Joseph Young, the crypto analyst and investor who covers both finance and cryptocurrency, sheds light over to the brilliance of the bitcoin ATMs that have crossed the bound of 4000 worldwide. Though the chief executive officer for ShapeShift, Erik Voorhees focuses over the decent increase in the bitcoin ATMs despite the bear market that continues thus far, Young explains what these ATMs lack though being of a good use and a convenient and easy way of exchanging to or from cryptos and conduct transactions. Young states that new users of the cryptos who are not yet over the fiat system of dealing with their monetary assets, can use these sort of ATMs and they do use as it is much easier for them to operate and transact via these hubs. But the things that set them aback are the considerably higher fee and an extremely poor conversion rate. To further grow the concept of bitcoin or crypto ATMs, these issues must be duly dealt with as per the extreme convenience that it provides. BlockPublisher got the chance to get elaborate statements from the man himself over the very discourse about the bitcoin ATMs and what exactly keeps the very concept far behind.
There are ATMs to exchange bitcoins and to transact them have provided extreme ease to the new users that have recently jumped into the crypto markets. It can be handy having these outlets that can let you deal with your digital assets. But there is an issue with most of these ATMs that the operating fees are higher pairing up with a very poor conversion rate. In order to promote these sort of ATMs, the issues must be fixed first.
Furthermore, there is also a limit to how many bitcoins one can buy on a daily basis. This halts from dealing big over these crypto outlets about which Young is not so bothered as per his words. Hindering great amounts of cryptos to be poured into a certain wallet can be suspicious and is an excellent way of money laundering.
I believe that has to do with regulations to stop money laundering so I don’t think Bitcoin ATM companies can do much about that