Bitcoin ATMs Are Gaining Popularity

Bitcoin ATM

According to the data released by Coin ATM Radar, there are currently more than 5,000 ATMs for bitcoin and other cryptocurrencies installed around the world.

In Latin America, 170 ATMs are active, of which 80 operate in Spain and the remaining 90 in Latin America. The region currently has just 1.8% of the total installed ATMs worldwide.

These ATMs makes it convenient for users to purchase and sale of cryptocurrencies using fiat and are known to be a channel of adoption because people get to relate cryptocurrencies with money.

Colombia Tops in Latin America

Colombia stands out as the country with the most Bitcoin supporting ATM in Latin America. There are 35 devices in the country according to Coin ATM Radar.

The figure represents more than 38% of the units installed in Latin American countries and 20% in South America, ranking first and second in the region, respectively.

It is not surprising though that many of these are located near the border with the inflation ravaged Venezuela. The latter, despite managing a high volume of exchange of bitcoin through LocalBitcoins which is the highest in the region, does not have any crypto ATM.

Colombia is followed by the Dominican Republic (12), Argentina (10), Mexico (10) and Panama (10).

United States Still Leads

It should be noted that the United States has the largest number of units in its territory, with 3,047 ATMs, which is equivalent to more than 60% of the total.

2,000 Crypto ATMs Installed 12 Months

Another significant element of ATM figures around the world is their sustained growth in recent years. Coin ATM Radar has been recording the statistics since 2014. More than 5,000 devices have been installed since then.

An annual comparative growth rate since 2018 shows a 49.96% increase in Bitcoin ATM installations globally. The number of new installations has gone up from 2,058 to 4,113 in twelve months. In the last 18 months, the figure increased by 2,953 devices, indicating an increase of 143%.

From January of this year to June, the figure has increased 17.92%, standing at 5.011 according to the report released by Coin ATM radar on June 26.

This increase in crypto ATMs may be an indication that there is increasing demand and adoption of Bitcoin as a means of transfer of value.

Author: Olowoporoku Adeniyi

cryptocurrency evangelist with five years experience in the blockchain industry

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