A Pennsylvania-based crypto ATM developing company Hippo Kiosks recently announced that it had installed a new Bitcoin ATM with more advanced features in the Reading city of Pennsylvania.
According to media sources, the BTC ATM is installed in a Food Mart located on New Holland Road. The ATM is installed just beside the traditional ATM fixed near the door of the Mart.
The ATM allows to buy and sell Bitcoin instantly with any online registration or documentation. Moreover, it is essential to note that for massive transactions, users must scan their IDs before proceeding. The machine offers crypto trade 24/7.
With the continuous evolution of cryptocurrencies, the finance industry has witnessed many changes and advancements. The first cryptocurrency Bitcoin was introduced to common people in January 2009.
Nowadays, trading cryptocurrency has become relatively easier compared to earlier times. Over dozens of crypto-focused companies have worked hard and are still working to advance the crypto industry.
Constantly working for five years, companies developed crypto ATMs and launched them publicly in 2013. According to data from CoinATMradar, more than ten companies are focused on developing crypto ATMs.
Crypto ATMs on the Decline?
Glassnode is a blockchain analytics firm that conducted research and found that crypto adoption at the global level is increasing, but crypto ATM usage is decreasing. It is vital to take note of the first quarter of 2023; hundreds of crypto ATMs went offline.
The report states that crypto ATMs will have various uses in commercial areas, restaurants and hotels, transportation centers, standalone machines, and more. In the first few months of 2023, over 3000 crypto ATMs have been taken offline or removed from their locations.
Data from CoinATMradar states that on December 1, 2022, there were approximately 39,179 working cryptocurrency ATMs worldwide. At press time, the total number of functional ATMs was 34,491.
According to a recent Grand View Research (GVR) report, the crypto ATM market is projected to exceed 5.4 billion USD by 2030. This growth will be driven by a compound annual growth rate (CAGR) of 61.7% from 2022 to 2030.
The market research and consulting firm report shows that the growth of crypto ATMs by the end of the decade will be driven significantly by retail stores such as Walmart and CircleK.
Bitcoin is the leading cryptocurrency in the market, and its trading value is $26,816.22. The past 24 hours have seen a trading volume of $13,802,077,094. BTC has been showing impressive trading prices since the start of 2023.
The cryptocurrency market is making a solid effort to recover from its previous decline, and the start of 2023 shows promising progress. Despite facing significant challenges following the unexpected crash of the third-largest cryptocurrency exchange, FTX.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/19/bitcoin-atm-growth-maintains-healthy-rate-after-sharp-spike/