In the last two years, the Bitcoin ATM market saw enormous growth. More than nine Bitcoin ATMs are getting installed every day.
A Bitcoin ATM is a kiosk that helps you to buy and sell Bitcoins. Many of these ATMs also support other cryptocurrencies so that we will call them Crypto ATM throughout the article.
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Crypto ATM In Numbers
Today, around 6700, Crypto ATMs are operating all over the world.
In the last two years, the Bitcoin ATM market saw massive growth in the number of new ATM installations. More than 70% of new machines are added in 2018–19.
Among 6700, around 2055 new kiosks were added in 2019, in which 1734 was alone in the USA.
Crypto ATM Manufacturers Market Share
There are more than 54 Crypto ATM manufactures, and 34 Crypto ATM operators exist. In which Genesis Coin and General Bytes have around two-third of the market share.
Crypto ATM Buy and Sell Operations
Only one-third of Crypto ATMs support both buy and sell operations. A big chunk of these kiosks only allows you to purchase cryptocurrencies. It shows that more people are interested in acquiring Bitcoins rather than spending them.
Currencies supported by Crypto ATMs
Almost all the Crypto ATMs support Bitcoin, and around 70% of them support one or more altcoins. An interesting thing to note is that there is a good support of Ethereum and Litecoin among Crypto ATMs. Bitcoin Cash, which is a fork of Bitcoin, is now supported in more than 2200 Crypto ATMs. But, privacy coins such as Monero and Zcash still need to go a long way.
Crypto ATMs — Country-wise distribution
Around two-third of Crypto ATMs exists in the USA alone. Europe has 18.6%, and Canada has 10.3% of Crypto ATMs. Asia has only 134 Crypto ATMs in which 54 exist in Hong-kong.
Crypto ATM operators
A Crypto ATM operator is an entity other than the Bank that owns an ATM or the cash/cryptocurrency placed in the ATM. Top 10 crypto ATM operators run 2809 crypto ATMs (42.4%). There are 539 other operators, who run 3813 Crypto ATMs (57.6%).
The growth of Crypto ATMs indicates that the Crypto market is just started, and there is a lot of scope and opportunities ahead. There are caveats that exist in using these Bitcoin ATMs and people are interested in buying cryptocurrencies for now using these ATMs. It will be interesting to see how Stable coin growth will add to the Bitcoin ATM market.
Have you ever used a Bitcoin ATM? let us know in the comments.
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