The all-time high prices of Bitcoin towards the end of 2017 ushered in the installations of digital currency ATMs across the globe leading to the number rising. According to data from CryptoGlobe by May this year, the number of ATMs was at 3,000, and the installations continued through the year.
Further on according to data from CoinATMRadar there are over 4,100 crypto ATMs, and a considerable number of the ATMs are in the United States. Although the ATMs work like regular fiat currency ATMs, they have different functions. There are those that allow traders to buy and sell crypto, but others only cover the purchasing of crypto. Although the ATMs charge users up to 8% when purchasing crypto, this has not deterred traders from using the ATMs. Moreover reports from CryptoGlobe shows the usage of ATMs has risen significantly further cementing the fact that the high rates haven’t caused any effect on the usage of ATMs.
Supported Virtual Currency
As the number of ATMs rose so does the number of supported cryptocurrencies. According to data from Data Light from the 4,051 ATMs up and running 4,000 of the ATMs support BTC. And the supported crypto doesn’t stop on BTC only. While still focusing on data from Data Light over 2,000 ATMs support Litecoin altcoin.
On the other hand, 2,000 ATMs accept transactions via Ether while many of the ATMs also support Bitcoin Cash. Besides all the above transactions via Monero, Zcash, and Dash (DASH) is accepted in most of the ATMs. Similarly, ATMs also accept transactions in Dogecoin.
Bear Market Trend didn’t Affect Installation of ATMs
With the prices of top digital coins taking a plunge and even further dropping to extreme lows for BTC, this trend didn’t affect the installation of ATMs. Per data from Idata, the number rose significantly. The data further shows that six ATMs were installed per day this year. From the high number of installations, data shows there are more than 4,000 ATMs spread across 76 countries across the globe. Moreover, the operators of these ATMs are from 520 players in the crypto sector.
As the sector continues to grow exponentially the rise in the number of ATMs shows the cryptocurrency sector has a bright future ahead. Furthermore, the report shows the ATM sector in the cryptocurrency sector is fully covered. Moreover, from the data experts believe the market will be worth $145 million by 2023.