Automated Teller Machines (ATMs) are the most convenient way to access cash anywhere in the world. Similar is the case for cryptocurrency ATMs with the number touching 3,000 worldwide. They are an important and easy access point for users to exchange Bitcoins and Ethereum.
Many countries across regions have one or more Bitcoin ATMs right now. The United States continues to lead this growth even though the adoption is higher across some European countries like Sweden and Netherlands.
Over half of these 3,000 ATMs are in the United States alone. Europe is seeing Austria taking the lead in bitcoin ATMs and one can expect Malta to become a popular ATM destination after moving of cryptocurrency exchange Binance headquarters there.
It has been reported that the Australia authorities will also step in further with the launch of Bitcoin ATMs as part of the joint venture between Blockchain service provider DigitalX and an ATM operator StarGroup. The first Bitcoin ATM in Australia was established by ABA Technologies and came live with a vast range of services in 2014. Currently, there are 16 fully-functional Bitcoin ATMs in and around Sydney and Melbourne Area.
Barely three months ago there had been 2177 Bitcoin ATMs all around the world. Bitcoin ATMs are rising in popularity because they are an easy and instant way of making deposits or withdrawals. However, what is even more surprising about the growth of Bitcoin ATMs is the fact that they are growing despite high fees. As of now, Bitcoin ATMs (on an average) charge about 8- 9% fees for buying Bitcoins and 7% for selling Bitcoins. Add to the fact that the markets are in disarray at the moment and the prices are falling - the growth of Bitcoin ATMs at this point in time is quite surprising.
A Reading Geek by birth, loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, I love to understand businesses and how they affect everything else!