Bitcoin (BTC) and other cryptocurrencies hit an all-time low last year in December but managed to recover by the first half of April in 2018. Despite the sluggishness in the crypto market in the last few months, the number of Bitcoin continued accelerating at the pace of 6 installations daily and as of now there are 3,000 Bitcoin ATM’s across the world. Similarly, South African company, Vendibit re-opened and rebranded its very first cryptocurrency VTM which is also called as BTM.
South Africa Joins Digital Finance Revolution
This cryptocurrency ATM has been upgraded with Vendibit blockchain technology. Launched initially in 2014 to offer Bitcoin purchases, the machine now, will be available to everyone and shows how easy it is to purchase all types of virtual currencies including Bitcoin, Litecoin (LTC), Ethereum (ETH), and South African Rand (ZAR). Vendibit is known for providing services related to machine deployment including installation, software, hardware, support, and management.
According to its senior blockchain consultant, Daniel Cappiello, there will be a brisk uptake in cryptocurrency as South Africa joins the global revolution in digital finance. It will bring a major change across the world as anyone with a Smartphone can carry out digital currency transactions with ease. Cappiello has overseen several worldwide projects and deployed numerous VTM’s across Europe, Asia, and America since 2014.
3,125 Bitcoin Vending Machines Installed Worldwide
According to the latest report, 3,125 Bitcoin vending machines have been installed worldwide. The pace of installation of vending machines has increased rapidly because 15 months ago at the start of 2017, there were only 1,000 Bitcoin ATMs. But now every day more than 6 ATMs are installed. Importantly, it also indicates that the slump in the cryptocurrency during the first quarter of this year has not in any way affected the rate of installation of ATM. Rather; the market has grown at a huge speed in the past three years with the prices rising as never before.
The increase in the speed of installation of Bitcoin vending machines indicates that the demand for both buying and selling the cryptocurrency has increased. Secondly, despite the volatility in the prices of digital currencies, the business model of the crypto market has been largely profitable for all the operators.