Interest in Bitcoin is growing. This is supported, among other things, by a serious increase in the number of cryptomats over the past year. According to the Coin ATM Radar service, the indicator increased by as much as 71.73%. And now there are more than 24,000 machines installed in the world to work with Bitcoin and other cryptocurrencies. Moreover, the devices themselves distributed very unevenly across countries.
The so-called cryptomats, Bitcoin ATMs or Bitcoin ATMs allow people to exchange cash for cryptocurrency or withdraw crypto for cash. Transactions carried out quickly, in addition, they usually not asked to provide documents. That is, transfers and replenishment are anonymous. But there are also disadvantages: usually the commissions for such operations are very high; and it can be dangerous to use devices due to the environment. Be that as it may, the growth in the number of ATMs considered one of the indicators of the massive adoption of digital assets. After all, the more opportunities for buying cryptocurrencies, the more people will eventually learn about them.
At the beginning of 2018, the number of ATMs reached 2,000. By the beginning of 2019, this figure had doubled. Last year, the global number of ATMs increased to 13,993. And since the beginning of 2021, 10,037 new cryptomats have already appeared. Coin ATM Radar explains the growth in the number of such banks by the growing popularity of cryptocurrency transactions and digital assets, which have entered the mainstream.
In general, the upward trend in the number of Bitcoin ATMs is a positive sign. If ordinary people have an additional opportunity to purchase cryptocurrency without complicated schemes, this is really good.
Countries with the largest number of crypto ATMs
According to the CoinATMRadar service, the USA and Canada traditionally lead the countries with the largest number of Bitcoin ATMs. These states have the best infrastructure for cryptocurrency investors.
CoinATMRadar also calculated that an average of 52 devices launched in the world every day in 2021. Of this number, 48 machines installed in the United States.
Thus, the vast majority of working devices are located in the United States – 21,116 or 87.9% of the total in the world. In Canada, 1,697 (7%) Bitcoin-ATMs installed, which is more than in the whole of Europe.
In general, cryptocurrency ATMs today there are in 75 countries of the world.
Currently, 42 companies are operating bitcoin ATMs. The market continues to be dominated by Genesis Coin and General Bytes, which account for 40.9% and 24% of the market, respectively. The remaining 35% of the market is split among other ATM vendors, including BitAccess, Coinsource, Bitstop and others.
Apart from Bitcoin, the most common cryptocurrencies supported by terminals are Ether (ETH), Bitcoin Cash (BCH), Dash, XRP, and Litecoin (LTC).
Illegal activity related to cryptomats
CipherTrace analysts fear that the rapid growth in the number of cryptomats increases the likelihood that criminals could use them to launder money. Many regulators are also concerned about this issue, so they are working with law enforcement agencies to control illegal activities related to cryptomats. Last year, the German Federal Agency for Financial Supervision (BaFin) confiscated the cryptocurrency terminals of the Polish operator Shitcoins Club due to the lack of a banking and trading license.