Crypto ATMs are internet connected Kiosks that allow customers to buy Cryptocurrencies by depositing cash or allow cash withdrawals by depositing Cryptocurrencies such and Bitcoin. Some of the ATMs allow only way transfer and some allow both.
According to data from CoinATMRadar.com there are 2329 Litecoin ATMs across the world which is the highest among any Altcoins. Bitcoin being the largest Cryptocurrency leads with 3969 ATMs across the globe.
Although the Crypto market has tanked this from over $800 Billion to less than $200 Million in market cap, the growth in ATM infrastructure says a different story.
In the past 12 months, Crypto ATMs have grown faster than at any time in history. They grew 360%+ from around 860 ATMs in November last year to over 3900 ATMs in November 2018. Almost 60% of all those ATMs supported Litecoin followed by Ethereum(45%) and Bitcoin Cash(33%).
Image Source: coinatmradar.com
Litecoin has always been a testing network for Bitcoin as it shares a lot of similar traits of Bitcoin which led many people to question if it is grossly overvalued.
Although that is a fair question to ask, Crypto networks are different than just software products because of the financial incentives involved. Litecoin has a deep penetration in liquidity and infrastructure built around it which makes it hard to become irrelevant any time soon.
Litecoin is the third most listed Cryptocurrency after Bitcoin and Ethereum in exchanges and wallets, with products like Lite.IM(which recently introduced a Facebook messenger wallet) and TokenPay integration it is being made accessible to a larger set of audience across the globe, the hash rate of the LTC network has grown 750% over the last year which goes to show the increasing miner interest in the Cryptocurrency.
The fees on Litecoin’s network is expected to drop by a factor of 10x after the release of the Litecoin Core 0.17 upgrade making it cheaper than Bitcoin Cash. This will be a perfect catalyst for merchant adoption given its deep penetration among exchanges and liquidity pools.
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