Massive Surge in Global Bitcoin ATM Installation Over 2021
Presently, an estimated 34,000 ATMs have been installed globally with the majority located in the United States. At the start of the year, there were slightly more than 14,000 Bitcoin automated teller machines in existence, until the number grew by more than 100% in 2021.
What the Rise Indicates
As this is the largest increase witnessed since the first Bitcoin ATM was installed nearly 8 years ago, there are questions as to how it came about. The significant growth in the number of Bitcoin points towards a substantial rise in usage as well as demand for the world’s largest digital currency.
The multiplying number of Bitcoin ATMs rolled over from 2020 as more of them were installed despite or perhaps because of the pandemic as people sought digital alternatives to physical cash. As the health crisis went on the number of Bitcoin ATMs grew from about 6400 to 12800, also doubling in 1 year.
The actual start of the boom can be traced back to 2018, when ICOs experienced a surge in popularity. With Bitcoin and other similar assets already on the road to mainstream acceptance, one can witness a corresponding rise in the technology or infrastructure that supports transactions with digital currency.
Although they are relatively convenient, Bitcoin ATMs come with a few demerits, the most significant one is the high cost of transactions. Due to this feature, some users have said they would rather use stationary exchange platforms than a Bitcoin ATM.
In spite of this, Bitcoin ATMs with their ease of access are a good start to trading in Bitcoin and generating public interest in the asset and the crypto industry at large.
Bitcoin ATMs Increase with Crypto Popularity
According to a report, 13,242 of the machines were set up before the last quarter of 2021. A lot of ATM installations took place around March after which more nations hopped on board. At the moment, there are several countries with Bitcoin ATMs in operation.
About two-thirds of the total number of ATMs worldwide were installed in the United States alone with crypto ATM network, Bitcoin Depot, handling the launch of about 350 of these in May this year. Although Honduras set up the first crypto ATM in Latin America, El Salvador, which spearheaded the crypto movement within the region, has the most operational ATMs. Under Nayyib Bukele’s leadership, the government launched more than 200 Bitcoin ATMs this year, after acknowledging BTC as a legal tender. Following the example laid down by El Salvador, Colombia set up Bitcoin ATMs within its borders. While China’s ban on cryptocurrency still stands, the nation offers digital Renminbi services as well as a cash-to-digital exchange ATM located in Beijing.
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