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As the awareness and adoption of cryptocurrencies increase, the ATM bitcoin market is expected to expand to a CAGR of over 50% over a five-year period.
This is according to a study conducted by business- MarketsandMarkets, a research company to-business, indicates that the ATM market of cryptocurrencies will grow at a compound annual growth rate of 54.7% between 2018 and 2023. As a result , the value of this market will rise to $ 144.5 million over the five-year period.
At the moment, the number of bitcoin ATMs in the world is 3,650, compared to 3,500 of what CCN reported at the beginning of last month. On a daily basis, an average of about four ATM bitcoins are installed, according to the ATM ATM cryptographic monitoring site, Coin ATM Radar. It is estimated that the cryptocurrency ATM market was worth $ 6.8 million last year, but has since grown to a value of $ 16.3 million in 2018.
Buy-and-Sell ATMs
study also determined that the two-way ATMs, which allows users to buy and sell cryptocurrencies from a single device, will enjoy a higher CAGR than one-way ATMs. However, one-dimensional ATMs currently dominate the market at 62.49% versus 37.51% for two-way ATMs.
Regarding the hardware, the visualization segment of the ATM bitcoin market is expected to emerge as the most popular over time, according to the study. At the moment, other segments include the types of QR and ATM scanners. The ease of use of display hardware will be largely responsible for popularity. In addition, for those wishing to install ATM bitcoins, display hardware offers the added benefit of reducing costs because no additional keyboards and other hardware components are required.
United States, Canada and Mexico
Through the globe, the largest market for cryptocurrency ATMs by 2023 will continue to be North America. This will be a maintenance of the status quo, as at present, North America has 73.07% of the bitcoin ATMs in the world, with the United States as the undisputed leader. The survey attributed this to a regulatory environment that is relatively favorable for cryptocurrencies.
"The US is expected to continue to dominate the ATM cryptogen market during the forecast period due to the presence of a large number of ATM cryptocurrency hardware and software vendors and a favorable investment environment (without legal barriers) ", says the report entitled" Crypto ATM Market – Global Forecast to 2023 ". "In 2017, the government of Mexico declared bitcoin legal, and would be governed by the Fintech law.In addition, Canada has recorded a large start-up business, especially for cryptocurrency."
Image in the foreground of Shutterstock
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