KANALCOIN NEWS – In the midst of an increasingly uncertain global economic situation due to the COVID-19 pandemic, digital money miners (miners), especially those in the United States, can breathe a sigh of relief. This is because it does not affect the growth rate of Bitcoin ATM machines, especially in those countries.
This is reinforced by reports from several Bitcoin ATM operators which state that there has been a significant growth in the number of Bitcoin transactions through ATM machines spread across various locations in the United States. Of course, this is quite surprising because at this time many people are afraid to leave their homes. In fact, this does not affect them to keep making transactions at the ATM machine.
The number of transactions tends to be stable
One Bitcoin ATM operator, DigitalMint, stated that they continue to provide services to customers who want to make transactions using Bitcoin. They added that the number of transactions made through their ATM machines tended to be stable and even increased progressively. This proves that the current world situation does not have a significant impact on the use of various types of digital currency, including Bitcoin.
LibertyX, one of the other Bitcoin ATM operators, has even managed to add several of their ATM machines in several locations in the superpower. They were able to add hundreds of ATM machines in several locations in New York in just one month. When counted with hundreds of others that they already have outside the New York area, the number reached approximately a thousand machines in just two months.
Unfortunately, one such service provider, Coinsquare, isn’t as lucky as LibertyX. They even reported closing nearly half of the total number of ATMs using their software services. This causes a decrease in the total volume of transactions as well as the value per transaction.
Dependence on Banking Institutions
As a party that has full rights over the ATM machines used by the Bitcoin service providers above, the bank has the right to decide which machines will continue to operate and which machines must be closed. As the only parties providing software for these machines, there is nothing that can be done by these companies.
The only thing that they can, and have done, is to provide some recommendations regarding safe ways to transact both to banks and customers. However, considering their relatively low operational costs, it certainly won’t be a big problem if the bank decides to close more ATM machines. After all, the cryptocurrency transaction system will continue to run even without support from the banking industry.