Making a case for Bitcoin’s survival in the greater market

17 October 2020, Saturday, 16:35 - ambcrypto.com
Making a case for Bitcoin’s survival in the greater market
Source: Pixabay

Bitcoin has stayed above $10,000 for a record period of time; its price sustained above the 20MA and it has seen increased volume and institutional adoption. This was all amidst the FUD experienced by the markets in the past few months, with the drama around major crypto exchanges like KuCoin, Bitmex, and OKex, which surprisingly had little to no impact on the price of Bitcoin.

With volatility at one of the lowest reported levels, and all the positive on-chain fundamentals, the next question is – Could mainstream retail be next for Bitcoin?

Source: coinatmradar.com

According to data from coinatmradar, Bitcoin ATM installations reached a record high of 11,107 as of October 17 – an increase of 75% since the beginning of the year.

Of these, over 8000 ATMs are located in the USA alone, dominating the share of Bitcoin ATMs worldwide. Europe accounted for 11.3% of the market share and Asia accounted for only 1.3%.

However, the concept of ‘Physical Bitcoin’ is an oxymoron in itself and evidence suggests that most people would prefer to keep their virtual currency virtual.

This is especially true when the fees charged at ATMs are considered with 741 ATMs charging buy fees between 15-20% and 679 ATMs charging between 5-15% to sell BTC. This is far from the whole picture as well, considering information about the fees charged can only be collected if ATM operators have API reporting enabled. So far, only 29.8% have enabled this facility.

Another signal of Bitcoin’s potential at mainstream retail adoption is with regard to crypto debit cards. Visa and Mastercard are arguably the world’s most dominant forces in the electronic payments industry, and their recent partnerships with Coinbase and Wirex respectively have gone a long way in the space of crypto payments.

According to Raoul Milhado, CEO of crypto card company Elitium,

However, challenges still remain, with many citing security breaches and misuse of funds as some of the biggest hurdles.

Although the increased ATM presence and advancements in the crypto debit card space are advancing rapidly, they are not quite achieving the levels that would qualify as widespread retail adoption just yet.

However, this increased presence will build awareness that will surely help bring crypto out of the perception of being ‘a currency for the dark web’.



Read Also

The volumes are screwed up, the capitalization is swollen, what's next?

The volumes are screwed up, the capitalization is swollen, what's next?

Exchanges attract daily volumes with the help of bots cheating. The altcoin is not engaged in cheating, but it attracts key players. It turns out that making decisions based on volumes is doubtful.

When to sell Bitcoin?

When to sell Bitcoin?

Everyone wants to know when to sell their tokens and leave the market. Prediction tools exist in closed access. For example, the Bitcoin Days Destroyed chart shows how active the long-term BTC coin holders are.

How not to miss the start of the bull market next time?

How not to miss the start of the bull market next time?

I would like to present a useful tool to identify the new Bitcoin growth cycle - the Golden Ratio Multiplier. Do not be afraid of unclear words. The important thing is that with the help of this chart it is easy to understand when the BTC starts a