Content adapted from this Zerohedge.com article : Source
by Tyler Durden
Bitcoin ATMs allow consumers to exchange their cash for Bitcoins, and vice versa. Although the Bitcoin machines are not ATMs in the more traditional sense that we are accustomed, these kiosks are connected to the internet in order to accept cash deposit, exchange for Bitcoins or send Bitcoin to a public key on the blockchain.
However, fees to using Bitcoin ATMs are known for being excessive.The Consumer Financial Protection Bureau (CFPB) says that "they may also charge high transaction fees – media reports describe transaction fees as high as 7% and exchange rates $50 over rates you could get elsewhere." However, the high fees have not slowed the growth of crypto kiosks popping up around the world. HowMuch.net decided to take a deeper look into the world's Bitcoin ATM supply.
We gathered our data primarily from Coin ATM Radar and Bitnews Today. Using circle sizes, we mapped out geographical locations where Bitcoin ATMs are in operation. The larger the size of the circle, the greater total number of Bitcoin ATMs there are within the country. In addition, we used a light-to-dark color scheme in order to measure the ratio of Bitcoin ATMs to population. The smaller the circle, the fewer number of Bitcoin ATMs per 1 million people. On the other hand, the darker Bitcoin logos represent the greater number of Bitcoin ATMs available per million individuals.
U.S. Has Greatest Number Of Bitcoin ATMs, Austria Has Largest Concentration
According the visual, the United States is home to greatest number of Bitcoin ATMs with 1,330 machines.
However, Austria has the greatest concentration of Bitcoin ATMs per million people, which makes the country have some of the greatest accessibility to crypto funds in the world. With that said, North America dominates the Bitcoin ATM market, which accounts for 76.10% of the world's cryptocurrency machines. Europe is home to the second most Bitcoin ATMs in the world with 18.80% of the total market. As Asian governments have continued to crackdown on cryptocurrency with imposing bans or strict regulations, the continent has fallen to the third largest region with 2.50% of the Bitcoin ATM market.
Making up the bottom half of the Bitcoin ATM market is Australia, Central & South America, and Africa. Australia accounts for 1.20% and Central & South America make up 1.30% of the world's operational Bitcoin ATMs. While Africa has essentially no Bitcoin ATM coverage, with a meager 0.05% thanks to one machine located in Nigeria.
In the future, Africa will likely adopt Bitcoin ATMs as the continent further discovers the potential benefits that could help unlock economic growth. Cryptocurrency still remains in its early stages and it will likely take some more time before we start seeing further growth in the number of Bitcoin ATMs within the region.
Here is a breakdown of the chart, based on each continent's percentage of the world's Bitcoin ATM market share:
1. North America: 76.10%
2. Europe: 18.80%
3. Asia 2.50%
4. Central & South America 1.30%
5. Australia 1.20%
6. Africa 0.05%
Overall, the total number of Bitcoin ATMs doubled in 2017. As of the end of 2017, there were more than 2,000 operational machines across sixty countries. On average, there were five new cryptocurrency ATMs installed each day last year. While the United States may have the most Bitcoin ATMs, Austrians that have the greatest access to these crypto machines. By having the greatest concentration of crypto ATM machines, Austria serves as a stand-out model on how to increase adoption and accessibility to cryptocurrency funds.
I think there is huge growth coming in the ATM s around the world. Some day crypto will be in all the atm s.
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I don't see ATMs having much to do with the future of crypocurrency. Seems like an outdated model trying to adapt to a new technology.
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Having ATM's available can only be a good thing, get the world of cryptocurrancies out there and common place amongst the next generation as they ultimately will be the ones to fully embrace it and know it as the only currency.
The high price to use it might only be a teething block, as more are installed around the world and they are side by side with traditional ATM's the price will fall and more and more will use them.
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Kudos to Australia.. Easy access to bitcoin services is going to transform the economic growth of Australia sharply. USA is no surprise leading the charts.
But Africa... oh no, we have a job to do here fellow africans. This shows bitcoin hasn't been welcomed deeply. The answers to the worrying state of Africa's economy could be in bitcoin. Lets spread awareness about the cryptocurrency further to own the right to have a good number of bitcoin machines which will move our economy to new heights
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This is wonderful news. Many seem to ask how can one get his/her money out of cryptcurrency. Here is just one example.
