Crypto ATMs In Full Operation In The Wake Of Covid-19
With the bulk of the world at a standstill amid the coronavirus outbreak, online activities are becoming the order of the day.
It is safe to say that the current world system has seen its inadequacies in adjusting to a global pandemic. The fact that blockchain-based operations are saving the day shows just how much the technology is now, and the future.
The lockdown period has seen an increase in the use of blockchain-based payment apps and other related features. The physical manifestation of blockchain tech can be seen dependency on crypto and bitcoin ATMs, blockchain-based entertainment platforms, and so on.
Despite the lockdown procedures in various parts of the world, some bitcoin ATM operators are mentioning a bloom in their operations, while others are making use of the time to grow their network.
A look into Google analytics shows that Bitcoin ATM-related searches are becoming the norm. Perhaps this is an indicator that people are becoming more comfortable using Bitcoin ATMs ( or BTMs). In a world full of hardware and software wallets, QR codes, and private keys, BTMs are providing an accessible, convenient, and simple way for people to interact with their cryptocurrency assets.
“Even in the wake of the coronavirus pandemic, Bitcoin and blockchain services offer a convenient way for customers to carry out their e-commerce, remittance and banking services,” says Marc Grens, co-founder of DigitalMint, a Bitcoin ATM Operator.
A bulk of DigitalMint machines are stationed close to essential businesses. At the same time, they are accessible by the general public. According to Grens, the company has observed a small drop in overall volumes. However, there is still a consistent amount of traffic, even in the lockdown.
DigitalMint has increased its total number of ATMs from 7023 to 7417, thanks to its expansion project in Los Angeles, Boston, and Philadelphia.
Similar to DigitalMint, LibertyX has also been able to increase its hold in the New York market, thanks to an increase in consumer demands. “We only acquired our license to operate last year in New York. We now boast of several hundred ATMs in the space of a month,” said CEO and co-founder Chris Yim
Making Key Adjustments
Regular banks are having to make adjustments in the way they operate. These brick and mortar establishments are reducing in-person services and following strict social distancing directives. Some banks have cut off access to some ATMs
This kind of adjustment is a bit difficult for several Bitcoin ATM manufacturers to enact. As software providers, it is the job of the machine operators to decide the mode of operation of these Bitcoin ATMs rather than the software developers.
DigitalMint and LibertyX have regularly reached out to machine operators to recommend safe practices like disinfecting the machines and so on. But in reality, there is so much that they can do to affect proceedings.
“Although the world by extension is on lockdown, our financial commitment cannot be placed on hold,” Grens said. “The good news is that Bitcoin is always moving, and thus can never be placed on hold.”
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