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Bitcoin ATMs Surge In January As Bull Market Sheds Positive Light

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The concept of cryptocurrency adoption has been appealing to the community for a long time now. This feeling has also been propelled by the developments and updates in the industry.

Statistics have now shown that the adoption of Bitcoin has been on the rise due to a number of its peripherals gaining significant traction across the globe. Bitcoin ATMs have become all rage, and global numbers have started to grow.

According to sources, new Bitcoin ATMs were being set up in cities across several regions. Many of these were for convenience but some have also felt the need to showcase how user-friendly and efficient a Bitcoin ATM is.

More than 400 Bitcoin ATMs were set up all over the world in January 2020. This influx in interest, as well as the capital, was the main reason why the total number of Bitcoin ATMs was closing in on 7000.

The increase in the number of Bitcoin ATMs comes at a time when the price, as well as the market cap of the coin, has gone up since 2019. Bitcoin and its compatriots have had a great start to 2020 and the increased ATMs was an effect of that phenomenon. There were some period highs in the middle of 2019 but that had waned once the bear market started towards the fag end of the year.

Statistics showed that at the start of this year there were only 6377 ATMs present around the world. In a month’s time, the number of new machines set up jumped to 432 while the number of ATMs closed was 104. These numbers showed a 5.1 percent increase in  Bitcoin ATM space.

Since Bitcoin’s inception, the community around the cryptocurrency has grown by leaps and bounds. That has been evident in the number of companies foraying into the Bitcoin ATM space. Genesis Coin has the most number of ATMs with 16, followed by General Bytes with 62 machines. Several companies such as Coinflip Bitcoin ATMs and Bitcoin Depot that made news for installing completely new machines.

The United States has naturally taken the lead in the Bitcoin ATM sphere as the region was targeted by several fintech companies. In January, 325 new ATMs were installed in the US while five were added in Canada. The United Kingdom came in third place with two new ATMs in January. At the same time, some countries also saw a loss in the number of machines.

Austria reported that three ATMs were decommissioned in the country while the Netherlands shut down two locations. Other than Bitcoin, these machines also support cryptos such as Bitcoin Cash and even Dogecoin. BCH has become an ATM friendly crypto after the number of BCH supported ATMs increased by 4 percent in the last month.

 

Emerging Community Project TRON ATM (TATM) Aims to Boost Crypto Adoption

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With a vision to build the world’s largest TRON network, a new community project has emerged dubbed as Virtual TRON ATM (TATM).

Ever since it’s launched, TRON (TRX) has received tremendous support from the crypto community. While various projects have already been built and working on top of Tron network, there’s a new and unique project which seeks to bridge the gap between cash and TRC-10/TRC-20 tokens.

Although the platform is still in its early stage and already announced the open beta version, it looks like a future-start on TRON mainnet.

TATM in Crypto Space

Virtual TRON ATM or TATM aims to connect people via the built-in Rader. Nevertheless, as per the exclusive information shared with Tron Weekly Journal, TATM states that it is also building a Dapp (Decentralized Application) that will enable users to trade tokens in their P2P marketplace. For now, the platform in its latest blog explained a detailed process for users to participate in its beta version.

https://twitter.com/TronATM/status/1172078490214129664

As the beta testing is available on Tron Testnet (Shasta), users have to first log into TronLink and switch to SHASTA network. The further steps urge users to have at least 2500 TATM and 250 TRX in their wallet (you can visit www.trongrid.io/shast to avail TATM tokens if you’re wondering).

In the next step, the user is expected to create an account at TATM’s official website (tronmachines.io) and enter the necessary information to complete the account. With this, they can then see the current holdings inside the portfolio section and interestingly, on the Radar tab, they can view all TronATMs.

Following the successful completion, users can then create their TronATM by selecting crypto from the list of tokens provided by the platform. Echoing a similar concern, the excerpt from official blog reads;

You can only create a TronATM of tokens that you’re holding in your wallet as those tokens will be locked in a smart contract and released when sold. When you delete your TronATM those tokens will be released again to your wallet.

TronATM is perhaps the most exciting and unique plan, as claimed by the company. It is currently working as a POS network and has its own token, network, and reward system alongside. Only the time will tell, but it looks the project will help Tron a great deal to reach the masses.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Leading US Bitcoin ATM operator partners with Tron to list USDT tokens

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Tron (TRX) is widely regarded as one of the fastest growing blockchain networks in the world. The Sun-led team keeps working intensely to expand its network, drawing interest from new partners across the globe.

Yesterday, CoinFlip – a leading Bitcoin ATM operator in the U.S announced that it will be listing USDT tokens, powered by Tron in more than 180 CoinFlip ATMs across the world.

CoinFlip has been serving the U.S for quite some time now. The crypto service company boasts of the next generation ATMs that make the buying and selling of cryptocurrencies easy, with also the aim of giving its end users the best experience when converting fiat currencies to cryptocurrencies. It is also worth noting that CoinFlip ATMs give solutions to one of the leading issues in the traditional exchanges, which is the complexity of the onboarding process.

So, now USDT tokens can be made available to anyone that uses CoinFlip ATMs around the world. Stablecoins have the ability to change millions of lives in developed and developing countries, due to the fact that the sending of remittances through middlemen like Western Union can be averted and transactions can be made swift. Hence, CoinFlip is making sure migrant workers can make transactions without any trouble.

Additionally, CoinFlip ATMs support not just TRX or USDT tokens alone, but tokens like Etherum (ETH), Litecoin (LTC), Komodo, and Dash.

Making transactions through these ATMs is at a very low fee. Also, CoinFlip’s ATMs offer the best rates. For instance, the rate for Bitcoin purchase is at 6.99% and above and sells at 3.99% below the Tradeblock XBX index spot.

What’s next for TRON and USDT?

The new partnership with CoinFlip is a big boost for Tron’s USDT. And, the CEO of Tron Justin Sun recently shared what’s next for USDT.

A stablecoin like Tron’s USDT can make transactions easy, quick, and very cost-effective. The stablecoin on Tron network will support Smart Contracts and introduce new privacy options. Justin Sun stated:

“We’re getting lots of interest from these institutional investors. I think we’ll do everything to fulfill their requests because when the institutional investor gets into this industry they have lots of requests. Lots of institutions don’t want people to know they’re buying cryptocurrencies. They don’t want people to know their accounts or how much money is in their accounts.”

Sun hinted before the CoinFlip partnership that he plans to make sure cross-border payments for consumers become easy and he is on course right now. The Tron CEO also have in mind to partner with Ethereum Developers from Loom Network and get a scalability solution for Tron network.