For the past two years, we have seen a logarithmic increase in new Bitcoin ATMs around the world, but there has been very little talk of stationary locations, of which more and more are being created. When you type the phrase “bitcoin exchange office” into Google, quite a few results appear.
The bitcoin bull market has been in full swing for over a year now. More and more people are looking to buy and sell cryptocurrencies. The time of growth is when many newcomers come to the market, having heard that buying BTC is not difficult.
In theory, of course, it looks simple, but the practice for a novice user can sometimes be impossible to go through. As a result, many times the whole process ends with intentions.
Newbie problems with buying BTC on exchanges
The first obstacle appears right at the very beginning, after registering on an online exchange. Quite a few users let go the moment they find out that they have to undergo profile verification in the KYC/AML procedure.
This initial step is mandatory on virtually every online cryptocurrency exchange. So, unfortunately, it creates a bit of a barrier to accessing BTC for the average user.
Institutional obstacles to accessing cryptocurrencies
Despite this, a large percentage of people pass KYC/AML verification without any major complications. A possible problem may arise only at the time of bank transfers to the exchange.
After all, unfavorable information campaigns about cryptocurrencies appear in the media from time to time. In addition, some financial institutions make it difficult for people who want to transfer money from a bank to exchange and back.
All this makes the newbie face quite a challenge. If they are not persistent, then after a few hours of struggling with verification, banks, and transfers, they get discouraged. Then what? How should they buy bitcoin?
Bitcoin ATMs to the rescue
This is where Bitcoin ATMs come to the rescue. These are simply ATMs where people can buy or sell BTC and altcoins. This is a solution for people who want a simple way to make one-off crypto transactions.
Naturally, it is not a tool for traders. Bitcoin ATMs offer the possibility to exchange in a cryptocurrency-fiat pair, without identity verification.
Of course, there are limits to anonymous buying and selling, and this looks slightly different in each country. Additionally, the exchange rate and commission charged by the provider are usually less favorable than those offered by cryptocurrency exchanges.
On the other hand, this does not change the fact that Bitcoin ATMs are breaking down the hard barrier to accessing bitcoin and altcoins. Overall, Bitcoin ATMs simplify the entire exchange process. In addition, just as people used to using traditional ATMs in the past, they are starting to get used to Bitcoin ATMs as well.
The number of Bitcoin ATMs is growing around the world
Bitcoin ATMs are being deployed in increasing numbers across the globe. In the last two years, the growth of new devices is logarithmic in all latitudes.
However, let’s look at the numbers because they reflect reality fully. According to official statistics, 31,179 Bitcoin ATMs have been installed around the world to date.
However, in 2021 more than 50% of all Bitcoin ATMs have been installed so far. The rate of installation of new devices is still increasing. Every day about 40 ATMs are being added globally.
Of course, most of them are being installed in the United States. Americans are responsible for as much as 86% of all devices on the planet.
Europe, on the other hand, looks a little more modest. In Europe, about 1,350 Bitcoin ATMs have been created so far. The leaders here are the Austrians, the British, and the Swiss. Just behind them is Poland with a share of 0.3% from the pool of all devices in the world.
U.S. the best in the world, again
The largest manufacturers of stationary crypto-fiat exchange devices are, of course, the Americans. Genesis Coin stands out above all others with a 40% share of global production.
The next place, surprisingly, is occupied by the Czech company General Bytes with a result of 22%, but further positions are again dominated by the U.S.
It is also worth mentioning Canadian producers under the Bit Access banner, who have so far produced 14% of all available Bitcoin ATMs.
In Europe, the Czechs of the aforementioned General Bytes are in the lead, producing around 64% of ATMs in this part of the world. In turn, Lamassu, based in Lucerne, Switzerland, rakes in almost 10% of production.
A place in the classification, according to Coinatmradar.com, is also held by Shitcoins Club. It is a Polish company that holds 10% of the production pie in Europe.
Stationary crypto exchange offices offer more convenience
Stationary crypto exchange offices are also becoming an interesting option and are gaining popularity. They do not differ much from traditional currency outlets. Just like a classic outlet, people come to a physical teller to buy or sell bitcoin and altcoins.
New stationary offices are popping up with increasing frequency, especially during the ongoing bull market, which we have been observing for more than a year. It is worth mentioning that studies show that users have slightly more trust in offline exchange offices than in online exchange sites.
Despite the development of technology, people still prefer to meet with a physical person in the office because they feel more security and comfort.
Buying or selling cryptocurrencies is certainly a lot simpler and less complicated via offline exchange offices than their virtual counterparts.
“Stationary cryptocurrency exchange offices represent a sector that, like any other crypto-related business, records year-on-year increases. From the history of individuals operating on Localbitcoins to specialised companies with the legal know-how and experience to serve demanding clients. At the same time, it is a market that is young enough to still be a niche and there is room for more operators,” says Janusz Zielinski of Ari10.
Stationary exchange offices make life easier
Crypto exchange offices are gaining more and more followers. People have realized that they can buy or sell cryptocurrencies in a simple and safe way right away and without any intermediaries.
In addition, there is no denying that everyone feels more comfortable with cash in the office than with a Bitcoin ATM in the middle of a shopping mall.
The individual and human approach to the customer is another advantage of the office over the soulless ATM machine. The inevitable commission is also hard to negotiate with an ATM. With a physical cashier, on the other hand, in some cases, this is perfectly possible.
Another benefit is that in many countries around the world, the entire process of buying or selling crypto can be done without identity verification. Of course, in each country, the law looks slightly different.
However, often enough the OTC exchange looks very attractive. Especially in European Union countries, the jurisdiction allows exchanging bitcoin for cash in a limit of up to EUR 15,000 without identity verification (KYC).
Where to look for stationary exchanges?
At the moment, you can use the services of stationary cryptocurrency exchange offices in many places on the map of Europe. It is easiest to find such outlets in larger cities and capitals.
Worth mentioning here is Coinsfera with outlets in London, Kosovo, or Istanbul. In the capital of Turkey we can additionally go to NakitCoins. In turn, in Central Europe, the company Ari10, which already has more than 100 points of stationary cryptocurrency exchange in Poland, will expand its cantor business.
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.