Crypto ATMs are among the safest ways of buying and selling cryptocurrencies. They can protect investors from constant price fluctuations and users are required to enter a password and complete a two-factor authentication process.
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Crypto ATM market size will expand at a substantial rate due to the robust demand for cryptocurrencies. Cryptocurrencies are becoming popular among virtual investors because they are considered valuable investments. Since this form of currency is not regulated or issued by a central authority, anyone can invest in it without leaving a paper trail of their transactions.
As of 2022, more than 18,000 cryptocurrencies are in use, with 24 new ones being created every week. Here is where crypto ATMs can come in use because, just like a regular ATM, these standalone machines facilitate ease in carrying out crypto transactions.
As per bitcoin ATM firm Coinsource, crypto ATMs are among the safest ways of buying and selling cryptocurrencies because they can protect investors from the bitcoin’s constant fluctuations. While bitcoin exchange forums can take up to 10 minutes to validate transactions, bitcoin ATMs take only five minutes to do the same job for new users.
The ATMs are even better for existing clients as they take around one minute to authorize bitcoin transactions. Also, since these machines are password protected and possess a two-factor authentication process, they can safeguard a user’s account from fraudsters.
Estimates suggest that global crypto ATM market share will exceed $4.5 billion in value by 2028.
Since transactions carried out through crypto ATMs are wholly digital, there are several cybersecurity issues associated with the same. According to Gadgets360, 2020 saw a major hike in crypto-related crimes, which amounted to $10.52 billion. Scams and frauds represented 67.8% of the total cryptocurrency crimes in the same year.
This scenario has put a spotlight on the safety of crypto ATMs to carry out Internet-based financial transactions. Companies are strengthening their R&D efforts to improve the security of these devices and ensure customer safety and satisfaction.
Among the many crypto ATMs used to buy and sell cryptocurrencies, bitcoin ATMs are becoming prevalent across the world. These are considered one of the safest mediums of buying and selling bitcoins.
Users are required to enter a password and complete a two-factor authentication process to seal their virtual deals or gain access to their accounts. This makes it difficult for hackers to steal bitcoins.
These ATMs are also quite versatile in their operations as investors can use cash to purchase bitcoins.
Clients can also receive cash while selling bitcoins, making it much easier for amateur investors to enter business deals.
With Asia Pacific becoming one of the emerging users of bitcoin ATMs, many firms are setting up their bases across the region. For example, in March 2022, Intellogate, a Ukrainian bitcoin ATM developer, announced plans to expand its operations across Asia through a collaboration with two South Korean companies, Publish and Lincrux.
Global market size from crypto ATM software will record a strong growth rate during the forecast period of 2022-2028. Customers are demanding the installation of advanced software in crypto ATMs to ease the process of buying, storing and selling cryptocurrencies.
Companies are also launching a wide array of software to simplify the process of dealing with cryptocurrencies. For example, Bitcovault and Pay Point have recently introduced software that provides secure and cost-effective solutions to their customers while carrying out transactions.
The software gives the entire control of e-wallets and accounts to the user so that they can remotely monitor the performance of their investments. It can turn an otherwise complicated crypto ATM into a user-friendly one by making it compatible with cash based transactions with the provision of installing bill dispensers or recyclers.
The global crypto ATM market outlook will remain progressive because cryptocurrency transactions are experiencing a period of boom. Companies, such as Bitcoin Depot, Bit Base S.L, Coin Cloud, Coinsource, Genesis Coin Inc., CoinFlip and General Bytes s.r.o., among many others, are the main participants in this industry. They are developing hardware and software components and services to enable the trading of various cryptocurrencies like Litecoin, bitcoin, Ethereum and Dogecoin.
Priyanka Nair is an MBA finance graduate from Pune, India who writes about market research, business trends and core industry developments.
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