Product ID: SQMIG45A2044
Global Crypto ATM Market Size, Share, Growth Analysis, By Offering(Hardware and Software), By Type(One Way and Two Way), By Coin(Bitcoin (BTC), Litecoin) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2044 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
76
Global Crypto ATM Market Insights
Global Crypto ATM Market size was valued at USD 71.9 million in 2019 and is poised to grow from USD 116.7 million in 2023 to USD 5451 million by 2031, growing at a CAGR of 62.5% in the forecast period (2024-2031).
Cryptocurrency is a mode of payment that is distinct from cash, credit cards, and cheques. In cryptocurrency, the user transmits money without interacting with the bank. Crypto ATMs enable customers to effortlessly transfer cryptocurrency via an ATM machine. To purchase cryptocurrency using a crypto ATM, the individual must first go through KYC, then enter the address of the crypto wallet into which the deposit will be made, then inject the order money through the crypto ATM, and lastly complete the transaction. For each transaction, the crypto ATM creates receipts automatically. For security purposes, these receipts include public and private keys in the form of QR codes.
Currently, there are 35,984 crypto ATMs worldwide. The growth of crypto ATMs is due to the rising popularity of cryptocurrencies and the high adoption rate of crypto for day-to-day transactions. The use of cryptocurrency ATMs allows swift transactions, which is propelling market growth. When a buy order is placed, a purchase is made for the complete payment amount as soon as money is deposited into the ATM. Furthermore, if the consumer wishes to put a sell order, the crypto ATMs facilitate it, allowing customers to obtain cash without having to wait for many days. Furthermore, it simplifies trading alternatives for consumers, and users do not need to create an account, an online wallet, or deal with long public keys. The customer receipt includes a QR code with the public and private keys, which can be scanned and instantly recognized by ordinary wallet programs, allowing a transaction to be simply conducted.
Crypto ATM companies are putting a lot of effort into reducing the risks posed by potential cyberattacks on crypto ATMs. Efforts in this direction, in particular, are generating new market growth opportunities. In August 2021, for instance, bitcoin ATM operators from around the United States formed the Cryptocurrency Compliance Corporative to strengthen compliance standards and, eventually, prevent cryptocurrency-related crimes. The 15-member group is dedicated to make the cryptocurrency industry a safer place. Additionally, facial recognition and biometric features are being implemented into crypto ATMs to give users with two-layer security when processing transactions. Crypto ATMs are also using QR code and time stamp elements to aid in the authentication of users' identities.
US Crypto ATM Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Crypto ATM Market Report Snapshots
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