Share this article
Bitcoin has quickly evolved from an obscure payment method to a widely accepted, reliable, and pervasive digital currency.
As Bitcoin use has increased, so too have users’ expectations for access to their funds when and where they need them. In fact, the Bitcoin ATM market size was $75.01 million in 2021 and is predicted to grow at a compound annual growth rate of 59.2 percent between 2022–2028. Additionally, North America is expected to dominate the Bitcoin ATM market through 2028.
A key component of this growth in the use of Bitcoin is the adoption of 5G Internet of Things (IoT), which brings new benefits for both consumers and businesses.
So what does the continued adoption of Bitcoin and growth of Bitcoin ATMs mean for retailers across the country? And how can retailers prepare their operations to stay ahead of this new wave of customer demand? Find out:
The Impact of 5G IoT on Bitcoin ATMs
The rise of 5G—known more formally as the 5th generation mobile network—is designed to connect everyone and everything at gigabit-per-second speeds.
This 5G connectivity brings faster speeds, allowing customers to access their chosen Bitcoin markets and exchange Bitcoin into cash at their target exchange rate no matter where they are, from casinos to gas stations.
The combination of 5G IoT and Bitcoin ATMs also means customers can take advantage of the security of blockchain technology, helping protect devices from more traditional ATM attacks.
Features like these allow retailers to market to new customers—including the unbanked, underbanked, and younger generations driving Bitcoin’s growth—while also introducing a new potential revenue stream.
How 5G IoT Can Benefit Your Bitcoin ATM Operations
In addition to appealing to new customers, the introduction of 5G also brings additional benefits to the retailers operating the Bitcoin ATMs.
With 5G, retailers can:
- Meet customer expectations for real-time, reliable access to and information about the value and status of their Bitcoin accounts.
- Access operational data from their ATM networks to inform data-driven decisions about placement and service needs.
- Gain real-time awareness of their device’s health and cash management status.
- Deploy more Bitcoin ATMs where their customers are most likely to use them.
How Burroughs Can Support Your 5G IoT and Bitcoin ATMs
Although Bitcoin ATMs, 5G IoT, and other cutting-edge transaction technologies may be newer to your fleet, Burroughs has been helping businesses like yours take advantage of payment technology and cash automation innovations for more than 130 years.
Burroughs’ service technicians are ready to provide 24/7/365 support and keep your equipment running, secure, and up to date. They are also supported by:
- North America-based technical support and help desk services to provide remote monitoring and triage.
- More than 100 forward-stocking locations, multiple distribution centers, and two in-house depot repair centers, so access to parts is never a concern.
- Long-standing original equipment manufacturer (OEM) and vendor partnerships that give them unique insights into installation, support, and deployment practices.
In addition to supporting your Bitcoin ATMs, Burroughs can bring this same level of support to your business’ entire cash automation, self-service, IoT, and related technology ecosystem.
Stay Ahead of the Bitcoin Surge with Burroughs
The number of Bitcoin ATMs more than doubled between 2020-21 and is expected to continue its rapid upward trajectory for the next several years.
Staying ahead of this dynamic change in customer demand while maintaining the foundational elements that keep your payment and transaction technology humming requires an experienced partner like Burroughs.
Our team stays on top of the latest industry trends, educates and supports our customers, and delivers results for businesses exactly like yours.
Stay on top of the latest news and updates in payment technology by subscribing to the Burroughs blog.
