By
Temitope Olatunji
April 18th, 2024
Bitcoin Depot is going to widen its Bitcoin ATM network within the United States to offer people the easiest and the most convenient way to deal with cryptocurrencies.
The prevalence of underbanked people in the United States is a cause for concern. Currently, eight percent of 115 million households in the United States alone are underbanked or don’t have access to banking services such as checking accounts, savings, loans, or lines of credit. This prevalence is driven largely by high fees, inconvenience, and a distrust of traditional banking systems. While there’s no fast or easy solution to America’s underbanking issue, could cryptocurrency ATMs be the beginning of a viable solution for the underbanked masses?
“Blockchain-based currencies were developed to combine decentralized control, user anonymity, and rigorous record keeping,” says Brandon Mintz, the CEO of leading Bitcoin ATM network, Bitcoin Depot. “We believe these are the reasons why many people are turning to Bitcoin and similar currencies in place of traditional banking. However, a lot of confusion around cryptocurrency exists, mostly due to a lack of understanding in how blockchain operates, money security, and how people can send or access money without traditional bank branches.”
Bitcoin Depot is addressing these concerns with their network of nearly 300 Bitcoin ATMs, which are forecasted to increase to 1000 ATMs installed throughout the United States by the end of 2020. Through this widespread growth, Bitcoin Depot’s ATMs are demystifying some of the crypto-confusion by providing a physical touchpoint for users to store, access, and send their money anywhere in the world. Bitcoin Depot also allows their users to sign up onsite at any of their physical ATMs. This removes the uncertainty of having to research different cryptocurrency websites and the fear of signing up with an unknown entity.
Bitcoin Depot’s cryptocurrency options don’t just stop at Bitcoin. Bitcoin Depot ATMs enable users to purchase and sell other blockchain-based currencies, including Litecoin, Ethereum, and Bitcoin Cash.
Mintz believes the rapid pace at which new Bitcoin Depot ATMs are being installed is also a sign of the underbanked’s willingness to adopt new and alternative banking options, stating “Before Bitcoin ATMs, Bitcoin was – to the general public at least – nothing more than a concept. With our physical Bitcoin kiosks, people see their cash become cryptocurrency through a format that they’ve grown to trust: the ATM. We’re seeing the number of users rise, day by day. It’s often those who (for one reason or another) don’t trust traditional banks, or find that the fees to transfer money, both locally and internationally, are much too high.”
Bitcoin Depot’s fast sign-up process is also a major draw for potential crypto adopters. Previously, and as is the case with other Bitcoin ATM providers, signing up for an account capable of purchasing cryptocurrencies was a lengthy process. It previously required a multi-step verification procedure which left purchasers waiting for verification codes on-site for up to an hour. Bitcoin Depot has changed all of this. Users can now sign up on the spot and start trading within seconds thanks to an expedited verification process. This ease of access, compounded with crypto ATM’s growing availability, point toward the major growth the crypto-ATM industry is currently experiencing. In fact, expert projections forecast an annual growth rate of 46.61 percent by 2024. Indeed, Bitcoin Depot’s recent acquisition of DFW Bitcoin signals further expansion, but also consolidation as the industry matures and becomes more accepted in the mainstream.
This growth is something Bitcoin Depot is proud to be a contributor to, with Mintz stating, “We believe our participation in the growth of the crypto ATM industry is a testament to our strong business model. We’re planning to continue this growth and contribute further to the industry by acquiring and installing more and more Bitcoin Depot ATMs.”
“We also plan to continue our mission of simplifying access to cryptocurrencies – continuing to give the underbanked a viable pathway to transfer money, and purchase and invest in cryptocurrency,” adds Mintz.