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82%, of Bitcoin ATM enthusiasts in Madrid fall within the age bracket of 18 to 44 years. Those aged 55 or older make up a mere 7%. Let's delve deeper into this.
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With the rapid growth of Bitcoin ATMs globally, one might wonder who predominantly uses these machines in Madrid. This article will delve into the user demographics and address some common questions about Bitcoin ATMs in this vibrant Spanish city.
By the time this piece was written, the worldwide count of Bitcoin ATMs stood at 36,156. A significant majority, 82%, of crypto enthusiasts in Madrid fall within the age bracket of 18 to 44 years. Those aged 55 or older make up a mere 7%. Notably, 76.8% of these Bitcoin machines offer one-way transactions, underscoring the growing demand for ATMs that support both buying and selling functions.
Bitcoin machines are usually used by people who do not have other types of banking and cannot buy cryptocurrencies in any other way. Less often, these are people who are not satisfied with traditional banking. A good example to mention is an interesting story about an entire school class who decided to use a Bitcoin ATM to be able to make a deposit for a trip to Mexico.
The demographics of the area do not play a big role. The important thing is availability. This means that the store with ATMs should have long working hours, and also should be clean. Investors should feel safe in it eg. thanks to double doors that open only from the inside.
It appears 14% of Canadians now own or used to own crypto, which is a huge increase compared to 2018 when the rate was 5%. Around half of the world's Bitcoin ATMs were deployed in 2021, which is an interesting indicator.
When it comes to global adoption, Bitcoin-related software is currently being built by nerds for nerds, and it's time to improve the overall user experience.
In other words, we need to make the software at least as good as traditional online banking because this one is pretty good UI-wise, and it's something people are used to by now.
Yes, it is crazy to think that the Bitcoin company could be admitted to a global conference for ATMs. However, there is a group of Bitcoin ATM operators that offer software that can run Bitcoin ATM features in traditional ATMs.
That sounds like the next big step towards global adoption. Soon, every ATM in the world will be able to sell Bitcoin. Incredible? Absolutely.
Perhaps it becomes a little less impressive if we take into account that they are independent Bitcoin ATMs, not necessarily all ATMs belonging to banks associated with governments. This is because banks tend to cordon off all that is independent and take total control. Therefore, cryptocurrency industry do not always "like" banks (and vice versa).
The biggest criticism about Bitcoin ATMs in Madrid is usually related to the fees. They are said to be more expensive than the exchanges. However, the number of clients in Bitcoin ATMs continues to grow.
Bitcoin ATM transactions are very convenient services that offer fast cash on the spot. Due to the convenience, time, and privacy, users are able to pay slightly higher commissions. Additionally, during the discounts there is no commission at all. You can find out more about commissions on the website of a given Bitcoin ATM operator. Indeed, not many operators offer these discounts and research is needed.
Exchanges take a long time to approve accounts or sometimes even transactions, which is unacceptable to some people. They also limit you with the requirement of an account with linked credit account, IP, as well as cookies and photo of an ID.
In the long run, we will likely see a reduction in fees due to the software mentioned above that will enable Bitcoin trading at traditional ATMs. At the moment, the Bitcoin ATM business is very capital intensive as the operator needs dedicated hardware, software, and IT specialists. And if you have the option to sell Bitcoin at existing traditional ATMs, it will cost you much less, which will likely increase your fees.
First of all, many people in Madrid between the ages of 50 and 75 use the Bitcoin ATMs. This is definitely because these Bitcoin ATMs offer a hands-on approach that is more convenient for older people. After all, their service resembles the well-known traditional ATMs.
Another thing is that many of these people have to do with farming areas. These are often farmers who probably do not trust the government and prefer to hide money under the proverbial mattress. It is said that overprinting money is getting out of hand and that inflation is not really two or three percent, but much more. Meanwhile, the easy-to-use Bitcoin ATMs are tempting to avoid the drop in savings due to heartless inflation.
Once upon a time, 98% of the Bitcoin ATM customers were "nerdy" males at a young age, whereas now we come to the point where there is no established demographic anymore. Almost everyone is a user of them.
If you would like to try it yourself, we recommend articles on our site.
From the information available today, we can conclude that global adoption is growing in strength. All over the world, we see more and more machines and the different people who use them. While this is good, the next step should be to improve your user experience to accommodate a diverse demographic. What next? Perhaps lowering the commission by transferring bitcoin from dedicated crypto devices to independent ATMs? Thankfully, for now, some Bitcoin ATM operators organize attractive discounts with 0% fees. You can check them on the list of Bitcoin ATMs with discounts in Madrid.
Madrid, being a financial hub, has welcomed Bitcoin with open arms. Over the years, several Bitcoin ATMs have been established around the city. Here are some locations you might want to check out:
If you're curious about why investors prefer using Bitcoin ATMs, here are 8 reasons which might enlighten you. Additionally, there are numerous advantages of paying with Bitcoin in Madrid that many individuals and businesses are beginning to leverage.
For a deeper dive into the realm of Bitcoin ATMs in Spain, you might want to check out our comprehensive guide or understand the latest AML measures that Bitcoin ATM companies are implementing.
This industry that seemingly sprang up overnight thanks to the rise of Bitcoin in pop culture has also created a new beat for journalists and enterprising reporters who have a front row seat for this technology’s evolving role. Mike is one of them!
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As of 18th of June 2024, there is over 300 machines in Spain and over 50 machines in Madrid. What does it mean? Who is using them? Let's check!
The aim of this article is to unveil Punks.com - first crypto exchange with unlimited leverage - and all the amazing features that makes it stand out in the world of crypto exchanges.
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The community of investors using Bitcoin ATMs in Madrid is growing quite rapidly. New devices are popping up every month. Prices, fees, KYC and Bitcoin all fluctuate quite visibly. It is becoming harder and harder to stay in the loop of what is happening in the Bitcoin ATM market in Madrid. With this blog, you are able to follow the recent developments and never miss out on changes in law or new methods of trading crypto privately with cash.
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