Over 75 countries across globe has installed Cryopto ATM’s counted to be more than 7000 now. These machines hosting different kinds of cryptocurrencies other than bitcoin. This includes cryptocurrencies such as Bitcoin Cash, Dash, Litecoin and many other coins.
Crypto ATMs have come a long way
Very first existence of bitcoin ATM is introduced in 2013 by Robocoin where the coffee shop of Vancouver installed in its demise. Which facilitated its customers to trade Bitcoin for fiat cash and vice versa. On its first day the ATM in question transacted more than $10k in Bitcoin. At present there are more than 40 companies are engaged in manufacturing crypto ATM’s.
This is best work that helps in adoption of the cryptocurrency in an industry. In 2017 where the time of great rise and in 2018 where great fall of crypto, which have made things little lucklustre for the investors. These days increase of ATM machines for the crypto currencies we can predict some big growing things from the industry which can take place in two years.
This ATM innovation also helps in bringing awareness of the crypto and the technology which is Distributed Ledger Technology (DLT) in industry. These new features which gives growth to access of digital finance for under banked communities.
Among the various famous crypto, many are reportedly fastest growing industry because of raised need for in person digital currency transactions. This ATM manufacturing companies can play an important role in broadly acceptance and usage of Crptocurrencies, because these companies have an ability to build a bridge between the world’s under bank population and the population and the digital asset industry. These machine can convert fiat currency to digital money, confirming a convenient and uninterrupted transaction process.
With these ATM machines people can directly buy other major digital currencies instantly at several places throughout the world. The operation of transaction carries within these machines usually settled quickly and securely.
Country by country data
Different nation Protocols and compliance have been major issue to keeping ATM manufacturers expanding into crypto currencies. Many of manufacturers using research people as an asset during its strategic shift. Companies paying for licensing service to gain access to all of its software according to the compliances and regulations.
For example, in United States, this installation of these machine increased by 7.7% by Jan 2020. Also which 325 new machines were added in the U.S. that says a lot of crypto activity in the place. Other countries like Canada, UK, and Switzerland have also experienced a consistent increase.
NEW SCAMS 2020 on Bitcoin ATM
Scammers find new techniques every time to win. As you can see in above photo, in a almost transparent sticker that would be pasted by scammers on the room or QR code of ATM, where on the non-adhesive side is word “Scan Here” and with a gradient effect which doesn’t a original QR code of the wallet address, suggesting to the victim to scan the gradient effect QR code is only a way to direct the customers in the scanning method, but in fact, on the other side, that is in the adhesive part, a QR code is printed with a public key(of the scammer).
It is true that once the QR code has been scanned, a conscious user checks if the scanned wallet actually coincides with his but unfortunately this doesn’t always happen, A little unconsciously, a little in a hurry we could be led to enter the figure without checking.
HOW TO PROTECT YOURSELF?
In order not to risk being so scammed, we advise you to always check that the scanned wallet coincides with ours and not be in a hurry to complete the transition. Obviously unattended Bitcoin ATMs are the ones most subject to this and other scams as a scammer can easily tamper with the ATM especially if, as in the case of this scam, it is only and simply to glue a sticker on the room; as for ATMs located in stores where staff are present, this would be much more complicated if not impossible.
To be at safe and not to risk by being scammed, we suggest you to double check every time you going to scan the wallet coincides with others and not be in a hurry in to complete the transaction. Naturally unattended Bitcoin ATMs are the most targeted subject to this and other scams as a scammer can simply temper with the ATM especially if, as in the case of this scam., it is only and simply to glue a sticker on the room; as for ATM’s located in stores where staff are present, this would be much more complicated if not impossible.
An ATM manufacturing companies, in the case, adopts a severe and stringent evaluation of the host and is in constant communication with the same taking seriously the possible complaints from users; in fact, if negligence or indifference to the users by the host is reported, the company will evaluate the removal of the ATM and will delist it, with a definitive and categorical ban, to safeguard not only the company itself but its users before of everything.
Bitcoin price and crypto ATMs
Year beginning went good for crypto currencies, with the price of BTC rising below 7000 at the Jan start, to around $9k at the end of the month bitcoin prices increased to climb to more than $10k by mid-March. Other cryptocurrencies also enjoyed the bullrun and amassed market capitalization.
It is no coincidence that an increase in Bitcoin ATMs is coming at the same time as when the increase in BTC prices has brought interest into the crypto space, with more people looking to invest in digital assets. Bitcoin ATMs are an accessible way to acquire cryptos for newcomers to the crypto industry.