Bitcoin ATM Decline: Over 400 Machines Went Off The Grid
During the last three years, Bitcoin and its ATMs are flourished so much that each month used to have at least 1000 ATMs across the huge world. Bitcoin ATM Decline of over 400 machines in the last 60 days made a big challenge for bitcoin holders.
Crypto ATMs are one of the major reasons why people in massive amounts have started to use cryptocurrencies in recent years. However, this year the cryptocurrency is seeing a drastic change in the form of reduction. Just in two months of 2023, the ATM of many machines has declined.
The rate of net cryptocurrency ATMs which were installed recently has been reduced by a massive number of 412. If we look back at the past cryptocurrency has been seeing a rise in the ATMS since 2014 eventually for the first time in history this reduction has taken place. These ATMs were serving millions of users across the world for seamless crypto-fiat conversions.
A study says that every month new ATM was installed which eventually had an impact on the bear market. In the last year September 22, it was one of the emerging days when the crypto market started to see these declines.
However, the most traumatizing thing is that the decline in 2022 was far more bearable but in 2023 it caused major destruction for about 2 months consecutively.
It all started in January 2023 when Crypto saw a decline by having 289 machines go badly destructed. In the following month of February, additional 128 machines were taken down. The authorities first called it a consequence of geopolitical tensions and revenue losses.
However, to cater to this situation the prolonged bear market service providers are looking forward to some cheap yet bearable alternatives.
Recently, the crypto ATM providers have tried to introduce an alternative to cater to the problems by developing and converting 7000 physical machines to BitAccess software. Nevertheless, this move has helped a lot to reduce every costing revenue and operational costs of the licensing fees which are $3 million annually.
In Latin America, and the places where Cryptocurrency got a lot more affected the authorities have introduced the giant Mastercard with Binance to convert it into cards for crypto payments.
Guilherme Nazar, Binance Brazil’s general manager, was interviewed recently where he stated that:
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.”
The manager wanted to state the importance of payments in this crucial period. According to him adoption of crypto will increase a lot more when payments are made easier for consumers and customers.
During these difficult times for Crypto investors the authorities have offered a cashback of up to 8% on every eligible purchase. Other than that, they have been offering zero fees on most of the ATM withdrawals as well.
Despite being present in difficult times cryptocurrency has always stood out in terms of alternatives and solutions. They are still able to assist and provide customer care to the consumers always.