Bitcoin ATMs Number Keeps On Increasing, The Question Is Why?

According to a report that reached our crypto news today, the number of Bitcoin ATMs around the world has officially surpassed 4,000 and it continues to grow. Analysts ask why.

The rise in the number of the Bitcoin ATMs comes at a time when cryptocurrency businesses are implementing strict Know-Your-Customer protocols and Anti-Money laundering policies.

For example, ShapeShift, the Swiss-based crypto exchanges received 18 subpoena requests in 2018 from US authorities only. The number in requests, however, is far less that one of Kraken which as one of the most popular crypto exchanges worldwide, received 315 subpoena requests from the US government in 2018.
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The United States government filed a stunning 65 percent of all of the subpoena requests that Kraken received.

The increasing demand for Bitcoin ATMs relates to the G20’s efforts to try and regulate cryptocurrencies and make regulation stricter. Many crypto markets such as Japan and South Korea have already implemented new crypto policies in regards to user surveillance and fraud protection even in 2017.

The ATMs are an alternative to strictly regulated exchanges where crypto users or more specifically buyers and sellers are able to purchase cryptocurrencies like Bitcoin with almost no identification.

There are some downsides to ATMs as well. For example, the higher fees are one of the reasons why users don’t tend to use them. They also have low daily limits which make impossible for users to buy and sell larger amounts of bitcoin.

The managing partner of Straight Up Capital, Sean Keefe, says that bitcoin has a huge potential to become the major tool for the e-commerce sector and that this will also lead for an increase in the demand for BTC ATMs.