The more these machines are around, the more there is advertising for Bitcoin. While BTC might not be the end all, the more familiar people are with it, the better it is for crypto in general. We need 100% of the people to know about bitcoin. Then, perhaps we see an increase over the 5% user rate.
This is a step in the right direction. Moving from crypto to fiat in an easy manner is a necessary step. While it might be limited to BTC at the moment, we will see more of these coming in the future. Either way, this is wonderful news in my opinion.
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Apart from the fact that they provide complete anonymity, buying from ATMs is not very advantageous because of the high fees .. and given that bitcoins aren't that 'cheap' anymore, wonder how many people will be using them these days..
We might start seeing ATMs of other major coins soon too..
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The fees are mostly high, but it is still useful because it is anonymously.
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U r right bro.it's anonymously.
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I am decentralized, heroes are naturally to be secret
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The first exchange machine was opened in Dubai
(CNN) - You do not have money to buy a sandwich of hamburgers, or a cup of coffee, or do your favorite "shopping" pleasure. Do not despair, it will not be a problem any more. The solution is the default "bitcoin" currency, until everything is available to you.
To bring the point closer, do you remember Monopoly, which is known as the "Bank of Fortune" for virtual currencies, which is a popular game in childhood, where buildings, buildings, roads and phantom real estate are bought in "phantom" currencies.
This is precisely what the "bitcoin" concept is like, but the only difference is that "bitcoin" is a real currency with a numeric code. It can be called "electronic" and compared to other currencies such as the dollar or the euro, but with a fundamental difference in the absence of physical, and can be traded only through the Internet.
"Bitcoin" can be used as any other currency for online purchases or even converted to conventional currencies.
I appreciate your great effort, Sir. @zer0hedge
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“I am very comfortable in OBITX management to deliver great results, that’s why I decided to help the company and invested my personal funds,” continued Paul Rosenberg.
OBITX will be an exclusive distributor of crypto ATM for the entire cannabis market. Cryptocurrency will not only help solve regulation, banking and payment processing issues currently troubling the marijuana industry, it is already making its way in widespread adoption in other industries as well.
“Let me also update our shareholders on other developments,” continued Paul Rosenberg.
“We are a few days away from finishing our audit of OBITX. We are extremely pleased with the business model of OBITX and as soon as audit is complete, we’ll file our Form S-1 with SEC to spin-off OBITX.
Now, let’s talk about MCIG Inc. overall strategy.
Render Payment concluded its ICO on December 4, 2017 and is expected to be registered on an exchange platform in January 2018. MCIG will work with Render Payment as it continues to expand its high risk merchant service cryptocurrency platform.
As we discussed in early press releases, the goal is to be focused on cultivation, extraction and distribution of cannabis/hemp related products. We are waiting for the approval of our license application in California City, that will allow us to manufacture different cannabis products.
We struck a huge deal with Farm On! Foundation, currently run by extraordinary business woman, Tessa Edick, who accepted the position of CEO of NYAcres, Inc., 100% owned subsidiary of MCIG Inc. We will be one of the very few companies to grow HEMP in the New York area.
We are looking for other opportunities to grow cannabis in other states, but, we are very careful how we proceed, since the price tag to some projects are high and we need to find balance to be profitable.
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I also think that OBITX will be an exclusive distributor of crypto ATM.
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mCig is bringing out 125 Crypto ATM's this month.
This is to help marajuana retailers with their FED banking dilemma.
they are profitable, almost debt free, and very, very big in marajuana construction and hemp growing,
At .35 per share, this could pop any week.
Check it out.
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The ATMs are the first of its kind and will support most forms of cryptocurrency including Bitcoin, Etherium, Litecoin and more. They will enable dispensing of cash and transfer of funds, as well as the purchase and selling of cryptocurrency and gift cards from the machine. The machines will feature two screens, one for transactions, and another for advertising which will be integrated with eHESIVE’s proprietary advertising platform, developed by mCIG team. The company has already placed its first order of 125 crypto ATMs with scheduled delivery in January 2018. The technology has been tested over the last few years and will be ready to go upon delivery. It is projected that over 10,000 ATMs will be installed in dispensaries and mainstream locations over the next few years.
