The number of Bitcoin ATMs is growing each day and recently reached a significant milestone. As of this month, the number of Bitcoin ATMs locations around the globe is expected to surpass the 4,000.
The Number Of Bitcoin ATMs Is Growing Fast
As the push for global adoption continues, making crypto coins easily accessible is a key priority. It’s here that Bitcoin ATMs have a crucial role to play. First, they make it easy to buy BTC and other altcoins directly using fiat currency. Given how convenient this is, it’s easy to see why their popularity is growing by the day.
The number of these devices is still way off that of bank ATMs. However, it’s still significant as it has been growing steadily over the past few months. Currently, six BTC ATMs are coming online every single day.
A glance at the numbers shows that North America is the place with the most Bitcoin machines. The continent currently holds 71.3 percent of the total market share. Europe sits at number two with at least one device in four found in some of its top cities. Surprisingly, at number three is Asia. The continent is prominent with crypto trading but only houses 2.56 percent of all Bitcoin machines. Africa, South America, and Oceania are further below in the rankings.
One interesting factor is how the makers of these devices are not just focusing on Bitcoin. Six out of ten machines support altcoins at various degrees.
Litecoin seems to be the most popular altcoin on offer. Its followed by Ethereum and Bitcoin Cash. There is also growing support for Dogecoin, Dash, ZCash, and Monero. Also, almost four in ten Bitcoin ATMs allow users to buy and sell cryptocurrencies
Another interesting factor about the Bitcoin ATM industry is that the number of manufactures is also on the rise. It’s something that helps explain the growing number of these machines worldwide. At the beginning of the Bitcoin ATM industry, Lamassu was the most prominent company.
However, this has changed over time as the company is the third largest manufacturer of Bitcoin ATMs. It has a 10.96 percent market share of the industry. Currently, Genesis Coin is the market leader maintaining a slight lead over General Bytes.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.