3 Million Traditional ATMs Will Work as Bitcoin ATMs

Bitcoin gained a lot of interest after the massive bull run of Dec 2017 where Bitcoin touched its peak of $19670. With the increase in price and interest all across the globe, Bitcoin ATMs has seen remarkable growth in the past few years.

As per data provided by CoinATMRadar, there were a total of 5059 Bitcoin ATMs globally recorded on 4 July 2019. In Contrast, there were a total of 3 Million traditional functional ATMs in the world today and it is estimated that the number will reach 4.3 Million by 2020.

Crypto enthustics believes that the traditional ATMs are capable of function as Bitcoin ATMs with a small software upgrade. A Reddit user posted:

“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.”

Robocoin, a Bitcoin ATM manufacturer claims that they designed software that converts any regular ATM into Bitcoin dispensing Machine. With the software, the ATMs are able to withdraw fiat currencies as well as used for buy/sell of Bitcoin and other cryptocurrencies.

The software known as Coin SDK will boost mass adoption for Bitcoin ATMs and Robocoin production grows as well. According to Robocoin the software just needs to install in traditional running ATMs and Bitcoin transactions are automatically managed by wallet system.

Robocoin CEO said that they are “upgrading the world’s existing kiosk and ATM infrastructure into a globally interconnected bitcoin cash exchange and remittance network.”

Bitcoin ATMs (BATMs) has the highest number in the US followed by Canada with 60 and 12.4 percent respectively. Europe has 22 percent of the total Bitcoin ATMs installed globally.

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