The recent report reveals the impressive growth rate of Bitcoin ATMs. There were around 4,102 Bitcoin ATMs available this time last year which grew up to 6,387 in just the last 12 months.
As per the data shared by Bitcoin ATM tracker, “CoinATMTrader”, the growth ratio of Bitcoin ATMs are constantly rising. Notably, there is a 3X surge in Bitcoin ATM since January 2018. The data was quickly shared by prominent crypto influencer Jameson Lopp who took to Twitter and said: “The number of Bitcoin ATMs increased 56% from 2019 to 6387”.
Per the data shared by CoinATMRader, the majority of Bitcoin ATMs are located in the United States and are followed by Canada, the United Kingdom, Austria, Spain, and Switzerland. Notably, United States caters to over 42200 machines, a 3X surge since early 2018.
While this data is publicly available, it remains to see how many machines are currently in operation or in actual usage. However, the bottom line is that the trading fees charged for using these machines are certainly high. This being said, most users likely stepped out from using Bitcoin ATMs which eventually hinders the limit of actual use. On the other hand, few users who’re really in need and those trying for the first time might use Bitcoin ATMs despite heavy fees.
Setting up Bitcoin ATM machines in various locations can bring massive awareness, and it would be an excellent opportunity if such setups are tied with the lesser trading fees. This will not only awake global audience towards what digital money is all about, but also promotes and urges the Bitcoin adoption. Moreover, Bitcoin ATMs can be proved to be a valuable source for countries that has weaker economies such as Venezuela and Argentina – as these countries often faced hyperinflation. In fact, citizens in these countries have recently termed Bitcoin “as a store of value”.
Image Source – Flickr
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