Crypto ATM Industry
Crypto ATMs (Automated Teller Machines) are a relatively new type of automated service that allow users to purchase and sell cryptocurrencies with cash. Crypto ATMs make it easier for investors to buy, sell, or exchange cryptocurrency without the need for online exchanges or brokers. They offer instant access to digital currencies like Bitcoin, Ethereum and Litecoin as well as other altcoins in some cases.
History
The first crypto ATM was installed at Waves Coffee Shop in Vancouver Canada on October 29th 2013 by Robocoin Technologies Inc., followed shortly thereafter by Lamassu Inc.’s machines around the world. Initially these machines were more expensive than traditional bank ATMs due to their sophisticated technology but over time costs have come down significantly making them much more accessible for retail customers. In 2017 alone there were 1,800 crypto ATMs worldwide with an estimated growth rate of 15-20% each month since then according to Coinatmradar statistics from June 2018 .
Operations
Most crypto ATMs operate similarly regardless of manufacturer; users deposit cash into the machine which is exchanged directly into virtual currency stored within a wallet associated with their account through an app such as Coinbase or Blockchain Wallet depending on provider’s choice . The user can also select certain denominations based off current market prices displayed either before inserting funds (For buying)or after selecting withdrawal option(for selling). Lastly most providers accept major credit cards allowing user purchase/withdrawal options when they use those payment methods instead of fiat money transfers. Some manufacturers even support biometric authentication systems allowing heightened security measures beyond basic PIN numbers used nowadays..
Regulations & Compliance
When it comes to regulation ,crypto ATM operators must comply with Anti Money Laundering laws both federally and locally where applicable ; meaning all transactions above $10k USD will require additional verification documentation including full identity proof along with source of income information etc .. Additionally many countries require specific business licenses depending on jurisdiction so operators should consult local authorities prior launching services anywhere else across globe .
