Connect with us

Crypto ATM

Crypto ATM Market To Reach $400M Soon! Can It Aid The Staggering Crypto Market?

Published

on

Crypto ATM Market To Reach $400M Soon! Can It Aid The Staggering Crypto Market?

It is a big deal for crypto investors to have the global crypto ATM market hitting US$400m!

If any crypto investor follows the simultaneous trends in the crypto ATM market and in the cryptocurrency market respectively one finds them utterly contradictory. In less than five years the crypto ATM market is slated to reach US$400 million. The amount is quite impressive. But for quite a long time the crypto market itself is very sluggish, and one can say that it is going through a disastrous phase. Obviously, when crypto investors take note of the two developments side by side the question that comes to one’s mind is whether and if yes, to what extent the rising crypto ATM market can come to the aid of the sliding crypto market. Will the parallel lines meet? That is precisely the question.

The global crypto ATM Market is estimated to be around US$46.45 million now. It is projected to reach US$472.18 million by 2027, which to the compound annual growth rate is an increase of 59%. The market dynamics are at play here involving various micro- and macro-economic factors for crypto investors in this crypto market. The sustenance of such a growth rate concerns price, demand and supply, and very importantly the dynamics concern human emotions. We have just seen how human emotions played a crucial role in the declining trust in cryptocurrency and how it led to the disaster in the crypto market in 2022.

There are important drivers which need to be studied to analyze the degree to which the crypto ATM market will continue to calibrate itself and be strong enough to rescue the sagging crypto market. Some such drivers are growing remittances and fund transfers in developing countries, fluctuating monetary regulations, and a substantial increase in crypto ATM installations around the world. To note, the developing countries are to play a vital role in the process as they have significant potential for the growth of the crypto market as such. When it comes to crypto ATM installations the forerunner has been the US, followed by Canada. But a vast space remains unexplored in both the developed and the developing world in the cryptocurrency domain.

Another important factor, which is often coming in the way of the growth of the crypto market, is the regulatory mechanisms. Unpredictable regulatory ambiance, lack of awareness of cryptocurrencies and their functions, and lack of technical knowledge and understanding of the crypto have had very adverse effects on the crypto domain. Unless there is a significant improvement in this arena the perceived rescue act will be facing major hurdles and it is crucial for crypto investors in the nearby future.

Advertisement

More Trending Stories 

  • Ethereum Whales Buy a Whopping US$3M Worth of Shiba Inu! A Rally on the Radar?
  • Top 10 Cybersecurity Startups Making Space in the Digital World
  • Metaverse is the Future of Fashion! True or False
  • Buying Property in Metaverse! Yes, Virtual Real Estate Exists
  • Top 10 Companies to Apply for As a Web3 Developer In 2022
  • Top 10 Hadoop Analytics Tools Used in Big Data Projects in 2022
  • Top 10 Crypto Exchanges that are Firing their Employees Now
  • Top 10 Python Hosting Service Providers to Look Out for in 2022

The post Crypto ATM Market to Reach $400M Soon! Can it Aid the Staggering Crypto Market? appeared first on .

Bitcoin ATM

Bitcoin ATM Operator Indicted In New York Allegedly Running Illegal Business Attracting Criminals

Published

on

Bitcoin ATM Operator Indicted In New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business “marketed towards individuals engaged in criminal activity.” The district attorney in charge described: “Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk business as secret as possible to attract a clientele that would pay top dollar for anonymity.”

Operator of 46 Bitcoin ATMs Charged

Manhattan District Attorney Alvin Bragg Jr. announced Wednesday that Robert Taylor has been indicted “for operating an illegal bitcoin ATM business that he marketed towards individuals engaged in criminal activity.”

The announcement states:

Advertisement

Taylor operated bitcoin kiosks in at least 46 locations in New York City, mostly in laundromats, as well as locations in New Jersey and Miami.

Between 2017 and 2018, the 35-year-old “converted more than $5.6 million of his customers’ cash into bitcoin while charging a fee of between 10% and 20%,” the district attorney detailed.

Taylor is charged “with multiple counts of operating an unlicensed money transmission business, criminal tax fraud in the third degree, and offering a false instrument for filing in the first degree.”

Bragg described, “Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk business as secret as possible to attract a clientele that would pay top dollar for anonymity,” elaborating:

As the use of cryptocurrencies like bitcoin proliferate, they continue to attract a wide range of bad actors who are hoping to evade law enforcement.

The announcement further notes:

In total, the search warrants resulted in the recovery of $250,000 in cash from Taylor’s apartment, as well as 20 bitcoin ATMs containing $44,000 in cash.

Forensic analysis showed that more than $5.6 million in cash was deposited into Taylor’s bitcoin ATMs between September 2017 and November 2018. More than $590,000 in fees were collected and approximately $160,000 were deposited into Taylor’s personal bank accounts.

Advertisement

However, Taylor only reported an income of approximately $3,000 on his 2017 tax returns and a loss of $140,000 on his 2018 tax returns.

In addition, his business did not have a money transmission license or a virtual currency business license (Bitlicense) from the New York State Department of Financial Services (DFS). It is also not licensed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Tags in this story

Bitcoin ATM, bitcoin atm operator, bitcoin atm operator charged, bitcoin atm operator indicted, Bitcoin ATMs, BTM, btm operator, Crypto ATM, Cryptocurrency ATM, illegal bitcoin atm, robert taylor

What do you think about this case? Let us know in the comments section below.

Advertisement
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

ATM

Tracker Shows Close To 3,000 Crypto ATMs Were Installed In 2022’s First Quarter

Published

on

Tracker Shows Close To 3,000 Crypto ATMs Were Installed In 2022’s First Quarter

During the last 12 months, there’s been an exponential number of cryptocurrency automated teller machines (ATMs) installed as data shows that 20,000 crypto ATMs were installed last year. This year machines are still being installed in great numbers and since December 30, there have been 2,759 machines added to the list of 36,659 crypto ATMs worldwide.

