Bitcoin ATMs saw a 720% growth since 2016, total stands at 4,273

14 Feb, 2019
by Joeri Cant
Bitcoin ATMs saw a 720% growth since 2016, total stands at 4,273

The world’s very first Bitcoin ATM opened in Vancouver, Canada in late 2013. Ever since that day, the total number of cryptocurrency ATMs around the globe has continued to increase.

According to statistics from Coin ATM Radar, the total number of crypto ATMs around the world increased from 501 ATMs in 2016 to almost 4,300 in 2019, further showing that ATMs have doubled almost every year for the last 4 years.

Bitcoin ATMs are considered to be a very efficient way of letting the public interact with cryptocurrencies.

Read more: Philippines financial regulator approves two-way crypto ATM by Unionbank

These ATMs. which offer crypto traders the ability to purchase cryptocurrencies on the spot with cash or a credit card, charge an average transaction fee of 8.9 percent, while many ATMs in the United States for example, charge a flat fee of $2 to $4 for a withdrawal.

Eric Gravengaard, the CEO of a prominent cryptocurrency ATM provider known as Athena Bitcoin, told Longhash, that crypto ATMs satisfy two demands.

'First, they allow users of crypto to receive their crypto instantly. Blockchains are both instantaneous and permanent. The only analog in the U.S. financial system is physical currency, so ATMs are the only real way to instantly gain spendable Bitcoin.'

'Second, crypto ATMs are easy and convenient for people without convenient and trusted bank accounts. All you need is cash and ID and you can purchase Bitcoin.'

Read more: Chicago to have 30 new Bitcoin ATMs, mass usage is doubted, though

Yan Pu, the co-founder of BitOcean, a company that manufactures Bitcoin ATMs, said that he doesn't think cypto ATM growth will slow down any time soon.

'ATMs are a quite convenient way for users to get fiat or buy coins with fiat', he said.

Another Bitcoin ATM manufacturer Lamassu, recently stated that their crypto ATM machines represent the man on the street.

'The guy who just wants to put in $10 in Bitcoin or $200 in Bitcoin.'

Lamassu estimated that its operators can earn between $1,000–$3,000 per month, which would total to annual earnings for ATM operators of between $12,000 and $36,000 per unit.

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Read more about: Bitcoin (BTC)


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