Bitcoin ATM Industry Set to Breach 4,000 Machines Worldwide

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The number of Bitcoin ATMs sits at 3,989 on CoinATMRadar as of 11 November 2018 and at the average installation rate of 6.29 Bitcoin ATMs per day, the total worldwide should pass 4,000 over the next few days. The number of Bitcoin ATMs has been growing exponentially, with a 100% increase likely in 2018. This article analyzes the Bitcoin ATM industry by type of ATM, cryptocurrencies offered, countries and manufacturers.

There are only two fundamental types of cryptocurrency ATMS, 1-way which offer buying services and 2-way which offer buy and sell. There are 2,038 1-way ATMs, and 1,081 2-way machines. While 1-way Bitcoin ATMs are important, 2-way models are more optimized for spreading cryptocurrency adoption, since these turn Bitcoin into a currency that can be used in everyday life, allowing users to sell cryptocurrency for essential things like food and rent.

Just about all (99.9%) cryptocurrency ATMs offer Bitcoin: 2,335 offer Litecoin, 1,799 offer Ether, 1,302 offer Bitcoin Cash, 693 offer Dash, 82 offer Monero, 70 offer Dogecoin, and 56 offer Zcash. These are the most popular and reputable cryptocurrencies and at this time, no ATM offers all possible cryptocurrencies.

North America dominates the Bitcoin ATM industry with 2,371 in the United States and 677 in Canada. This leaves fewer than 1,000 in the rest of the world.

Europe is in second place, with 248 in Austria, 208 in the United Kingdom, 77 in Russia, 67 in Spain, 67 in the Czech Republic, 42 in Switzerland, 38 in Italy, 35 in Slovakia, 26 in Poland, 25 in the Netherlands, 23 in Romania, 19 in Finland, 18 in Greece, 13 in Slovenia, 12 in Hungary, and surprisingly, only 2 in France and 1 in Germany. Despite its second place in continental rankings, they are still considered a rarity in Europe.

Outside North America and Europe, less than 5% of Bitcoin ATMs can be found. The massive continent of Asia only has 100 machines – fewer than 1 ATM for every major city. An outlier in the Middle East is the tiny country of Israel, which has 8 Bitcoin ATMs. Australia has 55, and New Zealand has a mere 2. South America has fewer than 40 Bitcoin ATMs, and Africa fewer than 10.

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While the Bitcoin ATM industry is booming, these figures clearly show that Bitcoin ATMs are a rarity in most of the world, and there is a vast amount of room for the industry to grow. Aside from in the United States and Canada, it is still the very early days for the Bitcoin ATM industry.

As far as manufacturers go, Genesis Coin and General Bytes dominate the global Bitcoin ATM industry with over 1,000 each. Lamassu, BitAccess, Coinsource, and Covault have more than 100 Bitcoin ATMs each. Beyond this, there are 38 manufacturers with fewer than 100 Bitcoin ATMs, 4 of which have no machines deployed yet. Although the deployment number for some of these manufacturers are insignificant, it only takes one contract with a country that has practically no Bitcoin ATMs to propel any of these manufacturers to the top of the ranks.

 

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Source: https://bitcoinnews.com/bitcoin-atm-industry-set-to-breach-4000-machines-worldwide/


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