Bitcoin ATMs Are Increasing at a Whopping Rate

One of the positive developments for the crypto industry lately is the pace at which the Bitcoin ATMs are opening up worldwide. The number of the Bitcoin automated teller machine has recently surpassed the figure of 10,000. As per a Norwegian financial services company named AksjeBloggen, the number of new Bitcoin ATMs added this year has surged past 87 percent compared to the previous year. Around 3,900 Bitcoin ATMs have opened this year alone, and many more are in the pipeline across the globe.

Bitcoin in Africa

These Bitcoin ATMs would allow the users to trade, buy, and sell Bitcoin as well as other cryptocurrencies for cash. As of now, the number of Bitcoin ATMs worldwide stands at 10,014 as per CoinATMRadar, which is a monitoring site tracking the number of Bitcoin ATMs worldwide. The rapid rise in the number of Bitcoin ATMs can be seen by the fact that there were only 1,932 Bitcoin ATMs worldwide in December 2017. It saw a jump of over 107 percent in 2018 when the figure stood at 4,009. By the end of December 2019, the numbers of Bitcoin ATMs were around 5,795.

As per the data shared by CoinATMRadar, the United States is the country with most numbers of Bitcoin ATMs, with 7,800 ATMs operating at the moment. Canada ranks second in the list of countries with Bitcoin ATMs and currently have nearly 900 Bitcoin ATMs. Other countries that are on the list are the United Kingdom with 278 Bitcoin ATMs in Switzerland with 80 teller machines, Spain with 106, and Austria with 150 Bitcoin ATMs. These teller machines would allow users to buy just about any cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Ripple’s XRP Litecoin, ZCash, Tether, Dogecoin, and Monero.

Most of the countries are warming up the use of cryptocurrencies, as can be seen by the rapid rise in the number of Bitcoin ATMs. However, there are a few countries that continue to remain skeptical about the use of cryptocurrencies. In these countries, the movement in the crypto industry has been showing a downward trend. Even though a few countries continue to show a negative trend in the crypto industry, the fact that the United States is showcasing a positive growth in terms of the use of cryptocurrencies is a good sign for the crypto industry.

North America has the highest concentration of Bitcoin ATMs, followed closely by the United Kingdom and other countries, including Russia, Austria, and others. Even though the pace at which the new Bitcoin ATMs have opened up seems unprecedented, the rise could have even more drastic. The slump in Bitcoin prices earlier in the year had stalled the installation process in many of the regions worldwide. However, the ATM manufacturers continue to remain positive about the growth as well as the use of Bitcoin ATMs.

Two major companies that are heading the installation of Bitcoin ATMs worldwide include the American company Genesis Coin and European firm General Bytes. The business model on which the mechanism of Bitcoin ATMs is based is lucrative for the manufacturers, which serves as an incentive to continue the installation at an accelerated pace. Manufacturers are also focusing on installing two-way teller machines, which would allow users to buy cryptocurrencies and sell them or place trades. The manufacturers would be earning commissions on each transaction that takes place through the machine, whether it is buy, sell, or trade.

The increasing pace at which the Bitcoin ATMs are installed worldwide is showing a positive sign for the crypto industry. It would help the industry evolve as well as ramp up the adoption process of cryptocurrencies into the mainstream financial landscape in the near future.

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