The number of bitcoin ATMs, or cryptocurrency ATMs, has decreased this year. According to data collected by BitcoinCasinos.com, more than 5,300 Bitcoin ATMs have been removed to date.. the The total number has decreased to about 33,800 worldwide.
The year 2022 is proving to be a challenging time for the cryptocurrency industry. The past year was marked by a one-year bear market combined with geopolitical tensions and global inflation. This led to a significant slowdown in the installation of Bitcoin ATMs around the world.
This report explores the reasons behind the bear market, geopolitical tensions, and global inflation and how they have affected the cryptocurrency industry. In particular the installation of Bitcoin ATMs.
A “bear market” is a term used to describe a period of falling asset prices. Usually in the stock or cryptocurrency markets. In the cryptocurrency industry, a bear market is often characterized by a sharp drop in the value of cryptocurrencies. It can last for months or even years. In 2022, the cryptocurrency industry experienced a year-long bear market strike that affected the growth and adoption of cryptocurrencies.
One of the reasons for the bear market was the crackdown on cryptocurrency trading and mining activities by many countries around the world. China, once a cryptocurrency mining hub, has banned all cryptocurrency-related activities, including trading and mining. This led to a significant drop in cryptocurrency prices. In particular Bitcoin, which affected the installation of Bitcoin ATMs.
The disappearance of the ATM
Investors and companies are becoming more cautious, which has led to a drop in demand for crypto services, including the installation of Bitcoin ATMs. September 2022 marked the first time that cryptocurrency ATMs experienced a net decline. However, 2023 hit a new low with total cryptocurrency ATM installs declining for consecutive months.
With 3,627 crypto ATMs declining last month, as can be seen in the chart above. March 2023 became the month with the largest monthly drop in cryptocurrency ATMs.
Geopolitical tensions also played a role in the bear market and slowdown of Bitcoin ATM facilities. The year 2022 was marked by increased tensions between countries, particularly the United States and China, which led to a trade war. This ripple effect on the global economy has led to higher inflation around the world. Inflation is the rate at which the general level of prices for goods and services rises, causing a decrease in the purchasing power of a currency.
effects of inflation
Rising inflation has affected the cryptocurrency industry in several ways. First, by making it more expensive to run cryptocurrency mining facilities, which reduces the number of miners around the world. Second, it has hurt investors’ purchasing power, making it more difficult to invest in cryptocurrencies, including setting up ATMs. Finally, by making it more difficult for companies to operate in the crypto industry amid increasing operational costs.
As a result of the bear market and geopolitical tensions, the installation of Bitcoin ATMs around the world slowed down in 2022. Bitcoin ATMs allow users to buy or sell cryptocurrencies using cash or debit cards. They have become increasingly popular in recent years, mostly in countries where adoption of cryptocurrencies is high. However, the bear market and geopolitical tensions affected the growth of the cryptocurrency industry, which limited the number of Bitcoin ATMs installed around the world.
According to data from BitcoinCasinos.com Shared with BeInCrypto, more than 5,300 Bitcoin ATMs have been removed year-to-date. The total number has decreased to about 33,800 worldwide.
Moreover, the slowdown in the installation of Bitcoin ATMs has been due to increased regulatory scrutiny around the world. Governments and regulators are becoming more and more concerned about cryptocurrencies being used for illegal activities such as money laundering and terrorist financing. As a result, they have introduced stricter regulations on crypto-related activities, including the installation of Bitcoin ATMs. This made it more difficult for companies to operate in the crypto industry, which reduced the number of bitcoin ATMs installed around the world.
The need for fixtures
Overall, myriad factors led to a decline. Contrary to what some assume, ATMs play a crucial role. Bitcoin ATMs can be important to people in the crypto world who are cut off from traditional banking, for several reasons:
- Accessibility: These devices provide easy access to buying and selling cryptocurrencies, which is especially important for those who do not have access to traditional banking services. Using a bitcoin ATM allows people to quickly and easily buy or sell bitcoin without the need for a bank account or other financial intermediaries.
- Anonymity: Bitcoin ATMs can offer a certain degree of anonymity to users. Unlike traditional exchanges that require users to verify their identity, Bitcoin ATMs often allow users to buy or sell Bitcoin without providing personal information. This can be especially important for people who value privacy or who are interested in monitoring their financial transactions.
- Decentralization: Bitcoin ATMs provide a decentralized alternative to traditional financial systems. Because they are not operated by traditional financial institutions, Bitcoin ATMs can allow people to participate in the crypto economy outside of the traditional banking system.
- Convenience: Bitcoin ATMs are usually available 24/7 and can be located in convenient locations such as malls or convenience stores. This can make it easier to buy or sell bitcoin on their schedule without visiting a physical exchange during business hours.
Overall, Bitcoin ATMs can provide an alternative for people in the crypto world who may have difficulties accessing traditional financial services.
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