Global Bitcoin ATM installation is an often overlooked metric depicting cryptocurrency adoption improvement. These machines make buying and selling of digital currencies easier. Hence, more of these ATMs results in an easy onboarding process of cryptocurrency, which can improve adoption. Just as the Bitcoin price surges, the crypto ATMs installed globally are on track to reach 11,500 units.
Bitcoin ATMs are Booming
As of today, there are 11,357 Bitcoin ATMs installed around the world, according to the cryptocurrency ATM tracker, Coinatmradar. The number of these machines increases globally with every proceeding year, and this year accounts for the highest installation rate. At the start of the year, there were only 6,373 Bitcoin ATMs installed worldwide. Today, that number is a lot higher. This is due to tireless efforts by operators and manufacturers.
The increasing number of these machines becomes clear as it recently crossed the 10,000 mark, precisely on September 20. This also accounts for over 1,300 Bitcoin ATMs added in roughly one month. The United States continues to dominate as the country with the most cryptocurrency ATMs in the world. According to Coinatmradar, the country currently hosts 9,187 crypto teller machines.
Canada is the second-largest country with 922 ATMs. Some other countries with a three-digit figures include the United Kingdom (291), Spain (105), and Switzerland (102). Nineteen countries have only one ATM, most of which are located in Africa. They include Nigeria, Botswana, Zimbabwe, Djibouti, Kenya, Uganda. A similar situation exists in Asian countries like India and Saudi Arabia.
Additionally, the top 10 operators of crypto ATMs account for only 54 percent (6,136) of all the available ATMs. Prominent companies include Coinflip, Bitcoin Depot, CoinCloud, Rockitcoin, Coinsource, Bitcoin of America, National Bitcoin ATM, Bitstop, Digital Mint, and ATM Coiners. The remaining 46 percent (5,221 teller machines) represents a collection of 554 smaller operators.
Notably, regular cash ATMs make money withdrawal very convenient and easy for bank account holders. It is no different for cryptocurrency. Crypto ATMs offer a similar experience, except that users interface with a digital currency exchange account or wallet. Many people find it easier to buy cryptocurrency from these machines. It is a very different experience from exchanges and trading platforms.
According to Coinatmradar, 72.4 percent of all transactions in crypto ATMs account for buying only. Just one in four transactions account for buying and selling purposes. Cryptocurrency ATMs have the potential to take Bitcoin mainstream.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com