According to Bitcoin reports, there has been a rapid increase in Bitcoin ATMs that support digital coins and cryptocurrency and they have been significantly parallel to the trend on the market since the beginning of the year, which is in lieu of the peoples demand.
A Bitcoin ATM (Automated Teller Machine) is a kiosk that allows a person to purchase Bitcoin by using cash or debit card. Bitcoin cash kiosks look like traditional ATMs, but do not connect to a bank account and instead connect the user directly to a Bitcoin exchange.
Bitcoin itself has increased from a price of below $7000 since the first days of January to about $10,000 during February (This increase can be attributed to the viral deadly coronavirus)
Bitcoin itself has begun to grow steadily this year and according to CoinATMRadar
January 2020 reports show that there were 6377 operating devices around the world when the year began – 432 machines were launched during the month, while only 104 were closed, representing a net growth of 5.1%.
With the Bitcoin ATM, you can buy bitcoin with cash. Similar to the way you insert a debit card into a traditional ATM and get cash, a Bitcoin ATM accepts cash and spits out bitcoins. Some Bitcoin ATMs also work the opposite way as you can send Bitcoins to the machine and receive cash.
Around two-thousand devices currently offer Bitcoin cash. Other currencies being offered in cash by certain devices include zcash (ZEC), dogecoin (DOGE) and monero (XMR), though these currencies have decreased in relation to Bitcoin within the ATMs.
With the rapid increase in Bitcoin ATMs, we have about 7000 Bitcoin ATM in the world. In South Africa, there are seven Bitcoin ATMs. 1 in Johannesburg, 2 in Pretoria, 1 in Nelspruit and 3 in Cape Town. The US is currently the country with the highest number of Bitcoin ATMs, having the vast majority at 4874. They are followed by Canada at 742 and the UK with 306.
We look forward to the future and hope that more Bitcoin ATMs will be created across the different cities of Africa. You’d agree that some parts of African cities are fast accepting this new digital method of transaction.
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