On September 4th, a report published on ResearchandMarkets.com showed that by 2023, the cryptocurrency automated trading machine (ATM) market would increase to $144.5 million.
The researchers expect that by 2023, the size of the cryptocurrency ATM market will increase from $16.3 million in 2018 to $144.5 million. They pointed out that from 2018 to 2023, the compound annual growth rate (CAGR) of the cryptocurrency market was 54.7%.
According to the study, significant growth during the forecast period will come from two-way ATMs, which allow customers to switch digital currency to fiat currency on a single machine, and vice versa.
Research claims that the function of this machine is a key driver for two-way ciphers among users.
The authors of the report highlighted the ability of such devices to grow rapidly in developed countries such as the United States, Germany and Japan. In the cryptocurrency ATM market, more and more encryption technologies are adopted as the main growth factor.
It is reported that the first cryptocurrency ATM machine appeared in a coffee shop in Vancouver in 2013. According to public data, there are now 3,502 cryptocurrency ATMs in use worldwide.
According to data released by Statista recently, the number of Bitcoin ATMs has quadrupled in 2017, and data is still rising.
It is said that by 2023, the North American cryptocurrency ATM market will occupy the largest share.
The existence of a large number of cryptocurrency ATM hardware and software providers, as well as a good investment environment will be conducive to the US's dominant position in the market.
At the same time, the study also found regulatory uncertainty and lack of understanding and technical understanding of cryptocurrencies, which are factors that limit the growth of the cryptocurrency ATM market.
Targeting mainstream users, Ontario Bitcoin (BTC) and Ethereum (ETH) ATM manufacturer LocalCoinATM installed a number of ETHATMs in three different locations in Canada, including Toronto, Brampton and Etobicoke in 2017.
In the same year, Korean ATM manufacturer Hyosung officially integrated BTC into its international ATM model.
During the forecast period, the average annual growth rate in the Asia Pacific region may reach its highest.
APAC's cryptocurrency ATM market is expected to grow at a significant rate. The growing focus on cryptocurrencies and the increasing number of mining activities have driven the growth of the Asia Pacific market.
In addition, the region's optimistic cryptocurrency investors willing to trade in cryptocurrencies will also drive the growth of the cryptocurrency ATM market in the Asia Pacific region.
Although the cryptocurrency ATM market is expected to grow in the next five years, traditional ATM manufacturers believe that cryptocurrencies pose a threat to their business.
In March of this year, Cardtronics, the world's largest ATM operator, pointed out in an annual report that cryptocurrency is one of the main risks facing its business.
According to reports, consumer behavior analysis shows that there has been a major change in the preferred payment method, and more and more consumers are choosing electronic payment methods instead of traditional physical banknotes, resulting in a decline in the use of ATMs.
But the security of cryptocurrency ATM is still a problem. Earlier, it was reported that bitcoin atm's instant use malware can be sold online.
According to a blog post published on August 7, Trend Micro, a Tokyo-based security software maker, discovered bitcoin automated teller machine (ATM) malware that can be purchased online.
In this blog post, TrendMicro cites an advertisement from a user who is "obviously established and respected" on a Diablo web forum.
For $25,000, criminals can purchase Bitcoin atm malware with a ready-to-use card with EMV and Near Field Communication (NFC) capabilities.
The EMV chip was originally developed by leading credit card providers to store data on integrated circuits rather than magnetic strips, while NFC enables two electronic devices to exchange information wirelessly.
According to reports, the malware exploits the bitcoin ATM vulnerability, allowing scammers to get a bitcoin ATM equivalent to $6,750, euro or pound.
According to TrendMicro, sellers have received more than 100 online reviews of malware and other products. Another forum post shows that sellers also offer ATM malware for EMV standard updates.
According to reports, further research indicates that the malware exploits a menu vulnerability to disconnect an ATM from the network to disable alerts.