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Number of Bitcoin ATMs Worldwide Spikes to Almost 7,000

The increasing demand for Bitcoin spikes the number of Bitcoin ATMs (BATMs) worldwide. As of February 17, 2020, there are 6,838 cryptocurrency ATMs around the world, and most offer the buy and sale of Bitcoin. Likewise, manufacturers of these machines have increased their production in 2020.

Bitcoin ATMs Worldwide Spikes as Bitcoin Makes Significant Gains in 2020

Since the start of the year, Bitcoin has made significant leaps in price. The virtual asset’s price which opened at $7,194 on January 1, 2020, surged to a year’s high of $10,457 on February 13, 2020. As a result of this price surge and impending halving, there has been a higher demand for the digital currency.

On the other hand, CoinATMRadar shows that the steady growth in Bitcoin’s price has corresponded with the launch of new BATMs. Currently, there are 6,838 BATMs around the world and these machines spread across 73 countries. Also, countries with the most Bitcoin machines include the US (4,870), Canada (742), the UK (306), Austria (161), Spain (81), Switzerland (80), Czech Republic (72), Greece (68), and Germany (64).

Over 400 BATMs Launched in January, CoinATMRadar Reveals

CoinATMRadar in its blog post on February 3, 2020, revealed that over 400 BATMs were launched in January alone. Specifically, there were 6377 BATMs as of January 1, 2020, however, it increased to 6705 by January 31, 2020. In accordance, 432 BATMs were launched within the month while 104 were closed. The growth signified a 5.1% increase in the number of machines.

What’s more, some countries showed high-level adoption for these machines. In the U.S., for instance, there was a 7.7% increase in the number of BATMs in January 2020. Moreover, 325 machines were added in the U.S. alone, which shows a lot of crypto activity in the region. Countries like Canada, the UK, Greece, Germany, Romania, and Taiwan, which also came in the top, saw an increase in new BATMs by 0.7%, 0.7%, 3%, 3.4%, 5.6%, and 33.3% respectively.

Most BATMs Offer Bitcoin Purchases

While some of these machines support buying and selling of other cryptocurrencies, Bitcoin still came in at the top. Most machines supported Bitcoin, followed by Litecoin, Ethereum, Bitcoin Cash, Dash, Zcash, Dogecoin, and Monero. Nonetheless, it was noted that there is a decline in the number of machines supporting altcoins. The number of machines that support both Bitcoin and altcoins now stands at 69.6%.

It may be worth noting that the increase in these machines was triggered by higher demand for Bitcoin. This can be tied to the fact that BATMs offer a convenient way for users to purchase the virtual asset. And even though transaction fees may be higher compared to purchases made on exchanges, it is a faster alternative since the user does not have to complete KYC as required by most exchanges.

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