, there has been remarkable progress. Countries like Venezuela, with their own token called Petro, and Malta, with its commitment to technological advancement, have been a huge contribution to the acceptance of digital assets.
However, this year also experienced a noticeable decline in the market front as most of the cryptocurrencies witnessed devaluation after peaking. Bitcoin, as well as almost all altcoins, were believed to have faced a steep collapse of more than 80% in their value since December 2017.
Robbie Coon, an entrepreneur and a blockchain space follower on Twiter, stated:
“Currently watching a Bitcoin atm being installed at the mall.
The future sure is weird.”
Chris McAlary, a cryptocurrency, and blockchain space enthusiast, also wrote:
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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.