As of January 2021, there are approximately 17,000 bitcoin ATMs worldwide, with this number set to continue increasing as 10,000 more are planned to rollout in the USA this year.
Bitcoin ATMs Are Targeting Gas Stations
According to Coin ATM Radar there are Bitcoin ATMs in every single state except for Alaska and Washington D.C.
Las Vegas-based Coin Cloud has 1,470 machines around the United States and expects to have over 10,000 by year-end, said CEO Chris McAlary.
Another ATM supplier based in Chicago, CoinFlip, apparently increased their ATM count from 420 last year to 1,800 now. CoinFlip CEO Daniel Polotsky also said that during the same time transactions per ATM increased nearly three times.
The demand has been so high that General Bytes, a major Bitcoin ATM manufacturer, temporarily ran out of stock last summer. The company sold 3,000 machines last year, 90% of which went to North America, said founder Karel Kyovsky.
Australia is Lagging Behind In The Bitcoin ATM Game
Australia has around 54 Bitcoin ATMs nationwide, which is considerably less than most other major countries. Most of these are located in Melbourne in shopping centres. Will we see Australia follow the USA’s lead and install Bitcoin ATMs in gas stations such as Coles Express, Caltex, BP and even 7-Eleven?
ATMs Provide Easy Access to Cryptos
One of the major drivers for the increase of these ATMs is the growing sentiment toward Bitcoin (BTC). The average punter may find it easier to use an ATM to buy Bitcoin than buying it online. There is also the added benefit of being able to buy Bitcoin with cash at an ATM.
Aside from the strict Bitcoin only ATMs there are others that allow you to buy various other major cryptocurrencies like Ethereum (ETH) and some even allow you to buy Dogecoin (DOGE).
One of the main disadvantages of using these machines rather than transacting online is that the fees are usually much higher. The majority of these operators ask more than 10% transaction fee, whereas online you wouldn’t often be looking at something over 2-3% depending on your transaction size.
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