The new machines are being installed at a rate of almost 1 per hour.
In 2013 the world witnessed the debut of Bitcoin’s first ATM when a company called Robocoin placed a machine in a Vancouver coffee shop. Allowing customers to exchange Bitcoin for cash, and vice versa, the machine recorded $10,000 in transactions with BTC on its first day.
Now that we are a month away from the end of 2020, the estimated number of crypto ATMs worldwide that allow customers to buy and sell Bitcoin (BTC) and other altcoins for cash is about 11,665 ATMs, according to CoinATMRadar.
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This reflects a notable increase in the number of crypto ATMs compared to last year. The number of crypto ATMs at the end of 2019 was estimated at 6,372 machines; now, as we approach the end of 2020, there has been an increase of almost 80%.
CoinATMRadar also shows that the number of crypto ATMs is constantly increasing by an average of 23 machines per day, or almost one new ATM per hour.
The United States recorded the fastest spread of crypto ATMs in the world, and has the most crypto ATMs in its territory. The number of crypto ATMs located in the United States increased from 4,213 in 2019 to 9,242 in 2020, an increase of more than 50%. The United States currently represents about 79.2% of the total number of crypto ATMs in the world.
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There are also a variety of places where crypto ATMs have been located within the United States, such as small shops, shopping malls, transportation centres, and even one in the Tesla Gigafactory.
The others in the top five with the largest number of crypto ATMs are Canada, which ranks second with 880 ATMs; the United Kingdom in the third with 268 machines; Hong Kong in the fourth with 62 machines; and finally Colombia, which recently showed great interest in establishing crypto ATMs, with 59 machines.
Bitcoin ATMs in Colombia: Where are they and how many are there?
As far as Africa is concerned, South Africa ranked first on the continent with 6 machines, but one must be careful, as Nigeria, the continent’s largest economy, has shown increasing interest over the last year.
As far as companies manufacturing crypto ATMs are concerned, Genesis Coin ranks first in the world, with the San Francisco-based company having spread 4,000 crypto ATMs worldwide, followed by General Bytes with 3,442 ATMs.
The significant growth in the number of crypto ATMs in 2020 demonstrates the growing interest of retail buyers and financial institutions, including the financial giant Paypal.