Bitcoin ATMs have doubled for the past four years which may be a bit unexpected especially for the years after 2017. The latter is when the market was hyperactive and Bitcoin, as well as altcoins, reached their all-time high before tumbling down. Regardless, the number of cryptocurrency ATMs have been on the increase since 2013 to the present year, 2019.
Increase in the Number on Bitcoin ATMs Since 2013
Coin ATM Radar’s data shows that in 2013 when the first crypto ATM was launched in Vancouver, Canada, there were only about 282 lying around after one year. However, 501 ATMs were recorded on January 1, 2016, and 965 by January 1, 2017. Therefore, 2017’s is a 93% increment from the previous year.
In the same vein, there was a sharp rise in the circulation of these machines in January 2018. From 965 as at 2017 to 2,064 resulting in a percentage increment of 114%. The latest report from the Bitcoin ATM locator reveals that there are 4,128 Bitcoin ATMs based on the data from January 1, 2019.
Reasons Attributed to the Rise in Bitcoin ATMs Globally
Several reasons have been attributed to the sudden spike in the number of these machines and notable among them, is the ease and convenience. With either a credit card or cash, people can purchase Bitcoin, Bitcoin cash, Litecoin, Ethereum and other digital assets supported by the machine. Besides, this takes away the need to undergo a Know-Your-Customer process as would’ve been the case on exchanges.
Longhash, a data analysis platform who spoke to two Bitcoin ATM operators revealed its findings. One of such was from Yan Pu, BitOcean co-founder of a Bitcoin ATM company in Japan. The co-founder outlined that the growth of these ATMs will not slow down. In his opinion, these machines provide a convenient way to get fiat or buy digital currencies.
Bitcoin ATMs Meet Two Demands
Eric Gravengaard, the CEO of Athena Bitcoin, a company with 100 machines in different countries also made comments. The CEO stated that these machines meet two demands. The first is the speed at which users can receive their cryptocurrencies. On the other hand, there is the ease and convenience of using these machines even without a convenient bank account.
Gravengaard also said:
All you need is cash and ID and you can purchase Bitcoin
As BTCNN reported on January 10, a majority of these machines are located in the U.S (California, Illinois, and Chicago). The same is the case in Europe with countries like Austria, the U.K, Spain, and the Czech Republic having the highest numbers. A report on January 19 also revealed that Venezuela will be getting its first ATM installed in the country.