It’s estimated there are between 2,100 to 3,000 persons per automated teller machine (ATM) globally, depending on where you live. That means there are 3 to 3.5 million ATMs around the world.
The infrastructure that powers these machines is what keeps people tied to sovereign fiats, even if government-issued currencies are inflationary (constantly losing value).
Physical locations that facilitate cryptocurrency transactions are a huge opportunity to improve adoption everywhere. Moreover, close-to-neighborhood outlets can greatly improve token valuations which can offset the costs of installing physical distribution points.
As millions of people use cryptos, the coins’ utility can increase as reflection of greater social use. It is said that a currency’s value is derived from confidence, utility and social adoption.
There are a ton of blockchain ventures that claim to bank the unbanked. However, many of these initiatives are not bearing fruit, and in some cases merely conveying false promises. As the saying goes, “The road to hell is paved with good intentions.” Execution is more important than noble intentions.
Importance Of Crypto ATMs
Apollo Foundation believes that physical locations as well as crypto ATMs present a real opportunity to reach millions of people and give them an opportunity to embrace blockchain-powered money. These barriers can be overcome, and it will take effort, determination, partnerships and resources.
We intend on being the first cryptocurrency to remove barriers to adoption. Apollo Foundation plans to open a network of potentially thousands of physical locations across nearly every major city on Earth. These locations will be referred to as Decentralized Apollo Banks. And they’ll provide a simple method to access Apollo with cash.
There are remote villages and towns where there are non-existent banking and tech infrastructure — which means there are no ATMs in close proximity. However, adversity is where opportunity lies. New physical platforms can service people’s need to transact and invest in digital funds.
Banking the unbanked requires solutions that allow anyone to walk in and buy cryptos quickly with cash. These solutions do not have to involve setting up accounts, similar to an ATM. Such a process would enable consumers to trade in their devaluing national fiats in exchange for cryptos.
Moreover, new tech enables blockchain operators to print digital coins unto paper-based notes by using identifiers such as bar codes that link to wallet addresses. This allows users to receive, spend and accumulate paper-based crypto notes just like regular cash.