Bitcoin ATMs are now starting to spread globally with the hope that one day, they will become a normal part of our daily lives.
What is a Bitcoin ATM?
A Bitcoin ATM is essentially a ‘physical’ machine that users can use to purchase and deposit cryptocurrencies, much in the same way you would with a traditional ATM or cash machine. Since ATMs are a normal part of our daily lives, many believe that the use of Bitcoin ATMs will be key in ensuring a future for Bitcoin adoption. People using Bitcoin ATMs will eventually see that Bitcoin can too, become normalised and is not simply just an asset that is difficult to buy online.
Simply put, Bitcoin ATMs ideologically break down all of the jargon of the blockchain and provide a simple point of access through which anyone can interact with Bitcoin.
Who is using them?
We have stated that these are part of an international movement – you can find Bitcoin ATMs all over the world, however the majority of them are based within the United States of America, more than 50% in fact.
South America is one continent however that is also seeing a surge in the existence of Bitcoin ATMs, with countries like Venezuela and Columbia now hosting a number of machines, that also give users access to alternative cryptocurrencies such as Bitcoin Cash, Litecoin and Ethereum too.
According to Bitcoin.com, Athena, a company responsible for the production of numerous Bitcoin ATMs have carried out extensive research into Bitcoin ATM use within Columbia specifically:
“According to Athena, Venezuelans in Colombia are the biggest users of the ATMs, followed closely by freelancers working in tech or marketing.”
Matias Goldenhörn the Director for Athena in Latin America has said:
“There’s more volume – more transactions and more people using cryptocurrencies for everyday things – in Colombia, though it’s picking up across the region. There are a lot of freelancers in Colombia who receive their payments in bitcoin and they use our ATMs to get their money in fiat and then there are people sending remittances to Venezuela are using them. Those are the two main users we have now in Colombia.”
It seems that Columbia could be set to take over the United States for Bitcoin ATM use, people in the country are finding a real use for these machines which perhaps suggests that overall, there’s a rela love for Bitcoin and crypto here too?