Markets for Crypto ATMs to Reach $400M Soon

Crypto ATM Market
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In lieu of money, credit cards, and checks, cryptocurrency is the preferred method of payment. Without interacting with the bank, the customer sends money directly using cryptocurrencies. Individuals can effortlessly transfer cryptocurrency using an ATM thanks to the crypto ATM.

A KYC process, the address of the cryptocurrency wallet to make a deposit into, the amount of money ordered for a cryptocurrency ATM purchase, and transaction confirmation are all required before the transaction can be completed. Every transaction results in an automatic receipt being generated by the crypto ATM. For security reasons, these receipts have QR codes that represent public and private keys.

Customers can trade more easily using crypto ATMs because they don’t need to create an account, an online wallet, or deal with long public keys. Additionally, a shift in the investment paradigm, mostly driven by the aging baby boomer cohort, is suggested by the rising demand for cryptocurrencies and the spike in the number of crypto users, which is boosting the market for cryptocurrency ATMs.

The market’s expansion is hampered by the limited use of cryptocurrencies as legal money, as well as the lack of ATMs and kiosks in certain places. Instead, a rising number of companies are putting money into cryptocurrencies with the intention of making a higher return on investment. This is a significant development that could present a growth opportunity for the market.

The analysis of the crypto ATM market’s growth potential, challenges, and trends is the primary emphasis of the paper. The study offers Porter’s Five Forces analysis to comprehend the effects of many elements on the forecast for the crypto ATM market, including bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers.

Top Impacting Factors:

Crypto ATMs Provide Instant Transaction and Easier Trading Options

The instantaneous nature of transactions made by crypto ATMs drives the market’s expansion. In the case of a buy order, as soon as cash has been placed into the ATM, a purchase for the full payment amount is made. Additionally, users no longer need to wait several days to obtain cash if they want to place a sell order, thanks to crypto ATMs.

Customers also benefit from simpler trading alternatives, and there is no need to create an account, open an online wallet, or deal with long public keys. A QR code containing the public and private key is included on the customer receipt; this code can be scanned and instantly recognized by common wallet apps, making it simple to complete a transaction. These are the results, and major factors boosting the growth of the crypto ATM market.

Limited Acceptance of Cryptocurrencies as a Legal Tender

Due to its volatility, decentralized nature, perceived danger to existing monetary systems, and connections to illegal activities like drug trafficking and money laundering, cryptocurrencies are not recognized as legal tender in a number of nations. The use and exchange of digital currency are prohibited in some countries, while it is attempted to be completely walled off from the banking and financial system in others.

China, Russia, and Vietnam all but outlaw Bitcoin. Bitcoin transactions and dealing are outlawed by all banks and other financial institutions, including payment processors. Governments in numerous nations have also outlawed cryptocurrency exchanges, which hinders the market’s expansion even more.

Growing Startups and Investments in the Crypto ATM Market

To support the expansion of cryptocurrency exchanges, the majority of nations are investing in companies for crypto ATMs. These firms are receiving millions in venture capital funding, demonstrating the exponential growth of the market for crypto ATMs over the next few years. Additionally, investors are interested in funding these firms since crypto ATMs are a wonderful way to make money and offer a higher return on investment.

Startups have attracted trillions of dollars in investments, including Robocoin in Las Vegas, Bitcoiniacs in Vancouver, and LibertyX in the United States. Therefore, in the upcoming years, these elements will offer profitable chances for the expansion of the market for cryptocurrency ATMs.

The market for ATM printers in the market is expected to grow at the highest CAGR from 2018 to 2023 owing to its functionality of providing public and private keys on printed receipts. ATM printer in a crypto ATM is an output component. It can dispense receipts as per the ATM application. It is mainly used for printing QR codes. It generates a receipt for every transaction; these receipts contain public and private keys in the form of QR codes.

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