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The bitcoin ATM industry has reached a milestone as the number of machines installed worldwide has exceeded 10,000 after seven years of installing the first machine. There are now 10,162 bitcoin ATM locations spread across 71 countries.
The number of Bitcoin ATMs exceeds 10,000
The number of cryptocurrency ATMs has grown significantly over the years, topping 10,000 last week. “It has taken the industry about 7 years to reach this point since the first permanent installation of bitcoin ATMs in late 2013,” wrote Coinatmradar, the cryptocurrency ATM monitoring website. “After the first 3.5 years, there were 1,000 active bitcoin ATMs in operation, over the next 3.5 years this figure has increased by an additional 9,000 ATMs.”
According to the site, 10,162 cryptocurrency ATMs have been installed in 71 countries. There are also 211,270 other places that sell bitcoins such as shopping mall kiosks and convenience stores.
Coinflip CEO Daniel Polotsky shared some insights into the bitcoin ATM industry with news.Bitcoin.com. “With 10,000 machines positioned around the world, bitcoin ATMs have become the go-to service for those participating in the cash-to-crypto market, including a significant amount of unbanked and underbanked,” he began. The CEO added that his company installs between 30 and 50 bitcoin ATMs per week and is on track to have 3,000 bitcoin ATMs by the end of next year.
The United States still leads with the highest number of bitcoin ATMs installed (8,004 locations), followed by Canada with 879 locations, the United Kingdom with 281 locations, Austria with 152 locations, Spain with 105 locations and Switzerland with 81 locations.
Genesis Coin tops the list of bitcoin ATM manufacturers, with 3,574 of its machines installed, followed by General Bytes with 2,964 machines, Bitaccess with 1,040 machines, Coinsource with 632 machines and Lamassu with 518 machines.
There are also many bitcoin ATM operators. The top 10 operators manage 5,263 crypto ATMs (52%). There are 545 other operators, operating 4,857 crypto ATMs, according to Coinatmradar. Coin Cloud tops the list, followed by Coinflip, Bitcoin Depot, Rockitcoin, Coinsource, and Bitcoin of America.
“There will be an influx of new investors who will need help getting started during the next bull run. By emphasizing simplicity and personalized service, bitcoin ATMs will be key to converting interest into adoption, “explained Polotsky.” As blockchain-based financial services develop as an industry, ATMs will become an essential gateway for weak bank. These populations can take full advantage of a more inclusive financial system, and bitcoin ATMs are among the few gateways they can use. “
Coinflip’s CEO also revealed that “there has also been a wave of first-time retail investors needing a simple buying process and personalized support.” In his opinion:
Bitcoin ATMs have gained an edge over the competition within specific demographics due to the speed and ease of use of onramp. Customers don’t need to be tech-savvy to locate a machine, call a service representative, and complete a transaction within five minutes.
Polotsky also noted that among the users of Coinflip’s bitcoin ATMs, one group stands out. “A significant portion of our user base is made up of under-the-counter, low-income communities that transact primarily in cash,” he said. “These groups use our machines to transfer money, pay bills, invest and more. We are proud that we are the gateway to encryption for many people who prefer our security, convenience and ease of use. “
He pointed out that “Aside from the benefits of the ATM purchase process, there are many people with a strong preference for money.” Furthermore, he said, “exchanges are some of the most influential companies in the industry, but they have a blind spot: they cannot serve customers who wish to pay in cash,” adding that “Bitcoin ATMs were created to fill this gap in market.”
“We believe cryptocurrency and blockchain have the potential to accelerate financial inclusion around the world,” he said, noting that “Bitcoin ATMs are part of the solution.” As for his company’s future plans, he said Coinflip is planning a global expansion as the US market becomes more saturated, concluding:
We believe that the adoption of cryptocurrencies will overcome the move away from cash and that bitcoin ATMs will be available globally in the years to come.
What do you think about the growth rate of bitcoin ATMs? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Coinatmradar
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