Crypto ATM Installations Jump More Than 8% Since December 30

Today, according to the crypto ATM tracker coinatmradar.com, there’s approximately 36,659 crypto ATMs hosted in 76 different countries. Crypto ATM numbers have grown significantly over the years, and 2021 saw the largest annual increase so far, with more than 20,000 machines added during the year.

Statistics according to the crypto ATM tracker coinatmradar.com on April 2, 2022.

As the first quarter of 2022 has come to an end, data from coinatmradar.com indicates there are 36,659 crypto ATMs available. On December 30, 2021, Bitcoin.com News reported that there were 33,900 crypto ATMs, which means that over the last 93 days, 2,759 crypto ATMs have been installed across the globe.

Advertisement

That’s an 8.13% increase since December 30, and currently, there are 612 operators managing the 36,659 machines. Operators include Bitcoin Depot, Coin Cloud, Coinflip, and Bitcoin of America. Additionally, there are 43 crypto ATM producers with manufacturers like Genesiscoin, General Bytes, Bitaccess, Coinsource, Bitstop, and more.

The Manufacturer Genesis Coin, the Operator Bitcoin Depot, and the US Lead the Pack in Terms of Crypto ATM Activity

The top operator in terms of the most crypto ATMs is Bitcoin Depot with 7,001 installed worldwide. Coin Cloud is the second-largest operator with 5,198 crypto ATMs in operation. While Bitcoin Depot commands 19.1% of the 36,659 machines installed, Coin Cloud captures 14.2%.

Statistics according to the crypto ATM tracker coinatmradar.com on April 2, 2022.

Coinatmradar.com also shows a map of where all the crypto ATMs are located and what type of crypto asset the machines support. For instance, crypto ATMs support bitcoin, ethereum, bitcoin cash, litecoin, dash, monero, zcash, dogecoin, tether, and xrp.

The crypto ATM tracker site also shows that most of the machines are located in the United States, as the country hosts 32,623 crypto ATMs. The country with the second-largest number of crypto ATMs is Canada with 2,439 locations. The U.S. and Canada are followed by Spain (225), El Salvador (204), Poland (180), and Switzerland (147).

Statistics according to the crypto ATM tracker coinatmradar.com on April 2, 2022.

As far as crypto ATM installations by manufacturer, Genesis Coin commands 41.6% of the world’s share of crypto ATMs installed. General Bytes is the second leading manufacturer in terms of crypto ATM installations, with 21.4% of the global share. Genesis Coin and General Bytes are followed by Bitaccess (15.2%), Coinsource (5.3%), Bitstop (4.6%), Bytefederal (3.7%), and “other” manufacturers (8.2%).

Advertisement
Tags in this story

ATM, ATMs, batm, BATMs, BCH, Bitcoin, Bitcoin ATM, Bitcoin ATMs, bitcoin cash, BTC, buy, Coin ATM radar, Coins, Crypto, Crypto ATM, Crypto ATMs, Cryptocurrencies, Cryptocurrency, Cryptocurrency ATM, cryptocurrency ATMs, data, Devices, ETH, ether, Exchange, growth, increase, litecoin, LTC, machines, Number, numbers, sell, teller devices, teller machines, teller services

What do you think about the number of crypto ATMs worldwide today and the increase during the first quarter? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, coinatmradar.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

Top posts

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
btcusd3 hours ago

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As...

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
Binance Coin4 hours ago

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the...

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’ July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’
analyst4 hours ago

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’

After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI)...

TA- Bitcoin Bounced off Key Support After CPI Announcement TA- Bitcoin Bounced off Key Support After CPI Announcement
Bitcoin bulls4 hours ago

TA- Bitcoin Bounced off Key Support After CPI Announcement

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement...

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum
$6.13 billion TVL5 hours ago

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum

Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s...

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40 Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40
Analysis6 hours ago

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40

Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month...

German Crypto Exchange Nuri Files For Insolvency German Crypto Exchange Nuri Files For Insolvency
Bankruptcy7 hours ago

German Crypto Exchange Nuri Files For Insolvency

Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year...

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed
Baidu10 hours ago

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed

Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently...

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain
Sponsored10 hours ago

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain

sponsored In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions...

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher
rates11 hours ago

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher

Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...

USDT volume on exchanges up 20% in 3 months USDT volume on exchanges up 20% in 3 months
Binance11 hours ago

USDT volume on exchanges up 20% in 3 months

USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read According...

Axie Infinity holders have reasons to celebrate market drawdown Axie Infinity holders have reasons to celebrate market drawdown
Altcoins12 hours ago

Axie Infinity holders have reasons to celebrate market drawdown

The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has...

What’s changed in GameFi in the last month? – July Report What’s changed in GameFi in the last month? – July Report
Analysis12 hours ago

What’s changed in GameFi in the last month? – July Report

What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min...

How To Make Money From Ethereum Name Service? How To Make Money From Ethereum Name Service?
Cryptocurrency13 hours ago

How To Make Money From Ethereum Name Service?

Learn how you can use ENS to become rich We all love to reap the benefits of advanced technologies, but...

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT) Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)
Cryptocurrency13 hours ago

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)

In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have...

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol
Blockchain13 hours ago

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Last week, HUMAN Protocol announced the introduction...

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem
Digital Plaza14 hours ago

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem

Korean electronic goods producer Samsung Electronics recently signed a memorandum of understanding (MOU) with six companies that will collaborate to...

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That
Cryptocurrency14 hours ago

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That

Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales Shiba Inu is the most...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone