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The number of bitcoin ATMs around the world has increased this year due to the coronavirus-induced shift towards contactless payments.
Bitcoin ATM installs increased 85% to 11,798, outpacing the nearly 50% increase from the previous year by a significant margin, according to data source Coin ATM Radar.
The spike demonstrates the growing popularity of bitcoin as a payment method. Fear of contracting a coronavirus infection has accelerated growth in the broader contactless payments market this year, according to Global Trade Magazine.
Bitcoin’s borderless network facilitates seamless money transfer of any amount from anywhere in the world, via any mobile phone or computer, and at relatively lower rates than traditional banking channels.
A bitcoin ATM allows a person to purchase cryptocurrency using cash or a debit card. Some machines facilitate the purchase of bitcoins and the sale of cryptocurrency for cash.
The US added more than 800 ATMs in October alone and is leading the adoption of cryptocurrency, followed by Canada and Germany, as noted by Coin ATM Radar.
With several public companies investing in bitcoin and online payment giant PayPal adding support to cryptocurrency, traditional adoption could continue to grow.
