A recent report by MarketsandMarkets, the global cryptocurrency ATM market is expected to reach $ 144.5 million by 2023. This is a massive eight-fold increase from the current $ 16.3 million.
The expected increase would not come as a surprise to many, with the Bitcoin ATM market up from around $ 6.8 million last year according to some estimates. However, it has increased by over 50% in recent months.
Crypto ATM will increase with the growth of cryptocurrencies
Research has found that while cryptocurrencies continue to grow, even the number of ATMs and transactions conducted through them.
Currently, there are 3,650 Bitcoin ATMs in the world. Data extracted from the ATM tracing site of the cryptocurrency Coin ATM Radar suggests that approximately 30 ATM bitcoins are installed every week.
The report also highlighted that the market for virtual bank ATMs with cryptographic cryptography will grow significantly until 2023 Currently, Bitcoin / Crypto-to-Fiat ATMs dominate the market, with 62.49% of the market .
The display segment is expected to become the largest part of the encrypted ATM market in the next five years. Thanks to the user-friendly environment, which provides users, the display section is considered very vital.
North America will continue to prosper
The report also revealed that North America will continue to dominate the Bitcoin ATM sector over the next few years. The continent holds the largest share of the market (73%) as innovation and adoption push demand higher.
The United States has the highest number of Bitcoin ATMs at the moment, with 2,201 ATMs currently installed. The next country after the US with the largest number of ATM Bitcoins is Canada, with the two being the undisputed leaders in the industry.
The report states that:
The United States should continue to dominate the market ATM encryption during the forecast period due to the presence of a large number of ATM cryptographic hardware and software vendors and an ATM environment. favorable investment (without legal barriers) ", says the report In 2017, the government of Mexico declared bitcoin legal, and would be governed by the Fintech law, and Canada registered a large start-up activity , in particular for cryptocurrency.
Austria is the third largest ATM Bitcoin market, with 196 offices (5%), the United Kingdom has 176 offices (4.8%), Russia with 79 offices ( 2%) and Spain with 63 locations (1.7%).
The main players in the ATM encryption market are also based in the United States, including Coinme, Coinsource, COVAULT, Genesis Coin and Lamassu.
major producers are Bitaccess from Canada, Bitxatm from Germany, GENERAL BYT ES from the Czech Republic, Orderbob from Austria and RUSbit from Russia.
Almost all ATMs of cryptocurrency serve Bitcoin, with only 56.7% of them supporting other altcoins like Litecoin or Ethereum.
Bitcoin ATM malware was found for sale online
Tokyo-based security software maker Trend Micro has discovered ATM malware (Bitcoin Automated teller machine) available for online purchase.
ware exploits a Bitcoin ATM vulnerability and allows scammers to receive the BTC equivalent of up to 6,750 US dollars, euros or pounds sterling.