The market demand for cryptocurrency ATMs has grown rapidly. Cryptocurrency owners need ATMs to quickly exchange and spend their money invested when needed, and competition between ATM cryptocurrency providers is overheating.
ATM cryptocurrency: The Stats
The number of Bitcoin ATMs quadrupled in 2017 according to Statista
The first ATM Cryptocurrency was installed in a coffee shop in Vancouver in 2013 and, according to data from coinatmradar.com, there are now 3502 Bitcoin ATMs operating globally.
More than half of the current cryptocurrency ATMs support at least one Altcoin and Bitcoin. 49% offer Litecoin transactions and 32% offer Ethereum. The average fee for using a cryptocurrency ATM transaction is around 8%.
Cryptocurrency ATM manufacturers are growing, opening a further new channel for cryptocurrency investors and the inflow of capital into the cryptocurrency ecosystem.
Genesis Coin has a 33% stake in the ATM market followed by General Bytes at 26%. General Bytes says has sold 1,700 ATMs in 53 countries since 2014. EasyBit, founded in 2013, has 60 ATMs in operation.
Coinatmradar estimates that new cryptocurrency ATMs are installed around the world at a rate of almost 9 a day. At this rate, almost 5,000 ATMs of cryptocurrency will be operational by the end of 2018.
ATM application for cryptocurrency
The need for ATM for cryptocurrency is driven by cryptocurrency users, some of whom prefer to avoid centralized financial institutions such as banks. Other cryptocurrency users are just trying to quickly access related resources while they are on the move. By allowing for withdrawals in fiat, from cryptocurrency balances, cryptocurrency ATMs allow exactly this.
Mike Dupree, CEO of ATM's EasyBit manufacturers, states that his company targets customers who already use cryptocurrencies and that building customers outside this niche is a challenge. Dupree recognizes that the fall in cryptocurrency prices and regulatory concerns affects the market, but provides:
"The beauty of cryptocurrency is that you do not have to trust a financial institution to support your wealth." Decentralization is the future and the regulation will eventually align. "
In July 2018, Malta saw the installation of its first bin Bitcoin and Litecoin cryptocurrency ATM by the Maltese ATM launch Moon Zebra.
Have you used a cryptocurrency ATM? Do you have, or do you need, in your city?
Image source: Shutterstock, Statista