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Cryptocurrency ATMs have been expanding all over the world during the last years, and the number of these machines has reached a new all-time high a few weeks ago. According to data provided by CoinATMRadar, there are more than 5,000 crypto ATMs installed around the world. The main question that many individuals are currently asking is whether there is going to be an upgrade of traditional ATMs to support Bitcoin and other cryptocurrencies.
Could Traditional ATMs Support Bitcoin?
Cryptocurrency enthusiasts have been using Bitcoin ATMs in order to exchange funds, move money and enter the crypto space. However, there are some countries and regions that do not have the necessary machines for individuals to access Bitcoin ATMs. Around 75 percent of the total number of ATMs related to Bitcoin and cryptocurrencies is located in North America, leaving a small portion of the number of machines to other countries.
According to a Reddit user called RickDawkins, in the future, there could be a software that would allow traditional ATMs to operate with Bitcoin and other digital assets. For 2020, it is expected to have more than 4.3 million ATMs in the world that do not support digital assets. But this increase in the number of ATMs seems very positive for virtual currencies.
The Redditor explained commented it:
“I operate a couple of dozen regular ATM kiosks. There is Bitcoin capable software coming to them soon, so someday those 3 million traditional ATMs will double function as Bitcoin ATMs. No other details are known yet. It’ll take a couple of years to get all the updates out I’m sure. This industry is slow, and they always postpone deadlines.”
One of the companies that are working in order to bring cryptocurrencies to traditional ATMs is Robcoin. This ATM kiosk operator needs to drop the software into a running machine and the transactions are going to be automatically managed and identified through a wallet system. This would allow for a larger number of users to have access to Bitcoin through ATM machines that are installed in many important points around the world.
As reported by CoinATMRadar, 22 percent of the crypto ATMs around the world are located in Europe, meaning that North America and the European continent account for 96% of the total number of ATMs in the world. South America has 1.1% and Asia 2.1%.
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