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Global Bitcoin ATM Installations Drops Amid Crypto Market Uncertainty

Despite the rise in Bitcoin-based offline ATMs, CoinTelegraph reported that the number of ATMs that deal in fiat-to-crypto conversions is ...

Despite the rise in Bitcoin-based offline ATMs, CoinTelegraph reported that the number of ATMs that deal in fiat-to-crypto conversions is on the decline. 33,727 ATMs were left after about 3,627 ATMs went off.

Global Bitcoin ATM Installations Drops

Dropping and declining era

This dramatic decline in ATM installations may be entirely the result of a protracted bear market, revenue losses, international tensions, and service providers' trials with less expensive alternative operations. For instance, Bitcoin Depot, an ATM provider, recently changed the software on its machines to BitAccess in an effort to reduce the cost of software licensing. Other than this If you want to invest in Bitcoins then you can visit online trading platforms like Bitcoin-Union.

But the three-month downward trend in this regard appears to have been halted in the current month of April. The information displayed on Coin ATM Radar indicates that 39 new physical ATMs have been placed in various areas. Notably, General Bytes, Genesis Coin, and BitAccess are currently among the main manufacturers of cryptocurrency ATMs.

The losing funds

General Bytes, a producer of Bitcoin ATMs with headquarters in Prague, declared last week that it will make up for clients' losses. Between March 17 and March 18, General Bytes experienced a security breach in which a hacker was able to successfully steal its customers' private keys, passwords, and other sensitive information from their hot wallets.

Following an inquiry, the site discovered 21 hot wallets linked to the hacker who had stolen about 56 Bitcoins and 22 Ether, each worth about $1.5 million and $3,700.

In a statement, General Bytes pledged to take the appropriate actions to protect the privacy of its customers and stop such incidents from occurring in the future.

The crypto ATM installation

Installations of crypto ATMs decreased for four months, from September 2022 to March 2023. However, with 3,627 cryptocurrency ATMs closing their doors in the previous month, March 2023 is likely to record the largest monthly decline.

The gradual decline in the total number of crypto ATMs is reflected in the number of Bitcoin machines installed. This reduction seems to have a lot of relevance.

The current leads

Genesis Coin, BitAccess, and General Bytes are now the top producers of Bitcoin ATMs on the market. General Bytes has committed to covering the hot wallets after losing customer money in a security issue in March. General Bytes said in a statement that they had taken steps to stop unauthorized access to the systems and that they were working very hard to protect the consumers. 

The study found that the population's relationship to bank accounts and cash payments determines how widely cryptocurrencies are adopted. For instance, Mexico comes second on the list with 46 Bitcoin ATMs despite having a large population of people without access to bank accounts. 3.4% of the Mexican population has adopted cryptocurrencies, which is a high adoption rate.

The drawbacks and real facts

This follows a net reduction in installations during the previous few months, which is unusual. The reduction in Bitcoin ATM installations is a sign of the present gloomy attitude in the cryptocurrency market. The adoption of cryptocurrencies may decline as a result of the global decline in ATM availability, which might have an effect on the price of Bitcoin and other altcoins.

General Bytes, BitAccess, and Genesis Coin continue to be the market leaders for physical crypto ATMs despite the reduction in installations. But in the middle of March, General Bytes encountered security problems that led to the theft of consumer money. The business has pledged to make up for the damages suffered by its clients.

It implies that nations with sizable populations of unbanked people frequently have greater adoption rates for crypto assets. This is particularly clear in South Africa, where 10% of the population owns cryptocurrencies despite there being 21 crypto ATMs deployed and 31% of the population not having access to a bank account. In contrast, adoption rates are lower in developed nations like Norway and Denmark.

Conclusion:

The reduction in new Bitcoin ATM installations and the rise in removals relative to new installations may have a substantial influence on the cryptocurrency market. The reduction might lead to lower adoption rates for cryptocurrencies, which might have an impact on how much they are worth. Additionally, it might make it more difficult for people to buy and trade cryptocurrencies, which might cause a further decrease.

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TechGlobeX: Global Bitcoin ATM Installations Drops Amid Crypto Market Uncertainty
Global Bitcoin ATM Installations Drops Amid Crypto Market Uncertainty
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