Categories: CryptoNews

Number of Bitcoin ATMs Has More Than Doubled In Past 18 Months

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. Unfortunately, the majority of them are still deployed in developed regions, where bitcoin may not make a big impact anytime soon.

A Booming Bitcoin ATM Market With Drawbacks

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. These processes, however, are 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 that 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.

Related Post

What is rather unfortunate is where these Bitcoin ATMs have been deployed. The vast 1majority of devices is located in the US and Canada, both of which are countries where Bitcoin will not make a mainstream impact anytime soon. Individual users and companies have plenty of payment options to choose from, and Bitcoin may not offer them something that other providers will not.

Developing regions could benefit a lot more from Bitcoin ATM deployment. Countries where cash is the dominant payment method and financial inclusion is next to non-existent are breeding grounds for alternative finance. Getting the ATMs shipped to those regions and keeping them in operation will be a logistical challenge, though.

Image credit 1

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

WAX Price Up 44%, Increased User Adoption Signals Growing Interest in the Platform

WAX price is up over 44% today, making it the biggest gainer on Crypto.com. With…

4 hours ago

5 Underrated Metaverse Coins With Great Long Term Potential

Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…

8 hours ago

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

12 hours ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

1 day ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

1 day ago

Top 5 Metaverse Coins With Fully Functional Apps to Watch In 2022

The hottest trends in crypto right now are meme coins and metaverse projects. With Facebook's…

1 day ago

This website uses cookies.