Oct 21, 2021 07:10
Since the launch of Bitcoin, the booming crypto industry has given birth to a lot of innovation in its wake. We now have easier methods of carrying out trades, and we also have easier ways of buying crypto. Another innovation that the sector has witnessed is the rise of the decentralized finance sector. In this sector, traders are allowed to carry out their activities without involving any third party. Another innovation that the industry has birthed is crypto ATMs. In this article, we will be looking at crypto ATMs, how they work, and the number of countries that have them.
What is a crypto ATM?
Crypto ATM is a medium where users carry out various transactions with digital assets. Users can buy Bitcoin, Ethereum, and other digital assets from crypto ATMs using cash or debit cards. In some parts of the world, ATMs look just like traditional ATMs. However, in other parts, they are fixed to a wall or put on a stand. Presently, there are over 20,000 ATMs across the world. North America boasts of the highest share of ATMs. The United States and Canada boast of the highest percentage, leaving Europe down in the pecking order. This is a little surprising because Europeans show great interest in digital assets.
How To Use Crypto ATMs
Traders intending to buy crypto using the ATM will need to scan the QR code of their wallets. After scanning the correctly, the purchased assets will then be transferred to the wallet. Moreso, if the buyer does not own a wallet, he will be required to generate one at the stand.
After buying the crypto, the buyer will see the history of the transaction on his wallet. However, the transaction takes a long time before it is confirmed and the assets are visible in the wallet. Most ATMs have a minimum and maximum amount of assets that a user can purchase at a time. Some ATMs use a text verification system if the buyer buys a massive amount of digital assets.
Countries with Crypto ATMs
Using a crypto ATM is time-saving and provides a layer of privacy to the user. This is one of the reasons why traders prefer to carry out their transactions on crypto ATMs. Asides from the need to provide certain documents when dealing with vast amounts of cash, using the ATMs is pretty straightforward.
Most of these crypto ATMs might not necessarily be controlled by the government, as most crypto-focused entities make use of them. Looking at countries with crypto ATMs, United States tops the list with crypto ATMs in 25971 locations. Canada(2014) comes in second place.
El Salvador(205), Spain(179), and Austria(140) take up the top 5 spot. The remaining countries making up the top 10 are Hong Kong(134), Switzerland(133), Poland(122), United Kingdom(103), and Romania(96). Other worthy mentions include Italy(70), Czech Republic(69). Greece(66), and Russia(58).
Conclusion
Using a crypto ATM is up there with the easiest way of buying and selling crypto. While exchanges will make traders wait for days before they get their assets, an ATM will do it in a matter of minutes. Not only does it provide you with privacy, but it is also secure, stress-free and you can trust them. Most of these ATMs also provide their users with 24/7 customer support to help them sort any issues. However, all this goes without saying that a user should research before using any of the ATMs they encounter.
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