The Bitcoin ATM economy has expanded dramatically in the previous two years. Each day, more than nine Bitcoin ATMs are deployed. A Bitcoin ATM is a machine that allows you to purchase and sell Bitcoins. Because many of these ATMs also accept other cryptocurrencies, we’ll refer to them as Crypto ATMs throughout this piece.
This year, the number of crypto ATMs deployed worldwide rose by more than 70% to 24,030. With five months left in the year, the 10,037 machines installed in 2021 have already surpassed the 7,620 installed in 2020.
More than 600 different firms run the ATMs, with Bitcoin Depot taking the top spot with a 15.8% market share. Bitcoin Depot announced a collaboration with Circle K, a convenience store chain, last week, with the goal of installing over 6,000 machines across North America by the end of 2021.
Only one-third of Crypto ATMs allow you to purchase and sell at the same time. A significant portion of these kiosks solely enable you to buy cryptocurrency. It demonstrates that individuals are more interested in obtaining Bitcoins than in spending them.
Currencies supported by Crypto ATMs
Almost all Crypto ATMs accept Bitcoin, and around 70% of them also accept one or more altcoins. One thing to keep in mind is that Ethereum and Litecoin have a lot of support from Crypto ATMs. More than 2200 Crypto ATMs now accept Bitcoin Cash, which is a derivative of Bitcoin. However, privacy cryptocurrencies like Monero and Zcash still have a long way to go.
According to Coin ATM Radar, crypto ATMs may well be located in 75 countries, including over 21,000 in the United States. In the United States alone, there are almost two-thirds of all Crypto ATMs. Crypto ATMs account for 18.6% of all ATMs in Europe, and 10.3% in Canada. There are just 134 Crypto ATMs in Asia, with 54 in Hong Kong.
According to data gathered and reported by Coin ATM Radar, growth is expected to be over 120 percent for the entire year of 2020, with growth exceeding 70 percent in the first half of this year.
Bitcoin AMTs maintained their amazing rise in 2021 as one of the quickest and most convenient ways to convert actual cash into Bitcoin or other cryptocurrencies. The rate of rise in the number of Bitcoin ATMs is at an all-time high.
Conclusion
The rise of Crypto ATMs demonstrates that the Crypto sector is still in its early stages, with plenty of room for growth and opportunity. There are certain limitations to utilizing these Bitcoin ATMs, and many individuals are interested in purchasing cryptocurrency using these ATMs for the time being. It will be fascinating to observe how the rise of the stable coin affects the Bitcoin ATM industry.
Have you used a Bitcoin ATM before? please let us know.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.