Bitcoin around the corner – Last weekend marked the 9th anniversary of Bitcoin ATMs, very similar to the much more common fiat cash machines. From the first Bitcoin ATM installed in downtown Vancouver at the end of 2013 to the multi-crypto distributors deployed today, let’s take stock of the evolution of this tool whose role in the adoption of cryptoassets by the population is not negligible.
38,824 vending machines installed at the end of October 2022
Crypto ATMs continue to develop, and this whatever the market phases. In fact, approximately 10,000 new ATMs were installed in one year in the world.
Adoption seems to be accelerating since it will have been necessary to wait almost 3 and a half years since the installation of the very first model to exceed the 1000 distributors in service in March 2017. The bar of 10,000 machines will then be crossed in September 2020. The evolution then becomes exponential, then experiences a slowdown in 2022 due to the current bear market.
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A very unequal geographical distribution of ATMs
The United States concentrates the vast majority of distributors of cryptoassets, with almost 90% or around 34,000 copies. Then follow Canada at 6.6% then Spain at only 0.6% or 215 machines, according to coinatmradar. This finding easily explains the clear predominance of American entities among crypto ATM producers. The most important being BitAccess, Genesis Coin and Genesis Bytes.
A more or less extensive choice of cryptoassets
Almost all ATMs offer to buy Bitcoin. It is not the same for the other corners. Thus, around 81% of the machines offer Litecoin, 73% distribute Ether and only 39% support Dogecoin.
The DAC (automatic distributors of cryptocurrencies) therefore retain since their creation a substantial growth, although temporarily slowed down due to the current geopolitical, economic and financial context. This has no reason to stop, especially outside the American continent where the potential for development is still immense.
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