New trends increase growth in the crypto-ATM industry | Comment

Crypto ATM market size will expand at a significant rate due to the robust demand for cryptocurrencies. Cryptocurrencies are becoming popular among virtual investors because they are considered valuable investments. Since this form of currency is not regulated or issued by a central authority, anyone can invest in it without leaving a trace of their transactions.

From 2022, more than 18,000 cryptocurrencies are in use, with 24 new ones being created every week. This is where crypto-ATMs can come in handy because, just like a regular ATM, these stand-alone machines make it easier to perform crypto transactions.

According to the bitcoin ATM company Coinsource, crypto-ATMs are among the safest ways to buy and sell cryptocurrencies, because they can protect investors from the constant fluctuations of bitcoin. While bitcoin exchange forums can take up to 10 minutes to validate transactions, bitcoin ATMs only take five minutes to do the same job for new users.

ATMs are even better for existing customers as they spend about a minute authorizing bitcoin transactions. Because these machines are password protected and have a two-factor authentication process, they can protect a user’s account from scammers.

Estimates suggest that the global market share of cryptocurrencies will exceed $ 4.5 billion in value by 2028.

Graphic courtesy of Global Market Insights Inc.

Increasing cyber attacks are increasing the demand for security

Since transactions performed through cryptocurrencies are completely digital, there are several cybersecurity issues related to the same. According to Gadgets360, 2020 saw a large increase in crypto-related crimes, amounting to 10.52 billion dollars. Fraud and fraud represented 67.8% of the total cryptocurrency crimes in the same year.

This scenario has put the spotlight on the security of crypto-ATMs to perform Internet-based financial transactions. Companies are strengthening their R&D efforts to improve the security of these devices and ensure customer safety and satisfaction.

Bitcoin ATMs to get traction

Among the many cryptocurrencies used to buy and sell cryptocurrencies, bitcoin ATMs are widespread throughout the world. These are considered one of the most secure media for buying and selling bitcoins.

Users must enter a password and complete a two-factor authentication process to seal their virtual appointments or access their accounts. This makes it difficult for hackers to steal bitcoins.

These ATMs are also quite versatile in their business, as investors can use cash to buy bitcoins.

Customers can also receive cash while selling bitcoins, making it much easier for amateur investors to enter into business agreements.

With Asia Pacific becoming one of the new users of bitcoin ATMs, many companies are setting up their bases across the region. For example, in March 2022, Intellogate, a Ukrainian bitcoin ATM developer, announced plans to expand its operations across Asia through a partnership with two South Korean companies, Publish and Lincrux.

Crypto ATM software to gain importance

Global market size from crypto-ATM software will register a strong growth rate in the forecast period 2022-2028. Customers require the installation of advanced software in cryptocurrencies to facilitate the process of buying, storing and selling cryptocurrencies.

Companies are also launching a wide range of software to simplify the process of dealing with cryptocurrencies. For example, Bitcovault and Pay Point have recently introduced software that provides secure and cost-effective solutions to their customers while performing transactions.

The software gives complete control over e-wallets and accounts to the user so that they can remotely monitor the performance of their investments. It can turn an otherwise complicated cryptocurrency into a user-friendly one by making it compatible with cash-based transactions with the installation of bill dispensers or recirculators.

The global market outlook for cryptocurrencies will remain progressive as cryptocurrency transactions experience a period of boom. Companies, such as Bitcoin Depot, Bit Base SL, Coin Cloud, Coinsource, Genesis Coin Inc., CoinFlip and General Bytes sro, among many others, are the major players in this industry. They develop hardware and software components and services to enable trading in various cryptocurrencies such as Litecoin, bitcoin, Ethereum and Dogecoin.