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Crypto ATM Market in North America Region is Expected to Witness High Growth Opportunities by 2024 | Genesis Coin, Covault, Robocoin, Bitaccess, Bitxatm, Lamassu, Inc., General Bytes S.R.O., Coinme, Orderbob, RUSbit, and Coinsource
Crypto ATM Market
North America Crypto ATM market is expected to witness high growth opportunities owing to the technical innovations in the machines. Lesser legal barriers in the U.S. and the presence of software & hardware providers and integrators account for the growing consumption of these products. Europe crypto ATM market is experiencing an increasing demand due to the supportive government initiatives and the emergence of manufacturing companies such as Lamassu, Inc. and RUSbit.
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The popularity of Bitcoin cash and ATMs in the European countries that offer fast & safe transactions is further driving the crypto ATM market growth. Also, the cryptocurrency ATMs are gaining popularity in Argentina due to the rising demand for Bitcoin and decreasing importance of the national currency. For instance, Athena collaborated with the Odyssey Group to install about 150 crypto ATMs by 2018 in Argentina.
Factors, such as high usage fees and non-refundable transactions, associated with the machines are hindering the crypto ATM market growth. The ATMs charge much higher conversion fees as compared to the conventional ATMs. The average fee for undergoing the cryptocurrency machine transactions is about 8% of the total amount. The transactions are non-refundable and irreversible as they are not operated by banks and businesses.
Users need to double check their transaction amounts and wallet addresses to avoid any problems as the conversion cannot be reversed or canceled. The crypto ATM market faces challenges in managing the cash availability and conversion operations. Stringent government regulations that prohibit the usage of cryptocurrency in countries including India are hindering the crypto ATM market growth.
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Two-factor authentication of the cryptocurrency transactions is a trend driving the crypto ATM market growth. The process includes confirming transactions via a mobile number & SMS code and then identification via biometric scanning. This provides enhanced security and safer digital payment & conversion functions to the users. These machines safely uphold the individual privacy and do not reveal the wallet details to other customers. Cryptocurrency machines eliminate the chances of frauds due to the absence of third party in these transactions.
The display segment in the crypto ATM market has experienced a high demand due to its essential functionality in such machines. The displays offer user-friendly and cost-associated benefits to the manufacturers such as keyboard installation and extra-fitting prices. The ATM printers are expected to be dominant in the crypto ATM market as they offer enhanced output functionality.
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Companies operating in the crypto ATM market are Genesis Coin, Covault, Robocoin, Bitaccess, Bitxatm, Lamassu, Inc., General Bytes S.R.O., Coinme, Orderbob, RUSbit, and Coinsource. Companies develop low-power consuming devices that further help in reducing the overall electricity costs.
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