In the wake of over 5,000 crypto ATMs being taken out of service during the initial four months of 2023, the past four months have witnessed a resurgence in global crypto ATM installations.
Crypto ATM Landscape Rebounds After Downturn
Ever since the debut of the first bitcoin ATM in Vancouver, Canada, back in 2013, there has been an impressive worldwide increase in bitcoin and crypto ATMs, with the United States hosting a sizable share. The year 2014 saw a significant acceleration in ATM installations within the U.S., making it a primary market for such devices. This surge can be attributed to the growing popularity of digital currencies, user-friendly interfaces, and an increased appetite for decentralized finance (defi) solutions. Crypto ATMs offer users an accessible and convenient method to purchase and sell digital assets. Essentially, these self-service machines enable individuals to conduct cryptocurrency transactions using cash or credit/debit cards.
To utilize a crypto ATM, users must first establish a digital wallet or scan their pre-existing wallet. Next, they follow displayed guidelines to choose their preferred transaction type (purchase or vend), input the sum involved, and finalize payment. The ATM then either transfers the respective cryptocurrency amount to their wallet or dispenses cash equivalent to the sold digital asset’s value.
As we approach the end of July, data reveals that the global net growth of crypto ATMs has partially recovered after an earlier slump. Between January and April 2023, coinatmradar.com recorded a total of 5,726 machines removed from service. In May, figures indicate that growth bounced back with 1,692 installations.
In June, statistics from coinatmradar.com demonstrated that an additional 590 crypto ATM units were established; thus far in July, 412 more have emerged. Presently, there are approximately 36,205 machines installed across the globe. Prior to this year’s dip, cryptocurrency ATMs peaked at 39,296 devices in August 2022.
Roughly 84.7%, or 30,653 machines, are situated in the United States, with 93.1%, or 33,722 units, in North America. Europe houses 4% of the devices, while Australia and Oceania each host around 1.6%. Leading crypto ATM operators as of July 2023 include Bitcoin Depot (6,379), Coincloud (4,264), Coinflip (4,012), Bitstop (2,713), Rockitcoin (2,008), Coinhub (1,421), Athena Bitcoin (1,338), Bytefederal (975), Localcoin (901), and Cash2bitcoin (778).
What do you think about the crypto ATM installations rebounding after the slump at the beginning of the year? Share your thoughts and opinions about this subject in the comments section below.