As cryptocurrency use becomes more mainstream, the sector is putting in place infrastructure to facilitate the transition, such as Bitcoin ATMs.
Despite the fact that the cryptocurrency market is now experiencing downward pressure, this has not prevented the installation of Bitcoin ATMs throughout the world, with the number of such machines continuing to expand.
According to data acquired by Finbold, the number of Bitcoin ATMs throughout the globe was 34,340 on January 1; however, that number has risen by nearly 3,000 since that date, with 37,338 Bitcoin ATMs at the time of writing on May 10, as per Coin ATM Radar.
A total of 2,998 Bitcoin ATMs were installed since the start of 2022, averaging 23 fitted daily. Given that Coin ATM Radar is tracking not all Bitcoin ATMs around the world – the true number might be significantly higher.
In comparison, in another study, Finbold found that about 20,000 new Bitcoin ATMs were built in 2021, with more than 50 new machines being activated every day.
With the increasing number of Bitcoin ATMs in operation, it is clear that the machines are becoming more significant as cryptocurrencies gain more widespread acceptance throughout the globe. The United States, in particular, has seen the greatest number of Bitcoin ATM installations.
Bitcoin ATM growth
Bitcoin ATMs are popular among cryptocurrency investors who want to benefit from the asset without having to go through the time-consuming Know Your Customer (KYC) procedures that are required on most cryptocurrency trading platforms.
Furthermore, ATMs are increasingly being used to assist in the facilitation of Bitcoin payments. Particularly noteworthy is the fact that more businesses are positioned themselves to gain from crypto by enabling clients to pay in Bitcoin.
This feature has been bolstered even more by the designation of Bitcoin as legal cash in El Salvador and, most recently, the Central African Republic.
For companies, they are promoting two-way ATMs, which are equipped with a double functionality feature that allows customers to both purchase and sell cryptocurrency. The demand for two-way ATMs is increasing as a result of the multifunctionality capabilities available on these machines.
Similar to the wider cryptocurrency market, the Bitcoin ATM environment is undergoing a transformation as manufacturers seek to capitalize on the machine’s user-friendliness in an effort to increase their profits.