December 2019 was a meaningful month for a multitude of causes, probably some of the least reported being the new record number of Bitcoin (BTC) ATMs installations. The number od 338 destroyed the previous record of 294 set in August of 2019. The ATM is a piece of very expensive equipment and logical is that they are supplying an existing demand.
As we are seeing further in the latest bitcoin news, the analysts wonder from where this demand and the users really come from? They are surely not the best option for most of the Bitcoin (BTC) users and there are some jurisdictions in which this notion is increasing even more.
The reality is that people have also used a Bitcoin (BTC) ATM often, but that was in the year of 2014. Some of the users have been in a need for some amount of cash in ASAP, and selling some Bitcoin (BTC) looked like the best deal, and also there was the fact that using Bitcoin (BTC) ATM’s was a fairly new thing. The process is fairly easy, make a transfer, get the printed QR code afterward come back in half an hour to take your cash.
It could have been finished without the time spent waiting but that was not a deal-breaker. The deal-breaker is when you understand how big the fee to be paid was. Take into consideration the big fees that make a noteworthy hole in the funds received/paid the presence of another reason to use Bitcoin (BTC) ATM must be real. Can it be the anonymity that the simple walk up to a machine offers over registering?
Of course, in some circumstances, yes, but in the USA the ATMs are now considered Money Services Businesses, which bears the consequence of enforcing the same anti-money laundering (AML) and know-your-customer (KYC) procedures as exchange companies. However, the question of whether all of the ATMs upheld the standards and regulations is another matter. The Bitcoin ATM number has been increasing throughout the year as per the recent reports where we can read that 20 BTC ATMs were installed in Circle K Convenient stores around the United States which marks the expansion of retail crypto availability in the Western US.
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