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Witnessing the digital breakthrough

Bitcoin ATMs across the world in numbers

22 December 2017 00:00, UTC
Bitcoin ATMs across the world in numbers
By Margaret NAIL
In 2017, the number of bitcoin ATMs doubled. Now you can exchange money for cryptocurrency and vice versa in more than 2000 machines installed in more than sixty countries. And every day around five new crypto machines are opened. Bitnewstoday.com took a look at the crypto ATM market.

Geography of crypto ATMs

The United States is the leader in the number of installed crypto ATMs. The USA accounts for 60% of all bitcoin ATMs operating in the world. In the top seven there are the following countries: Canada (15% ATM), Great Britain (5%), Austria (4%), Spain (2%), Switzerland (1%), Australia (1%).

Country Share of bitcoin
ATMs
USA 60%
Canada 15%
UK 5%
Austria 4%
Spain 2%
Switzerland 1%
Australia 1%
Rest of the world 12%

Chart 1 - TOP-7 countries by the proportion of installed crypto ATMs
Source: calculations of Bitnewstoday.com according to Coinatmradar.com

Bitcoin ATMs in Europe are gradually gaining popularity. And the UK, Austria, Spain, Switzerland are among the top leaders in the number of installed crypto ATMs.

However, if we consider the number of bitcoins per 1 million people, then the list of leaders changes. For example, in Austria, there are more than ten devices per million citizens, while in the USA only about four crypto ATMs.

Country Number of bitcoin ATMs
per 1mln
Austria 10,5
Canada 8,6
Slovenia 4,3
USA 3,9
Finland 3,6
Switzerland 2,7
Slovakia 2,0

Chart 2 - TOP-7 countries by the number of crypto ATMs per 1 million citizens
Source: calculation of Bitnewstoday.com according to Coinatmradar.com

Bitcoin ATMs in Russia are not yet widely used. At the moment in Krasnodar, there are two crypto machines: one in the shopping center, and another - in a candy store "Vanilla Fairy". In Novosibirsk, you can buy cryptocurrency in six bitcoin ATMs installed in various stores.

According to unconfirmed reports, in Moscow bitcoin ATM is also installed in one of the restaurants.

Crypto ATM allow exchange operations not only with the first cryptocurrency. Of all the installed crypto machines in the world, more than 600 can offer Litecoin, about 280 - Ether, more than 140 - Dash, about 60 - Bitcoin Cash, etc.

Who produces crypto ATM

How to buy bitcoin ATM? There are 25 manufacturers. GenesisCoin accounts for 37% of bitcoin ATMs across the world, 28% are made by the company General Bytes, 14% by Lamass.

Pic. Shares of crypto ATM manufacturers
Source: calculations of Bitnewstoday.com according to Coinatmradar.com

Why do crypto ATMs become popular?

In the opinion of experts, cryptocurrency exchanges (crypto for fiat money and vice versa) are in demand mainly among those who prefer to buy cryptocurrency for a long time and do not want to constantly carry out operations on exchanges.

Map of bitcoin ATMs

Coinatmradar

"It may take more than one week to be verified on crypto exchange, while you can open a wallet, find an exchanger and convert your fiat money much faster. Moreover, there is a certain type of people who do not want to deal with sites based in foreign countries that don't even have real life offices. Of course, if your goal is daily trading, then the best option is to open a trading account on the exchange, but if you want to buy coins and forget about them, then exchangers are more preferable," - recommends Michael Mashchenko, analyst of eToro, social network for investors in Russia and the CIS.

Bitcoin ATMs allowing exchange of fiat money to crypto currencies are needed to expand the use of cryptocurrency in the real world. "Most likely, even with certain commissions for conducting operations, this type of services (ed. crypto ATMs) will be in demand and will increase the number of potential users of alternative means of payment. Crypto exchanges will go its own way of evolution, and the exchangers will solve a number of practical issues," says Alexander Egorov, currency strategist at TeleTrade.

Experts believe that crypto ATMs are very unlikely to replace crypto exchanges. "Crypto ATMs themselves will be an alternative and they may facilitate the exchange process for individual citizens, for example, for those who use cryptocurrency as a long-term investment, that is, store in a wallet, not on exchange account," said Ivan Kapustiansky, an analyst at Forex Optimum.

As cryptocurrency awareness keeps growing, the corresponding infrastructure will expand among the population. And in the near future, crypto machines will become just as common as usual ATMs.



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