Theuse of ATMs for Bitcoin is reportedly growing significantly in several countries.
This growth is also happening along with the number of new regulations in several countries that are starting to accept crypto developments.
Bitcoin ATM Usage Grows Rapidly
More than 1,200 new Bitcoin ATMs are rumoured to have been deployed in the past month, according to data from coin atm radar.
With that figure, it is rumoured that the growth is spread out at 47 Bitcoin ATMs per day.
Like fiat money, Bitcoin or BTM ATMs are platforms that buy or sell Bitcoin and another crypto with fiat money or debit cards.
Since it was first introduced in America in 2014, there are currently around 42,000 BTMs only in America.
This figure does not reflect all BTMs worldwide because there are other BTMs in several countries.
El Salvador is an example of a country that has recently adopted Bitcoin in regulation as its newest medium of exchange.
Due to this new regulation, BTM has officially started entering the country of El Salvador, which is rumoured to have reached more than 200 BTM.
BTM Support Committee
Several leaders in the world of Bitcoin ATM issuers and the blockchain industry have just formed a committee called the Cryptocurrency Compliance Cooperative (CCC).
It is said that the purpose of the committee’s creation was to promote trust and security in Bitcoin ATMs.
Caitlin Barnett, Director of Regulatory and Government Compliance at the Chainalysis Company, stated,
“The lack of regulatory compliance and high levels of illegal activity in the industry have made the reputation of Bitcoin ATMs worse. We are excited to support this initiative to re-create trust in Bitcoin ATMs. In addition, we also want to encourage financial freedom with less risk.”
Bitcoin ATM operators, DigitalMint and Coinsource, Chainalysis and several other parties will join this committee.
Its primary purpose has been to create a safer environment for all BTM users.
Moreover, its primary goal is to introduce the world of fiat to crypto conversion by strengthening regulatory compliance.
This is due to a perceived lack of compliance. According to the New Jersey Commission of Investigation, 75% of BTMs have allowed transactions without identification.
Although it does support decentralization, this condition has caused some concerns in the community.
So this committee wants to alleviate these concerns and, at the same time, still maintain the decentralized nature of Bitcoin and crypto.
This BTM will be able to facilitate access to buying and selling crypto to more people.
These communities are mainly those who do not have access to public exchanges and their applications, such as Coinbase or Binance.
In addition, Crypto ATMs make it easier for consumers to have Bitcoin with fiat, especially for those who cannot access banks.
Therefore, the more BTM circulating in the future, the growth of crypto should also be even more significant.
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