El Salvador recently accepted Bitcoin as legal tender, but the main issue here is that El Salvador only has four Bitcoin ATMs. On the other hand, the North American continent has the most Bitcoin ATMs, with over 24,669 machines available in the United States and Canada.
Bitcoin ATMs are a major source of concern in El Salvador.
El Salvador recently became the world’s first country to elevate Bitcoin and make it legal tender. This means that from now on, businesses will be required to accept cryptocurrencies in daily transactions.
While declaring Bitcoin as a regular currency is still not on the minds of many people in North America, the continent continues to lead in the number of Bitcoin ATMs.
Europe comes in second, with 1,263 crypto cash machines available in 28 countries, including the Russian Federation.
South America has 89 ATMs spread across the continent, with Brazil, Argentina, and Colombia having the most.
Furthermore, it should be noted that the introduction of Bitcoin as a regular currency in El Salvador was met with skepticism by the country’s people.
Furthermore, according to a survey conducted by the UCA El Salvador and released in August 2021, approximately 83 percent of participants had little to no confidence and trust in Bitcoin as a legal tender.
More Information on Bitcoin ATM
In layman’s terms, a Bitcoin ATM is a kiosk that is linked to the Internet and allows customers to purchase Bitcoins and/or other cryptocurrencies with cash deposited.
Unlike traditional ATMs, Bitcoin ATMs generate blockchain-based transactions that send cryptocurrencies to the user’s digital wallet, frequently via the use of a QR code.
It should also be noted that customers are charged a service fee when using a Bitcoin ATM.