Skip to content Skip to sidebar Skip to footer

  • In 2016, the volume of BATMs has increased by 720%
  • 2100 ATM’s were established in 2018

The number of installed Bitcoin ATMs is always growing. In fact, since 2016, the volume of BATMs has increased by 720 percent with an additional 3600 installed machines across the globe.

For those that don’t know, Bitcoin ATMs are kiosks allow the public to purchase Bitcoin and other cryptocurrencies using cash, debit, or credit card. Most ATMs only sell crypto to customers but there are some that will also purchase cryptocurrency.

According to recent statistics from Coin ATM radar, the number of Bitcoin ATMs have grown significantly since 2016 by about double on a yearly basis. Over the past three years, there are 3,800 new Bitcoin ATMs, 2100 of which were established over the last year.

These ATMs charge an average transaction rate of just under nine percent. To put this into perspective, the majority of the ATMs in the United States charge a basic fee of either $2 or $4 for a withdrawal.

“Online exchanges typically have lower transaction fees because the need for handling cash and physical infrastructure is much lower. With spread included, Coinbase charges a 2.0 percent transaction fee for bank purchases and 4.5 percent fee for credit card transactions.”

Nearly all cryptocurrency ATMs offer Bitcoin but many of these machines also several other cryptocurrencies in the market such as Ethereum, Litecoin, Bitcoin Cash and Litecoin.

One of the leading crypto ATM companies in the US, Coinme spoke to CryptoSlate saying that the firm claim to power the biggest network of Bitcoin kiosks across the nation.

The director of engagement at Coinme, Dom Garret spoke about how the ATMs will be beneficial over online alternatives.

“Much like the current financial system, the digital currency economy has roadblocks to those who want to take part. From those who do not have access to a bank/debit card to those operating in a cash economy, the physical machines represent an ideal on-ramp that people trust to enter the digital currency economy.”

Even though the fees do tend to be higher with Bitcoin ATMs the added convenience and accessibility is likely to increase consumer use of Bitcoin, especially for those without easy-access to reliable online exchanges. Following on from this, he talks about the behaviour of consumers who use these ATMs. “While we have seen year over year growth in both users and amount transacted, the type of customer does vary. From those looking to purchase up to the daily limit ($2,500 per day) to those that are testing the digital currency waters bit by bit, to others who send money home through the kiosk.”

Adrian Barkley , 2019-11-29 23:30:00 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

Source link