A Crypto ATM is a physical device through which people can buy Cryptocurrency with cash, debit/credit cards. Some Cryptocurrency ATMs work in a two-way way and you can get cash money by selling digital currency through them.
Crypto Education Platform
The Crypto head of the crypto education platform recently released a ranking. This ranking is of the countries where the most Crypto ATMs are rapidly opening in recent times. According to the ranking, America is the most prepared country for cryptocurrency in the world right now. The research took into account a number of factors affecting cryptocurrencies around the world, such as the public interest, the legal stance of the government, and the ownership of the digital currency. Another important element has been the reach of bitcoin, dogecoin, especially the prevalence of crypto ATMs. Crypto ATM networks have come into existence because of the boom in digital currency.
A crypto ATM is a physical device that allows people to buy crypto with cash, debit/credit cards. Some crypto ATMs are bi-directional and also allow cash sale by selling digital currency. The US received a score of 7.3 out of 10 in the Crypto Head rankings. The reason for this is the expansion of the crypto ATM network in the US. There have been 17,436 crypto ATMs registered in the US in 2021.
Canada is second in terms of crypto ATMs.
There are 1,464 crypto ATMs in Canada.
The UK is third with 200 crypto ATMs.
This is followed by Austria with 157 crypto ATMs.
Spain with 138 crypto ATMs.
Hong Kong with 124 crypto ATMs.
Poland with 112 crypto ATMs.
Switzerland with 111 crypto ATMs.
Romania with 86 crypto ATMs.
The Czech Republic has 68 crypto ATMs.
The rapidly growing network of crypto ATMs has raised concerns around the world that they could be used for money laundering on a large scale. There has been talking about banning crypto ATMs in Vancouver due to money laundering concerns.
There are more than 27 thousand bitcoin ATMs worldwide
There are two types of crypto ATMs around the world. Through Unidirectional ATM, users can only buy crypto. A bidirectional ATM is used to buy and sell different types of crypto.
India’s first crypto ATM
Crypto ATMs opened very early in India. This was the period when bitcoin started showing its sheen in the cryptocurrency market. A crypto ATM is a kiosk through which a person can buy bitcoin and other cryptocurrencies with cash or debit card. The opening of the first crypto ATM in India was in 2018 at Kempfort Mall on Old Airport Road, Bangalore. There was a minimum deposit and withdrawal facility of 1000 rupees. Its installation was by the country’s blockchain solutions company Unocoin. But after a week, confiscation by the government took place. This was done due to the restrictions of the Reserve Bank.
How many types of crypto ATMs are there?
There are two types of crypto ATMs around the world. Users can only purchase crypto through unidirectional ATMs. Unidirectional ATMs account for 70 percent of the total ATMs in the world. The function of Bidirectional ATMs is to buy and sell different types of crypto. Transaction fees of bitcoin ATMs range from 10 to 20 percent but sometimes it can reach up to 25 percent. Many ATMs are not working due to changes in the economic policies of many countries around the world. There are many countries in the world where there is only one ATM.