A spike in the numbers of Bitcoin ATMs could be a subtle indicator that Bitcoin is making its way into mainstream adoption rather quicker than most would care to admit. It may also be as well a signal of bullish sentiment despite market downturns.
Chicago, known for its dense financial busyness and also home to many crypto-related businesses, has also proven to be one of the hotspots for Bitcoin ATMs. Bitcoin ATM business in the city might just be booming as a total of 30 of the machines have reportedly been installed since the beginning of the year in the area.
As at November last year, Bitcoin News reported that the numbers of Bitcoin ATMs globally were breaching the 4,000 mark, currently, stats by Coin ATM Radar has it at 4,262. According to the same source, Chicago has about 226 Bitcoin ATMs / Tellers in and around Chicago.
The current wave of ATMs introduced to the city of Chicago is by Atlanta-based Lux Vending company using the tag ‘Bitcoin Deport’ and that takes the total numbers of ATMs in Chicago near 100, says Chicago Business. As for the company, this comes to a total of 200 ATMs distribution in the US.
While the competition for providers in the area may be fierce, “there’s a large degree of adoption”, says CEO of Red Leaf Chicago Eric Gravengaard whose 60 of the company’s 200 Digital Mint machines are installed in Chicago, with the others spread across the US.
Probably one of the major daunting challenges with these ATMs at present is the 10 to 20 percent transaction fees which typically cost more than an equivalent average transaction done on the US exchange Coinbase. To facilitate the rapid patronage of these new ATMs, Lux is doing a short-term waiver on its fees. Still, something has to be done about the fees; once the waiver is over, people will still have to deal with the realities of having to choose between Bitcoin ATM kiosks and other alternatives.
The good news is that there are numerous point-of-sales services for Bitcoins and while having an increased distribution of Bitcoin ATMs makes crypto sort of ubiquitous, leaving the options open will appeal to many crypto enthusiasts especially when considering the cost of exchanging their asset.
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