75% of all Bitcoin machines are in the United States
Bitcoin slot machines introduce incomparable convenience when buying cryptocurrency
Bitcoin slot machines are another important achievement in the rise of crypto in the financial mainstream. This industry has slowly acquired the accessories that define our modern financial system.
The distribution of bitumen machines offers incomparable convenience for Bitcoin purchases with cash.
Despite its volatility, some infrastructural changes in the Bitcoin landscape continue. Exchanges are now safer and more affordable. Buying cryptocurrencies is easier, with more alternatives. Bitcoin machines work a little differently than regular ATMs. Instead of withdrawing cash, you deposit cash. With them they buy BTC, which is then automatically directed to your crypto wallet via QR code or password.
Sharp increase in the number of bitomats in the first quarter of 2022
The Coin ATM Radar bitumen tracking site shows that almost 3,000 bitomats were installed worldwide in the first quarter of 2022. This figure brings the total to approximately 36,700 machines by the end of March. That number has risen from about 33,900 at the beginning of the year, compared to growth over the year so far, with more than 20,000 bits added since 2020.
Bitcoin’s historic rise in late 2020 had a significant effect on the return on this asset. More people began to explore ways to own it and do business with it freely. Bitumen operators have invested more in these machines and the trend seems to continue in 2022.
Convenience fuels popularity
Bituminous machines are popular mainly because of their convenience. One only has to set up one’s crypto wallet, deposit cash at an ATM and receive Bitcoin in one’s wallet. It shortens the processes that will be required to purchase coins through an exchange or exchange.
In addition to the risk of being physically robbed, Bitcoin slot machines have impeccable security. These reasons explain the growing popularity of machines.
Major bitumen operators include Bitcoin Depot, Coin Cloud and Coinflip. There are smaller regional companies, but they use the same model of work.
The United States owns most of the new Bitcoin machines, three-quarters of the world’s ATMs. Canada is another important region, while Spain is a leader among European countries.
Regulatory concerns about cryptocurrency machines
Usually, when you take tens of thousands of dollars in a bank, you have to explain their source. Failure to explain the source will result in the account being marked or blocked depending on the severity of the non-disclosure.
Well, Bitcoin vending machines don’t have the reporting infrastructure that banks are proud of. The convenience and ease of deposits are useful for malicious individuals, explaining why they have also been a target for criminals. The most obvious problem here is money laundering. There are few things that can prevent someone from depositing illegal money to turn it into BTC. Once the money is in cryptocurrency, it becomes difficult to track its movement.
Some ATM operators have begun to take steps to combat such cases. These include maximum deposit thresholds that prevent massive cash deposits. Even then, depositors have no way to prevent multiple deposits distributed in different ATMs.
Law enforcement agencies are taking regulatory steps to monitor the activities of Bitcoin vending machines. New York requires operators of such machines to obtain a license, which may include a requirement to operate legally and protect the interests of consumers.
Unfortunately, there is no unified legal framework for cryptocurrencies in most countries.
A balanced approach to their rise
Being nuanced is vital in political discussions. Bitcoin slot machines introduce incomparable convenience when buying cryptocurrency. However, some malicious individuals may take advantage of this ease for their own illegal purposes.
The proposed regulations must therefore balance this dichotomy. Reasonable and purposeful provisions are appropriate to secure the way forward.