Bitcoin ATMs Drive Mass Crypto Adoption

ICOBox's PR Director Dima Zaitsev shares his thoughts on the impact of proliferation of Bitcoin ATMs

The last couple of years have seen a rapid increase in the number of Bitcoin ATMs (BATM). Today we learned that their total number has just reached 3,500 around the globe. If you think this figure is underwhelming, think again: for comparison, Bank of America, one of the largest US banks that has been around since the early 1900s, operates about 16,000 ATMs around the world. So for such a relatively new industry as cryptocurrencies to boast nearly a quarter of that number of BATMs is really quite an accomplishment!

BATMs have been cropping up wherever there are large numbers of active and potential cryptocurrency users passing through: in malls, fast food restaurants, liquor stores, etc. – in short, anywhere where people may need to have quick access to their crypto funds. Indeed, BATMs offer unparalleled convenience: there's no need to wait up to a week to convert your crypto into fiat via an exchange, no requirement to open or link a personal bank account – the entire operation only takes a couple of minutes, just like a regular ATM. They are becoming a familiar sight in the US and Europe, and that's a good thing: it means that as cryptocurrencies' entry into the 3D world becomes a non-issue, people will be more open to using them.

Remember when the first electric vehicles came out? Back then, only the select few had a sense of their revolutionary potential, and considering the near impossibility of finding a charging station, only these visionaries bought into the idea. But over time, charging stations started popping up all over the place, effectively fueling the demand for electric cars. I see the same forces at work with the BATMs: their very ubiquity and ease of use are bound to bring new users to the crypto economy.