Installation Of Digital Currency ATMs Increasing Rapidly

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Digital Currency ATMs

As the popularity of virtual currencies grows the number of Bitcoin (BTC) ATM installations has also been rising. This has been happening at a rate that is even outpacing the installation of traditional automated teller machines. The installation rate of Bitcoin ATMs has not been dampened by the volatility of the digital currency ? even as the cryptocurrency was pulling back from a record high of $20,000 in February, there were 138 new Bitcoin ATMs installed during that period.

Currently the total number of Bitcoin ATMs across the globe is 2177 per statistics obtained from CoinATMRadar.com. The average number of Bitcoin ATMs that are installed on a daily basis across the globe is five.

Leading market

The biggest market for the Bitcoin ATMs is the United States as it currently has around 1675 locations across the country. More than 30% of these new BTMs were installed between October last year till now. The city in the United States with the highest number of BTMs is Los Angeles as it boasts of 165 locations. New York follows with 127 units.

Other countries in the top ten position with regards to the number of BTMs installed are Canada with 456 locations, Austria with 136 locations, the United Kingdom with 113 locations, Spain with 47 locations and Russia with 40 locations. Czech Republic, Australia, Italy, Finland and Switzerland are also ranked high with regards to BTM locations.

Quickest and easiest

Currently Bitcoin ATMs are the quickest and easiest way of acquiring and using the digital currency. This is because transactions are instant. However there is a price to pay for this and it is the transaction fee. On average to buy Bitcoin there is a charge of approximately 9% while selling Bitcoin attracts a charge of roughly 7%.

Besides Bitcoin some of the BTMs also support altcoins. At the moment from some 905 locations you can buy and sell Litecoin (LTC). Ether (ETH) is available in 332 locations while DASH (DASH) can be bought and sold in 173 locations.

Per a report compiled by Coherent Market Insights the average number of new Bitcoin ATMs installed per day will rise to 14 by the year 2025. Then the compounded annual growth rate of the virtual currency ATM market will be 44.6%. Last year the value of the global virtual currency ATM market was estimated to be around $13.99 million.

Cryptocurrency ATM manufacturers

Some of the leading Bitcoin ATM manufacturers in the world include Genesis Coin, General Bytes, Lamassu, Coinsource, BitAccess, Covault, BitXatm, Coinme and Rusbit.

So far 874 BTMs from Genesis Coin have been installed across world and 710 from General Bytes. Lamassu boasts of 320 installed locations while Coinsource boasts of 176 points. On the hand BitAccess-branded BTMs are in 150 locations while Covault is in 100 locations. BTMs manufactured by BitXatm, Coinme and Rusbit are installed in fewer than 100 locations each.

Due to increasing regulation manufacturers of digital currency ATMs are now starting to include identification features for purposes of compliance. While some operators allow anonymous use, a phone number may be required.

Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at news@dippli.com.

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