News
New report gauges industry impact of Bitcoin ATMs
March 17, 2014
The ATM Industry Association has released a commissioned report on the digital currency Bitcoin and its possible implications for the ATM industry. "An Introduction to Bitcoin ATMs" was researched and written by Tremont Capital Group, a U.S. consulting firm specializing in the industry.
"We've been asked as an industry body to comment on the significance of Bitcoin and digital currencies to the ATM and cash industries," said ATMIA CEO Mike Lee. "This paper is our first report of many which will enable us to draw some logical conclusions about how Bitcoin will affect payments and regulations in future."
The comprehensive analysis by Tremont Capital CEO Sam Ditzion offers an overview of the history of Bitcoin and how it works, recent controversies around the currency, the evolving regulatory landscape, and the expanding role of Bitcoin ATMs.
While still in its infancy, the Bitcoin ATM addresses some significant challenges associated with exchanging cash for Bitcoin in a convenient, safe and transparent way.
Tremont Capital Group expects that a wide range of new Bitcoin ATM manufacturers and deployers will emerge in 2014 and that the regulatory environment worldwide will continue to evolve.
"While many consider it a fringe currency, Bitcoin — or another similar digital currency with extraordinarily low transaction costs that may emerge in the future — could have a significant impact on the global payments industry. If Bitcoin gains traction to become a more widely accepted alternative currency, Bitcoin ATMs could become one of the most convenient distribution channels available to consumers for exchanging Bitcoin from and into cash."
"An Introduction to Bitcoin ATMs" is available for free download by ATMIA members. The document is also available for purchase by non-members, who will receive a $50 discount off the regular price of $195 through April 30.
Included In This Story
ATM Industry Association (ATMIA)
The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
