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1,200 new Bitcoin ATMs installed this month with over 40 machines placed daily

1,200 new Bitcoin ATMs installed this month with over 40 machines placed daily
Jordan
Major
3 months ago
3 mins read

Over 1,200 new Bitcoin ATMs have been deployed in the past month, with 47 being placed per day, according to coinatmradar.com.

Similar to a regular ATM, a Bitcoin ATM, or BTM, is a kiosk that allows customers to buy or sell Bitcoin and other cryptocurrencies using cash or a debit card. 

The chart shows the number of crypto machines installed over time.

Crypto ATM Installations growth. Source: coinatmradar.com

On the other hand, the daily gauge uses the previous 60 days as a basis for the gauge scale and the last seven days as a basis for the speed scale, illustrating 47.1 ATMs installed per day.

Crypto ATM Installations growth daily chart. Source: coinatmradar.com

Since its introduction in the United States in 2014, BTMs and other cash-to-crypto point-of-sale facilities have let users easily enter the world of cryptocurrency. BTM tracking website How Many Bitcoin ATMs reports that there are presently over 42,000 BTMs throughout the U.S. 

Whatsmore, around 106 million individuals were said to be using cryptocurrency in February 2021, based on Crypto.com statistics.

Crypto ATM operators for compliance cooperative

Top Bitcoin ATM operators and Blockchain industry leaders recently formed a new Cryptocurrency Compliance Cooperative (CCC), as reported by PRNewswire on Wednesday. 

Director of Regulation & Compliance, Chainalysis, Caitlin Barnett, stated

“Lax compliance policies and high rates of illicit activity have long plagued the reputation of Bitcoin ATMs, <..> We are thrilled to support this initiative led by two leaders in the space to build trust in Bitcoin ATMs and promote more financial freedom with less risk.”

Bitcoin ATM operators DigitalMint and Coinsource, blockchain analysis platform Chainalysis, and others’ objective, as a collaborative organization, is to establish a safer environment for all customers and legitimize the cash-to-cryptocurrency sector by strengthening compliance requirements that many consider being lacking at the moment.

By way of illustration, according to the New Jersey Commission of Investigation, 75 percent of the BTM operators in the state of New Jersey enabled some transactions without needing the consumer to submit any information other than a mobile phone number. 

Use of a crypto ATM

The function of crypto ATMs can bring cryptocurrencies closer to consumers who may not have access to or know how to use applications such as Coinbase and Binance.

Furthermore, crypto ATMs provide customers with a simple, fast, and safe alternative to obtain Bitcoin, for example, using cash, which is not always an option with online exchanges, which can leave out 22 percent of the population, who are underbanked or unbanked.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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