Most recently, El Salvador accepted Bitcoin as a legal tender and the major problem that arises here is that El Salvador has only four Bitcoin ATMs. On the other hand, the North American continent is leading in the number of Bitcoin ATMs with over 24,669 machines available across the US and Canada.
El Salvador recently became the first country in the world to elevate Bitcoin and give it the status of legal tender. This means that businesses will now have to accept cryptocurrencies in daily transactions from now on.
While declaring Bitcoin as a regular currency is still not in the minds of people in the North American continent, it is still leading in the number of Bitcoin ATMs.
The second in line is Europe, involving the Russian Federation, with 1,263 crypto cash machines available in a total of 28 countries.
South America has 89 machines across the whole continent and the countries with most of the ATMs are Brazil, Argentina, and Colombia.
In addition to this, it should be noted that the introduction of Bitcoin as a regular currency in El Salvador was met with cynicism by its populace.
Moreover, in accordance with a survey conducted by the UCA El Salvador released back in the month of August of the year 2021, approximately 83% of participants had little to no confidence and trust in Bitcoin as a legal tender.
In simple words, Bitcoin ATM can be considered a kiosk connected to the Internet that allows the customers to buy Bitcoins and/or other cryptocurrencies with deposited cash.
Unlike normal ATMs, Bitcoin ATMs produce transactions based on blockchain that send cryptocurrencies to the digital wallet of the user often via the use of a QR code.
Also, it should be noted that the customers are charged a service fee for using a Bitcoin ATM.