Number of Bitcoin ATMs has more than doubled since March 2015

posted about 7 years ago

The Bitcoin ATM market is a very competitive space, and devices are being rolled out every month. The growth between March 2015 and September 2016 has been quite spectacular, as the number of devices has more than doubled.

One thing Bitcoin ATMs have going for them is how easy they make it to buy cryptocurrency with cash. Using a Bitcoin exchange, which is still the dominant method of getting involved in cryptocurrency, requires users to send wire transfers, or rely on payment cards. However, this process is quite slow and can be subject to hefty fees.

This partially explains the continual growth of the Bitcoin ATM market. A lot of companies are deploying these machines on a regular basis, in the hopes of getting more people interested in Bitcoin. Even Deloitte recently added a Bitcoin ATM to their premises, which goes to show cryptocurrency is a topic kicked around at the water cooler.

Looking at the numbers themselves, there were 353 Bitcoin ATMs in March of 2015. Quite a strong number, even though Bitcoin has not gone mainstream just yet. However, this was only the beginning, as the number of Bitcoin ATMs has been on the rise ever since. In fact, the amount of machines in circulation has more than doubled over the past 18 months up to 770 ATMs.

What is rather unfortunate is where these Bitcoin ATMs have been deployed. The vast majority of devices is located in the US and Canada, both of which are countries where Bitcoin will not make a mainstream impact anytime soon.

Developing regions could benefit a lot more from Bitcoin ATM deployment. Countries where cash is the dominant payment methods, and financial inclusion is next to non-existent, are breeding grounds for alternative finance.
Tags:  news, bitcoin