Regardless of the industry downturn in digital asset worth, cryptocurrency automatic teller machines (ATMs) are still in fashion. Based on a tweet from cryptocurrency analytics company DataLight, the number of all crypto ATMs doubled in 2018 from 2,025 ATMs from 2017 into 4,051 ATMs, signaling an increase in the adoption of cryptocurrencies in general, despite the slump in the price.
November will go down as a month investors will not forget in a rush, since bitcoin, along with the rest of the cryptocurrency marketplace, experienced a huge slump in prices. Bitcoin, the dominant cryptocurrency, fell to $3,750 in November, since the market witnessed massive slugs that would have bitcoin touch almost $3,000 in December.
Data out of Coin ATM Radar proves that while 68 bitcoin ATMs were closed in November, 209 brand new machines were installed by operators all around the world. Bitcoin of America led the way, introducing 16 new ATMs, followed closely by Coin Flip Bitcoin ATMs and Local coin, who installed 10 and 7 new ATMs, respectively.
Even though the U.S. Remains the dominant nation with 70 new installations, Peru, Albania and South Korea had their very first bitcoin ATMs installed in November, the data from Coin ATM Radar revealed.
Bitcoin ATMs have also been a goal of criminals. Security researchers at Trend Micro found malware that targets an agency vulnerability in bitcoin ATMs, selling for $25,000, at an underground forum.
A senior writer at Trend Micro, Fernando Mercês, commented about the vulnerability in his account, criticizing bitcoin ATMs for their lack of safety standards, which make them simple to hack.
"Unlike ordinary ATMs, there's no single group of confirmation or security criteria for Bitcoin ATMs. By way of example, instead of requiring an ATM, credit, or debit card for transactions, a Bitcoin ATM entails the use of cellular numbers and ID cards to get user identity verification."
They may not be as safe as traditional ATMs, but they are still finding meaningful use cases across the world.
Bitcoin ATMs and Cannabis
While providing a simple route to trade bitcoin, these crypto ATMs have also made a channel for marijuana businesses that are experiencing banking limitations.
Bitcoin ATMs have made it simpler for pot companies to get payments from customers, thereby reducing their dependence on money. Cannabis cryptocurrency PotCoin also partnered with bitcoin ATM supplier GENERAL BYTES (GB), using GB's network of crypto ATMs to alleviate the transaction procedure for cannabis sellers.
Virtual Crypto Technologies also developed a proprietary crypto payment solution to cannabis dispensaries that allows them to exchange marijuana for bitcoin employing a QR code set on the store's point-of-sale interface.