“The space we are entering may be new to our shareholders, but it is a new and lucrative sector. Integration with cryptocurrency was planned since the day we acquired our software and technology division. Many tech and finance projects that were developed within the last 8 months will integrate into and transform the experience of technology and transactions in this new company,” stated Paul Rosenberg, CEO of MCIG Inc.
@zer0hedge
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"Using circle sizes, we mapped out geographical locations where Bitcoin ATMs are in operation. The larger the size of the circle, the greater total number of Bitcoin ATMs there are within the country." A really great thing, isn't it ? Wonderful !! @zer0hedge
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@zer0hedge...bro mCig is bringing out 125 Crypto ATM's this month.This is to help marajuana retailers with their FED banking dilemma.they are profitable, almost debt free, and very, very big in marajuana construction and hemp growing,At .35 per share, this could pop any week.Check it out.For the love of Pete, and are they totally anonymous way to cripple central banks too? Crypto's lost me with the 'totally anonymous' claims then the slow perking admission that they are anything but... not to mention the 'unhackable'....for fucks sakes you pumpers that applies to any link in the chain including the f'ING robbery..took place during our second quarter, as management found that the results of the operation could be improved significantly. Construction projects are back on track, however management is now very selective with projects and who to be involved with. We are here to make smart deals and make money. Our next big construction project will be in California, where we will obtain ownership rights as well.The company as you know, has an interest in 2 public companies. Omni Health (10% owned by MCIG) is making great progress with its FDA medical devices registration of CBD for topical pain analgesic and development of non-prescription CBD analgesic creams and ointments with fast absorption properties. Thank you for sharing with us...
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U give a lot more information, tnx for sharing.
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Wow this is a very cool development(bitcoin atm). I hope it reaches out to the whole world. Thanks for sharing
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very well said that Bitcoin ATMs allow consumers to exchange their cash for Bitcoins, and vice versa.
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True Fact heard firsthand: There are bitcoin ATMs in very blighted neighborhoods that do great business. I'm letting the readers come to their one conclusions...
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I didn't even know there was a single atm, I'm guessing eventually we will be seeing atm's that allow you to exchange other crypto as well, which would be amazing. I wonder if Monaco has any plans for something like this.
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Thank you for exellent news @zerOhedge
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I think that the only reason to buy Bitcoin these days is to change it with other coins :))
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Wow...Thats a great news ✌ Btc win the world
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I would love to see how one of these work in reality. I predict in the next 30 years, the traditional ATM's will look like the Phone Boots - non-existent. It's just that way, progress isn;'t waiting.
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Bitcoin ATM are very facilitate cashing money from cryptocurrency.It is not surprising that Bitcoin ATMs are spreading more and more
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I hope the number of bitcoin ATMs increase here in the Philippines. The cost of transaction and conversion fee of buying bitcoin here is very high and I think bitcoin machines will help reduce the cost.
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The Nobel Prize in economics says we are moving towards an economy with no physical money! That is, Bitcoin ATMs and other currencies need to start to be implemented, because this is the future (I never get tire of saying it).
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It's great to see the number of Btc ATM going up . This is only the beginning , i hope this number will triple this year as many countries have not yet implemented Btc ATM yet . The popularity of Btc is growing by the day which is directly proportional to the growth of Btc ATM's . This access to Btc transactions would become more easier due to the rise of Btc ATM's , this would attract new users and investors to the crypto market .
I hope this would lead to more Btc transactions in future . If goods and merchandise start trading with Btc , that would be the end of banks and the fiat system which is looting us for years . The financial freedom is near!
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i dont know i dont really think bitcoin atms are safe .. and the fee is high ... still i good
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we dont have any atm here in north africa
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Although the US may have the largest number of Crypto ATM's our country is so large we still could use double or even triple the number of machines.
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I am excited! hopefully no one finds a way to rig up the atm machines.
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Yes I agree!
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