Cryptocurrency can be complicated to understand, but understanding its impact on a state's economy is even more complicated. In this article we take a close look at the development of blockchain, cryptocurrencies, and the network of Crypto ATMs in West Virginia in recent years to explore its impact on the state.
General Informations
West Virginia is a part of the southern Appalachian region of the United States. It is the tenth-smallest state by area and is bordered by Virginia, Ohio, Maryland, Pennsylvania, and Kentucky. West Virginia is an economically diverse state, with much of its population living in rural and mountain sized communities. Its economy is largely based on the energy industry, coal production, services, and tourism.
The three largest cities in West Virginia by population are Charleston, Huntington, and Parkersburg. This makes up approximately 10 percent of the state's total population. The state's three most economically developed cities are Clarksburg, Morgantown, and Wheeling. These cities are home to major motor vehicle manufacturers and have grown significantly in recent years.
West Virginia's economic indicators are generally strong, with a gross domestic product (GDP) of $80 billion in 2020. The state also has a per capita GDP of $44,777 which is slightly higher than the national average. West Virginia also has a low unemployment rate, sitting at 5.2 percent in July of 2020.
Population, national and cultural structure
West Virginia has a population of about 1.8 million people according to the 2020 census. The majority of the population is white, at 88.9 percent, and the second largest demographic is African American at 6.9 percent.The state is relatively young, with a median age of 42 years old. The state also has a highly educated population with approximately 31 percent of the population holding a bachelor's degree or higher.
State Economy and High Tech
West Virginia's economy is largely based on the energy sector, coal production, services, and tourism. The state is currently the ninth-largest producer of coal in the US and is home to several major coal mining companies. Despite the declining demand for coal, the energy sector in the state continues to be an important part of the economy, particularly the natural gas sector which has seen substantial growth in recent years. West Virginia also has a flourishing services sector, which contributes about 33 percent of the state's GDP, with healthcare and retail being the two largest contributors. Tourism also plays a large part in the state’s economy, with visitors spending over $6.5 billion in 2019.
Blockchain and cryptocurrency
High Tech and Fin Tech in West Virginia are growing rapidly with a focus on blockchain and cryptocurrency. West Virginia is home to several large companies involved in blockchain and cryptocurrency development, such as BitPay and Quantum Computing Institute. The state is also home to several accelerator programs and events focused on blockchain and cryptocurrency, such as West Virginia Blockchain Week and the West Virginia Blockchain Education Summit.
Blockchain and cryptocurrency in West Virginia has continued to grow in recent years. As of July 2020, there are over 500 registered blockchain-related businesses in the state. The proliferation of blockchain and cryptocurrency companies in the state has led to increased activity in the area, such as public crypto meetups, educational events, and blockchain-focused events.
Information about the Crypto ATM network in West Virginia
As of 2021, the crypto ATM network in West Virginia stands at 10 locations. The first crypto ATM was installed in May 2018 in Huntington by the Georgia-based company LibertyX. The crypto ATM was able to process Bitcoin, Ethereum, Litecoin, and Zcash.
The most common brands of crypto ATMs in West Virginia are LibertyX, Genesis Coin, and General Bytes. LibertyX is the oldest brand and is the most user-friendly, while Genesis Coin is the most robust. General Bytes is the least expensive, often charging lower fees.
The cities in West Virginia with the most crypto ATMs are Huntington, Morgantown, and Wheeling. All of these cities have a population of over 30,000 people and are home to several large universities. The Crypto ATM per person rate for the cities of Huntington, Morgantown, and Wheeling is 0.0012, 0.0012, and 0.00075 respectively.
In 2020, there were 8 crypto ATMs in West Virginia, a growth of 25 percent from 2019. The cities of Morgantown and Wheeling saw the most growth, with 3 and 2 crypto ATMs respectively.
As of 2021, there are 10 Crypto ATMs in West Virginia, a growth of 25 percent from 2020. The cities of Morgantown and Wheeling are still the cities with the most growth, with 5 and 3 Crypto ATMs respectively.
The growth of the crypto ATM network in West Virginia has been steady over the last five years, with most of the growth coming in 2020 and 2021. This is likely due to an increased demand for crypto ATMs in the area, as well as increased availability of cryptocurrencies.
The most commonly proccessed coins at crypto ATMs in West Virginia are Bitcoin, Ethereum, Litecoin, and Zcash. All of these coins are known for their security and robustness, making them ideal for use at Crypto ATMs.
Looking to the future, the crypto ATM network in West Virginia is likely to continue to grow. Increased demand for crypto ATMs and more access to cryptocurrencies will likely lead to further growth in this sector. Additionally, increased investment from large companies in the blockchain sector could also lead to increased growth in the crypto ATM network in the state.
Conclusion
In conclusion, the development of blockchain, cryptocurrencies, and the cryptocurrency ATM network in West Virginia has been steady in recent years, with most of the growth coming in 2020 and 2021. Major cities, such as Huntington, Morgantown, and Wheeling have seen the most growth in the crypto ATM network, and Bitcoin, Ethereum, Litecoin, and Zcash are the most commonly proccessed coins at these ATMs. With increased investment in the sector, it is likely that the growth of the crypto ATM network in the state will continue in the coming years.
