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Bitcoin ATM Installations Skyrocket As Crypto Goes Mainstream

News
Bitcoin ATM Installations Skyrocket As Crypto Goes Mainstream

As per the latest data from Coinatmradar, the number of bitcoin ATMs has increased drastically over the last few months. The crypto ATM tracking website shows that the number of bitcoin ATMs stood at 19,509 as of May 7. This marks an astounding rise from 7,756 ATMs in May 2020, indicating that cryptocurrencies such as ETH, BTC, and BCH are swiftly going mainstream.  

The Rise of Crypto ATMs

Bitcoin’s growing popularity has been the main driving force behind new kiosk installations globally. The number of bitcoin ATMs has almost doubled since Sep 2020, partly fuelled by a renewed frenzy in crypto trading. 

Demand for kiosks offering crypto-fiat exchange services has pushed service providers to scour locations that competitors haven’t reached. As a result, kiosk operators such as Coin Cloud, Bitcoin Depot, and CoinFlip have installed thousands of crypto ATMs over the past year.

A Coinatmradar report issued in April revealed that crypto teller machine operators had maintained a steady installation rate of between 8% and 10% during the previous month. 

This drive to get ATMs to more locations is crucial to fostering the adoption of cryptocurrencies worldwide. 

New Sign of Cryptocurrency Adoption

The sharp increase in teller machines supporting crypto has undoubtedly contributed to bitcoin’s inspired run to highs of over $60K.

The US is still the leading country in terms of crypto ATM installations. The number of machines registered in that country rose from just 5,635 in May of last year to an astonishing 16,378.

Coinatmradar data shows that Canada’s Bitcoin ATMs increased from 718 to 1,362 in the same one-year period. Europe also saw a significant increase in crypto teller machine installations from 1,142 to 1,306.

Surprisingly, bitcoin ATM numbers in the UK are declining. The number of kiosks in the country stands at 181, down from 274 in May of last year.

In the last month alone, Bitcoin Depot, which owns a growing network of crypto ATMs in the US, installed a fresh batch of 350 teller machines across 40 states. 

The Atlanta-based teller machine provider has now installed over 2,500 crypto ATMs worldwide, pointing to the increasing popularity of digital currencies. The top kiosk operator has doubled its footprint in just six months and expects growth to reach 200% this year.

Why Most Folks Are Turning to Crypto ATMs

There are many different reasons why people choose to use crypto ATMs rather than transact online. Some folks prefer these teller machines because they feel more comfortable interacting with a physical device instead of transacting online.

Other crypto ATM users cite the need for anonymity, a lack of bank accounts, and the need to send remittances abroad quickly and cheaply. Bitcoin Depot CEO Brandon Mintz believes that demand for crypto kiosks highlights the potential of digital assets to provide new financial opportunities to the unbanked.

Mintz noted that these ATMs essentially allow individuals to self-bank through the digital wallet on their phones. They can then quickly turn their cash into crypto and use it to pay bills, transfer money across borders or invest.