The adoption of cryptocurrencies into the mainstream is accelerating, including over 20,000 Bitcoin ATMs set to be deployed in 2021 alone.
As the current market for cryptocurrencies grows, so does the volume of Transactions that enable individuals to purchase and trade virtual currencies, with much more than 50 Bitcoins ATMs getting built each day.
According to Coin ATM Radar, there have been 14,040 Bitcoin ATMs in service as of January 1, 2021. There were 33,850 such ATMs in operation as of Tuesday, December 28.
That is higher than the total number of crypto ATMs installed in the preceding seven years.
Over 20,000 new gadgets have appeared in what will be a very productive year for cryptocurrency.
According to the monitoring website’s deployment trend line, there will be less than 13,000 Bitcoin ATMs in December 2020 – that total includes all ATM sites registered from October 2013. Only a year later, this figure had risen to 33,900.
Given not all Bitcoin ATMs are watched by Coin ATM Radar, the true figure might be significantly higher.
Bitcoin ATMs were first presented in 2014 since there were only 301 similar devices in the world.
Bitcoin ATMs are especially tempting to cryptocurrency investors because they allow them to avoid the time-consuming Know Your Customer (KYC) requirements that are customary on bitcoin trading platforms.
There are currently about 34,000 cryptocurrency ATMs operating worldwide, allowing customers to purchase and exchange cryptocurrencies for fiat money (actual money).
While these ATMs may be located across the globe, 90% of those are in the United States, with Canada coming in second with little more than 2,200 machines.
El Salvador, the very first nation to receive Funds as money in the year and, has already had 205 machines, surpassing European countries such as Spain, which has fewer than 200, and Austria, which has 142. Currently, there are just 101 crypto ATMs in operation in the United Kingdom.
Currently, Europe has just 1,384 bitcoin ATMs, falling far behind America.
A number of businesses currently provide ATMs that handle cryptocurrencies, with the largest being Genesis Coin, which has about 14,000 units, General Bytes, which has over 7,500, and Bitaccess, which has nearly 5,000.
At least 6,000 firms operate crypto ATMs in various parts of the country, with the top ten operators controlling 70% of all of them. Bitcoin Depot, which controls one-fifth of the industry with over 6,600 machines, is trailed by Coincloud (over 4,600) & Coinflip (almost 3,500).
Most crypto ATMs enable consumers to buy bitcoin (BTC), and many also accept bitcoin cash (BCH), ethereum (ETH), and litecoin (LTC).
Some platforms enable consumers to not only purchase but also sell digital currency.
Are Bitcoin ATMs secure to use?
‘Bitcoin ATMs are among the most secure ways to purchase, send, or trade Bitcoin. For starters, quick transactions shield you from the volatility of Bitcoin.
Finally, credentials and two-factor verification secure your profile from unauthorized access.’ according to Coinsource, a Bitcoin ATM provider.
‘Bitcoin ATMs, like standard ATMs, are simple to operate and provide individuals with another option to feel in control of their funds. Similarly, much as the establishment of Bitcoin concentrated on safety, so do the majority of Bitcoin ATM operators,’ according to Coinsource’s website.
The growing number of Digital ATMs in service in 2021 illustrates the increasing influence of cryptocurrency and its imminent global acceptance.