Bitcoin ATMs in circulation has seen increasing growth, and notably, the state of Utah among others has also seen the increase of Bitcoin Automated Teller Machine in the state recently.
Bitcoin ATM Surge In Utah
A region close to the state of Utah houses 11 out of 12 Bitcoin ATMs in the state. The region that the Bitcoin ATMs are located has the six largest cities in the state which is known as the Wasatch front. Also, 80% of the population of the state are located in this region, which shows that the 11 Bitcoin ATMs serve the 80% population of Utah. The 12th Bitcoin ATM is located in the seventh most populous city in the state, St. George.
Purchasing from these Bitcoin ATMs cost as much as 9% and can increase to 12.5%, while selling, users are to pay a 9% flat rate for transaction fee across all listed machines.
Notably, all but one of the Bitcoin ATMs in the state are operated by CoinCloud. The firm launched its first ATM in the state in 2015.
While describing the cryptocurrency market in the state the CEO of CoinCloud, Chris McAlary, noted that the market in Salt Lake City has always been very tech savvy. He further said that people really like Bitcoin and want instant access to it.
Further, CoinCloud has a cryptocurrency mobile app that functions with Bitcoin ATMs and also customers can buy cryptocurrency free through the app rather than paying fee buying Bitcoins at the ATM.
A report by a local news outlet in the state revealed that there had been a much usage of Bitcoin in the state as 15 local businesses accept cryptocurrency payment for services.
Bitcoin ATM Around the World
The year 2018 has seen a vast increase in the installation of Bitcoin ATMs around the world. The numbers of the Bitcoin ATMs in circulation in the early part of 2017 was noted to be 1000. Meanwhile, a study in August 2018 shows that Bitcoin ATMs has increased, with over 3500 installations globally, indicating over a 200% increase from a year ago.
The US and North America are noted as the country and continent with the highest number of Bitcoin ATMs.
Despite a drastic fall in the value of Bitcoin and other cryptocurrencies, there has been an increase in the number of merchants accepting cryptocurrencies and Bitcoin ATMs are not there to make purchases and sales of cryptocurrencies much easier than ever.