The Future of Bitcoin ATMs Depends on How Cryptocurrency Evolves
The emergence of bitcoin ATMs has brought fresh new hope on the horizon for the independent and autonomous cryptocurrency industry. It’s difficult to precisely say what the future of the Bitcoin ATM would be like, especially when we see the divergent points of view from different people. The cryptocurrency evangelists go as far as to say that all other currencies will become redundant when cryptocurrency comes into its elements.
On the other hand, many financial experts from and outside the different governments say that cryptocurrency cannot and will not be allowed a free run in its current form. It will have to comply with the banking laws of the countries where it is operational as well as international financial laws. However, most people agree that the BTC ATM is a step in the right direction.
What difference does the ATM make?
Prior to the arrival of this ATM, the only way to purchase and sell cryptocurrency was through online exchanges. The term ‘online’ is invariably related to speed, accuracy and efficiency but for reasons best known to those who manage the exchanges, these became the symbol of inefficiency and inertia in this case. An exchange usually takes 3 days to transfer the cryptocurrency after you buy it and sometimes it can take as long as a week for you to receive it.
You have to register with the exchange to make transactions and share your credit card details with them. Here, your personal details are accessible on the open platform, which is a security risk. However, on a crypto ATM you don’t have to register and can do transactions anonymously whether you buy cryptocurrency with your debit/credit card or choose to pay cash. The other important benefit is, you get your Bitcoin instantly on a certified paper receipt.
The Bitcoin ATMs are here to stay
Considering the sea change that these ATMs have brought about in the users’ experience as compared to what they had to endure on the exchanges, the ATMs will grow in numbers as already evident. Currently there are over 7,000 such ATMs worldwide and the numbers are growing very fast. Buyers are already asking “Where can I find a Bitcoin ATM near me?”
It won’t be long before a sizable number of transactions if not most of the transactions take place in the ATMs instead of the exchanges in their current state of operation. For the exchanges to remain useful, they will have to speed up their transaction approval system as well as the speed at which they issue the currency to a buyer.
A lot depends on how cryptocurrency evolves
There is a larger question surrounding the ATMs for buying and selling Bitcoin and that is how far cryptocurrency in its current form will be allowed to evolve? The most powerful governments around the world be it in China, the United States, Japan, Germany, India or France, the common stand is it will become a parallel currency and that will create a parallel economy.
All these powerful governments are of the opinion that the criminal elements of the world could take control of such a parallel economy and then it would be too late to do anything about it. At some point, people asking “Where can I find Bitcoin ATMs near me?” would also look closely at what value they get from investing in cryptocurrency.
