The Bitcoin ATM (Automated Teller Machine) is a kiosk that allows a person to buy Bitcoin by using cash or debit card. Bitcoin ATMs functionality differs, while some offers a bi-directional functionality of buying and selling of bitcoin, some others gives its users the ability to either buy or sell BTC. They are two main types of bitcoin machines in existence, namely; cash kiosks and ATMs.
Fiat currency being prevalent for a long time, has long proven their worth in cash dispensing and deposit acceptance. The rise of bitcoin as a viable form of monetary exchange, growing numbers of Bitcoin ATM machines are finding their way to coffeehouses, shopping malls, street kiosks and other public locations worldwide.
The beginning of this movement about bitcoin ATM dates back to October 29, 2013 when the world’s first publicly available Bitcoin machine went live in a coffeehouse in Vancouver, Canada. As at 2013, the first in its industry to install the Bitcoin ATM was the D Casino in Las Vegas. Thereafter, these machines have increased considerably in their numbers, features and functionality, and of course attracting a growing number of users.
It’s also important to note that this Bitcoin ATM growth is occurring at a time where many consider the cryptocurrency market bearish. For context, Bitcoin is far from its highs over $19,000, and is currently hovering at around 1/2 of that price. However, that Bitcoin ATMs are on the rise show some promise with respect to mass adoption.
Despite the fact that the market has been bearish in 2018; it didn’t stop Bitcoin ATM from growing literally 100; doubling in 2018 to 4,000, from 2,000 in 2017. As was reported by Cryptocoinspy, in December of the same year, the Bitcoin subreddit reached a whopping 1 million subscribers, indicating that more than ever before, more people showing interest in the digital asset. This could as well mean more BTC ATM users are coming on board.
2019 has already been on a great start, as 34 Bitcoin ATM’s were installed in the first week. According to, CoinATMRadar, there has been an accelerated uptick with regards to installations. The website allows users to find where Bitcoin ATMs are installed around the world, which is extremely useful to cryptocurrency investors and traders who travel across the world.
According to CoinATMRadar, as at the time of this track record, the total number of Bitcoin ATMs was about 4155. A record number of 75 countries have a bitcoin machine, which translate into about 60% of countries in the world has this ATM of some sort.
Interestingly, the number of Bitcoin (BTC) ATMs installed worldwide is already on a new milestone, surpassing 6,000.
The report according to an online resource shows that there are now 6,004 machines installed worldwide, over 65% of which are in the United States, therefore surpassing other countries in the number of Bitcoin ATM installed.
Another report reveals that the total number of these machines worldwide increased by about 1,000 since June- this is definitely a proof of significant growth of the industry.
Furthermore, just this month, about 108 machines were deployed to the public, and data also shows that the average daily number of Bitcoin ATMs installed is 11. This is the fastest growth pace this year has recorded. There’s definitely no stopping now!
With this rapid pace on the Bitcoin ATM, it could be very clear that bitcoin and other cryptocurrency is becoming the future of the world’s exchange medium for business and other monetary transactions.
Remember, Bitcoin ATMs, sometimes referred to as BTMs, allow users to buy BTC, while over 35% of machines also have two-way capabilities enabling sell crypto for cash. This industry is definitely evolving rapidly and holds the capacity for better improvement.
Image by Peggy und Marco Lachmann-Anke from Pixabay
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