The Rise of Bitcoin ATMs in Different Countries

  • Crypto Guru
    March 30, 2021, 16:29

Over the last five years, we witnessed a significant increase in the quantity of Bitcoin ATMs worldwide. According to Statista, from March 2015 to February 2021, the number grew to 14,915. Remarkably, over 80% of all crypto machines are located in the USA. They are followed by Canada, the United Kingdom, Austria, and Switzerland.

Based on another Statista report, the major part of the US Bitcoin ATM system is centered in Los Angeles (982 machines), Chicago (613 machines), and Houston (532 machines). Atlanta, Dallas, Miami, Detroit, Orlando, Boston, and others are also among the leading cities on the list.

The top Bitcoin ATM manufacturers are Genesis Coin and General Bytes. Over 99.9% of all new machines recently installed all around the world support Bitcoin conversion. A smaller proportion supports alternative cryptocurrencies, and over 64% of them support Bitcoin and alternative cryptocurrencies.

What Is the Use of Bitcoin ATMs?

Generally, customers are eager to access the crypto wallet by using Bitcoin ATMs for several reasons. First of all, it is an easy way to buy, sell, or exchange Bitcoin for cash and vice versa. Apart from transferring money, the machines are used for bills payment and investments.

For other users, it is an option to avoid the financial monitor system with all its paperwork. It allows transferring cash into anonymous payment using a secure crypto wallet without personalized bank statements or bills.

Besides, some people decide to use Bitcoin ATMs out of curiosity. Therefore, numerous stores take advantage of that knowledge and install machines to attract customers and stimulate purchases. Moreover, such ATMs are sometimes used for unusual reasons. In the case of a ransomware attack, in which a hacker gets ahold of a computer until paid, victims often use crypto machines and prefer a secure messenger to proceed with the transaction.

One of the cons that can significantly damage the reputation of crypto machines is the complexity of some processes.

The Advantages of Owning a Bitcoin ATM Fleet

Due to the gradual increase of machines’ popularity and number, it is undoubtedly beneficial to own a Bitcoin ATM fleet. Whenever you consider such an option, here are a few advantages:

  1. The Bitcoin ATM network is a great supplement to traditional ATMs, which allows expanding the operator’s business.
  2. There is a possibility to participate in a revenue share program offered by various Bitcoin ATM operators. This attractive option ensures a quick and less complicated start; however, on the other hand, it requires a lot of trust in the partner.
  3. In the Bitcoin sphere, ATMs provide a much bigger commission. For operators, it varies from 10% to 15%. So, the average volume per machine equals over $12,500. That way, the ATM will pay off in 6 to 14 months.

The Future of Bitcoin ATMs

It is important to highlight that the cryptocurrency market continues to grow. Therefore, the researchers forecast a significant increase, at least threefold, in the number of Bitcoin ATMs globally by 2025.

As crypto machines are quick and easy to use, customers do not require any special knowledge and skills to find a Bitcoin ATM, make the transaction, or reach for support in no time. That is what makes them so famous and in demand.

To monitor the Bitcoin ATM number growth dynamics and track down the nearest machines to buy or sell bitcoins, there is a comprehensive cryptocurrency ATM tracking platform, Coinatmradar. It delivers thorough information about ATM types, locations, and operators. Moreover, there is a detailed online map that is easy and convenient to use whenever necessary.