With an increase in demand for Bitcoin, there is a corresponding increase in the number of Bitcoin ATMs around the world. Now there are over 6,000 Bitcoin ATMs with over 65% of them in the United States alone. According to the online resource CoinATMRadar, there are currently 6,004 machines installed worldwide. Moreover, the Bitcoin ATM installation rate is this year’s fastest with 11 machines being installed each day.
The statistics show that 108 machines have been deployed this month. More than 75% of Bitcoin ATMs are working in North America, 20% in Europe and only 2% in Asia. Of the total machines in the world, 3,924 ATMs are available in the United States alone. Rest includes 653 in Canada, 272 in the United Kingdom and 189 in Austria. It is evident from the statistics that the Bitcoin industry is growing significantly.
Bitcoin ATMs, also known as BTMs, help people in buying Bitcoin conveniently. 35% of these ATMs have a two-way capability which allows people to sell Bitcoin for cash.
People are finding it easy nowadays to buy Bitcoin for multiple purposes because of numerous ATMs available to them. They find it easier to interact with an ATM as compared to an exchange. Due to this, they conveniently invest in Bitcoin or use it as a transactional currency. For example, BTM is available at Miami Airport and people use it to buy Bitcoin when they are traveling abroad or domestically. A BTM firm Bitstop’s co-founder and chief strategy officer Doug Carillo explained:
More and more people prefer to travel with Bitcoin instead of cash for convenience and security. Miami International Airport is a perfect place for our customers to conveniently exchange their dollars for Bitcoin and vice versa when traveling domestically or abroad.
There are a few disadvantages attached to BTMs as well. It seems there are people who are particularly not happy with the growth of the BTM industry. Few people are concerned that the BTMs need proper adherence to the regulations. They fear that failing to do so might help in money laundering and terror financing. As reported, Chief John Fort, U.S. Internal Revenue Service Criminal Investigation said: “They’re required to abide by the same Know-Your-Customer, Anti-Money Laundering regulations, and we believe some have varying levels of adherence to those regulations.”
With an increase in the growth of BTM, it seems likely that there will be an increase in the Bitcoin value. Moreover, Bitcoin ATMs need to abide by the regulations. Succeeding to do so shall allow more people to buy Bitcoin and invest in it.