Crypto ATMs Industry Expected to Surge
Bitcoin and cryptocurrency have taken the world by storm over the last 2-3 years, but the missing link to mainstream adoption has still not arrived. Some industry experts are forecasting that crypto ATMs could be that missing link that drives adoption to the next level. This forecast is partially due to the crypto ATM industry’s expected growth to 602.4% in that 5-year span.
Benefits of Crypto ATMs for Everyday Users
Crypto ATMs Industry Expected to Surge: Five-Year Forecast
Crypto ATMs are one of the fastest-growing subsectors within the Bitcoin industry because of the ease-of-use for consumers, as well as the profitability for both investors and entrepreneurs.
For the everyday user, crypto ATMs provide 24/7 access seven days per week to receiving and sending global payments. You don’t need a bank account in order to use the ATM and you can send money globally without going through the bottleneck of an Automatic Clearing House or SWIFT. In addition, Bitcoin payments are becoming increasingly faster and do not require the same wait time as payments made through a central banking system. The convenience level is much greater allowing people to purchase crypto directly.Crypto ATMs also allow consumers to enter into a position for Bitcoin without needing technical knowledge. In addition to the high usability for consumers, there are added benefits for entrepreneurs and investors alike.
Benefits of Crypto ATMs for Entrepreneurs and Investors
The overall growth of crypto ATM installations has skyrocketed from 3,395 in July 2018 to now over 5,041 machines as of July 2019. About 5.6 machines are installed daily (4.3 in the USA alone), and the country holds 60% of the total crypto ATMs worldwide.
Now is a good point for market entry if you’re considering opening your own crypto ATM. The entire industry is expected to grow from $16.3 million in 2018 to $114.5 million by 2023. There are many partnership opportunities. However, it might be easier to start with one of the businesses that have a license agreement because the licensing process can take a long time.
For example, Belco BTM has an up-and-coming partnership program that will kick start you as a business owner in just a few days.If you’re looking to get into a booming industry, the Crypto ATM business might be for you.