Bitcoin (BTC) has successfully reached 5,000 ATMs around the world for the first time in its history this year, with the number of ATMs increasing significantly, as confirmed by CoinATMRadar yesterday, Monday, June 24, in a statement.
It is almost six years since the first Bitcoin ATM was elected in Vancouver, Canada, Coin ATM Radar says that there are currently 5006 Bitcoin ATMs around the world. Over the last two months, about 150 new installations have taken place, amounting to 6 per day.
US Has The Highest Number Of Bitcoin ATMs
The data shows that the crypto ATMs are distributed across 90 countries in the world where people can buy or sell Bitcoin with most machines offering both services simultaneously.
Predictably, the US has the highest number of Bitcoin vending machines with about 3200 ATM locations. This represents about 64 percent of the entire globe’s total. Canada is the second with about 680 crypto vending machines.
When Mexico and other neighboring countries are considered, North America accounts for 74 percent of the global Bitcoin ATMs. this shows that Bitcoin and other cryptos are vastly adopted in the region compared to the rest of the world.
The report also shows that the majority of the vending machines were installed months following the crypto prices slowdown from December 2017 high rather than the preceding four months. From January 2018, more than 3000 crypto vending machines accounting to 60 percent of the global total have been elected.
Source: Coin ATM Radar: A graph showing installations by years and months.
The inaugural Bitcoin ATM was installed on October 29, 2013 in downtown Vancouver, Canada. It is only four months to the sixth anniversary and if the trend continues, about 700 more BTM’s will be added by then.
The pioneering crypto ATM was manufactured by Robocoin but was unable to take advantage of the budding market and other companies have emerged. At the moment, a startup known as General Bytes recently took over manufacturing duties from Genesis Coin and currently holds the title of the most BTMs installed. General Bytes has 1550 while Genesis Coin has 1497 ATMs respectively around the world. As for Robocoin, the competition became very intense and was closed down three years ago.
Source: Coin ATM Radar
Lots Of Challenges To Overcome
The crossing of the 5000 Bitcoin ATMs mark is a milestone worth celebrating but comes amid allegations that the vending machines aid crypto scams. For instance, Australian Taxation Office has labeled Bitcoin ATMs as the most popular form of scam payment. The law enforcement agencies have even placed alerts on scams next to ATM machines.
Late last year, Indian authorities confiscated what was meant to be the country’s pioneering Bitcoin ATM and arrested the individuals behind the machine. They were accused of not abiding to the regulatory requirements.
Bitcoin ATMs have also been seized in Russia after allegations that they help in illegal financial activities.
However, there have been numerous calls from crypto enthusiasts for authorities to work closely with the machine operators to curb the problems.
- Source: First Appeared Here
- Published Time: 2019-06-25 20:12:15
The views and opinions expressed in the article New CoinATMRadar Data Shows Global Bitcoin ATM Count Crosses the 5,000 Locations Mark do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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