Now Loading

BTC ATM RECOVER AFTER A DROP IN THE PROCESS OF INSTALLATION

BTC ATM RECOVER AFTER A DROP IN THE PROCESS OF INSTALLATION

The introduction of the Bitcoin (BTC) ATM marked a new comeback as June 2022 saw a five-month turnaround change for the first time this year.


ATMs worldwide have been declining steadily throughout the year, with May reporting the lowest number of 205 ATM installations. However, June saw the installation of more than 882 ATMs in the first ten days.



As evidenced by the graph above, the decline in May 2022 reached a level that last appeared three years ago in 2019. Over the past two years, in 2020 and 2021, the introduction of Bitcoin ATMs has continued to grow steadily due to the friendly controls within the rewarding market where there is more. cryptocurrensets have gained their all-time high for a while.


In addition, the use of Bitcoin as an official tender in El Salvador has contributed to the growth of the introduction of crypto ATMs over the past year. China puts a blanket on crypto-currency trading and mining, too, contributing to the temporary decline in ATM installation numbers worldwide. Surprisingly, despite regulatory barriers, China emerged as the 2nd top Bitcoin hub for mining despite the crypto ban.


The installation of Crypto ATMs increased dramatically in 2021, and in December they witnessed the 1971 ATMs installed monthly. However, as of June 2022, numbers dropped by 89.75% in May, followed by a speedy recovery the following month.


According to the Coin ATM Radar estimates, based on data collected over the past two months, about 23 crypto ATMs are installed per day on average worldwide.



A chart showing the speed of crypto machines installed over time. Source: ATM Money Radar

The data also confirms that there are currently 38,000 active ATMs installed worldwide at the time of writing. Crypto ATMs have an important purpose for the Bitcoin and crypto economy, allowing users and investors to exchange their fiat currency against Bitcoin and vice versa.


Without a vote, the United States represents 87.9% of the total crypto ATM network, that is, 33,403 ATMs. Leading manufacturers leading the market in terms of market share are Genesis Coin (40.9%), General Bytes (21.6%), BitAccess (16.1%), Coinsource (5.4%), and Bitstop (4.8%).


While ATM transactions do not contribute to the full acquisition of the Bitcoin network, it does help investors find crypto assets against fiat currencies. As a result, having local crypto ATMs drives the acceptance of crypto currencies in the normal environment.


Along with similar lines, El Salvador, after accepting Bitcoin as an official tender, saw an increase in tourism. According to reports, El Salvador tourism has grown by 30% since the Bitcoin Act was introduced.



In a recent interview with Cointelegraph, Dania Gonzalez, Deputy President of the Republic of El Salvador, recently unveiled a global plan to buy additional Bitcoin amid falling prices.


"What Nayib Bukele did was to buy Bitcoins and make a profit at a crucial time," Gonzalez said.

Gonzalez also pointed out that El Salvadoran President Nayib Bukele's plan has already been successful in terms of socioeconomic status by citing two businesses - a veterinary hospital and a public school - created as a result of the proposed BTC investment.

Source: cointelegraphy




How do you feel about this blog?

0 Comments

Leave a Reply