Are Bitcoin ATMs Popular? An Expert's Perspective

The number of crypto ATMs available worldwide is now 36,357, a staggering 159% increase from the 14,031 ATMs available at the beginning of last year. The top three bitcoin ATM operators are Bitcoin Depot (19.1% market share), CoinCloud (14.1%) and CoinFlip (9.7%). In recent years, bitcoin ATMs such as the one used by Boehm have started to appear around the world. As of January 2021, there were 4,274 bitcoin ATMs installed worldwide, according to Coin ATM Radar, a website that tracks bitcoin ATM installations. These ATMs can be found in 75 countries, with more than half of them (2,581) located in the United States.

Cryptocurrency ATMs can be one-way (one-way) or two-way (two-way). One-way cryptocurrency ATMs, which are more common, only allow the purchase of cryptocurrencies. Two-way cryptocurrency ATMs also allow you to sell your cryptocurrency for cash. Bitcoin ATMs (Automated Teller Machines) are kiosks that allow a person to buy Bitcoin and other cryptocurrencies using cash or debit card. Some Bitcoin ATMs offer two-way functionality that allows both buying Bitcoin and selling Bitcoin for cash.

In some cases, Bitcoin ATM providers require users to have an existing account to make transactions on the machine. Otherwise, using an exchange or buying bitcoins through applications that you probably already have on your smartphone are also good options. ATMs are also located inside Giant Eagle stores, Ross Park Mall and Pittsburgh International Airport. With the current increase in ransomware attacks, in which hackers lock your computer and hold it for ransom until you pay them, many victims have turned to bitcoin ATMs to get the ransom payment. When you detect a bitcoin ATM, you will often find that it has a QR code attached to it that asks you to download a particular crypto wallet that is compatible with the ATM.

In fact, these crypto ATMs may be more accessible to certain people who are not as comfortable with technology or who are wary of digital banking. And even though the value of bitcoin has dropped significantly in recent months, the industry continues to grow. Cryptocurrency ATMs can be a convenient way to buy and sell digital currencies, and bypassing traditional banking can be an advantage for those attracted to decentralized technology. Bradley Cooper is the publisher of ATM Marketplace and was previously the publisher of Digital Signage Today. The company operates in 48 states, including Pennsylvania, through a system of Coinstar ATMs and kiosks such as those located in Giant Eagle stores to convert exchange into cash, gift cards and now cryptocurrencies. That's alarming for law enforcement officials who told CNBC that ATMs are being used for a wide range of criminal activities.

The machines, mostly located in convenience stores and owned by private companies, allow customers to easily buy bitcoins and other cryptocurrencies with cash. Businesses manage their ATM networks by providing cash where and when customers want it but they must provide this service efficiently if they want to make a profit. This process could be efficient and scalable because there are many crypto ATM operators in each region. The countries in the European Union with the highest number of Bitcoin ATMs are Spain (17), Austria (13), Poland (11), Romania (8), Czechia (6), Greece (6) and Italy (60).

Benny Iwanowski
Benny Iwanowski

Big crypto nerd. Incurable music geek. Wannabe social media guru. Evil zombieaholic. Proud zombie expert.