Home Business News The number of Bitcoin ATMs jumps by 70%

The number of Bitcoin ATMs jumps by 70%

by LLB Reporter
22nd Apr 20 5:22 am

Recent years have witnessed an impressive growth of the cryptocurrency market, followed by a surge in the number of people trading with bitcoin, as the most significant cryptocurrency name in terms of both market cap and price index.

The increasing number of users has contributed to the rapid growth of Bitcoin ATMs operating around the world.

According to data gathered by Finanso.se, the number of Bitcoin ATMs jumped by almost 70% year-on-year, reaching more than 7,500 in April.

Bitcoin ATMs are one of the most convenient and quickest ways to buy and sell Bitcoins. At the beginning of 2017, there were only 986 Bitcoin ATMs in the world, revealed Statista data. By the end of that year, this figure increased by 100% and reached 1,932. The noticeable upward trend continued in the next two years, with the number of ATMs reaching 5,567 at the end of 2019, or 5.6 times more compared to the 2017 figures.

Statistics indicate the number of ATMs supporting digital coins continued to rise this year, with nearly 1,800 new ATMs operating around the world in 2020 only.

Analyzed by geography, the United States represents the leading crypto ATM market, with 5,577 or almost 75% of all Bitcoin ATMs in the world. One-fifth of them are placed in Los Angeles, New York, Chicago, and Detroit.

Canada, the United Kingdom, and Austria follow with 768, 301, and 137 ATMs, respectively. Statistics show that ten leading markets hold 95% of all Bitcoin ATMs globally.

There are two main types of Bitcoin ATMs available to users. The basic ones allow them only to purchase Bitcoins, while the more complex ones enable both buying and selling the virtual money. In the case of complex ATMs, only the members of a specific ATM producer can use the ATM.

Statistics show Genesis Coin is the leading Bitcoin ATM manufacturer globally, with 33.8% market share, and 2,491 ATMs operating around the world. General Bytes ranked as the second-largest manufacturer with 30,6% market share, and 2,200 ATMs in total.

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