Crypto and Bitcoin ATM adoption is highest in countries with large unbanked populations

- The U.S. is the undisputed leader when it comes to the number of Bitcoin automated teller machines , with 32,591 machines installed throughout the country, but a recent study conducted by Tradingbrowser indicates that cryptocurrency and Bitcoin ATM adoption is highest in countries that lack a developed financial infrastructure.

“It all boils down to how the population is connected to cash payments and bank accounts,” Larsson said. When those numbers are compared to countries whose unbanked population is smaller, the differences become clear.The differences are especially stark in nordic countries like Sweden, Denmark, and Finland, which have the lowest percentage of cash payments while nearly 100% of their populations are connected to the traditional banking system.

In areas with no established banking infrastructure, the ability to use ATMs to trade cryptocurrency for cash, or from cash to cryptocurrency, is a feature that is impossible without access to traditional banking or credit cards. “The high rate of cash payments and Bitcoin ATMs in developing countries shows a growth of alternative financing solutions such as Bitcoin which provides a fast, secure, and efficient way to transact outside the traditional banking system,” Larsson said. “It’s safe to say that more Bitcoin ATMs are likely going to be installed in highly unbanked countries as the positive trend toward cryptocurrencies continues.

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