The crypto economy is still growing despite the poor economic climate. For instance, there are more Bitcoin ATMs than ever before. A Bitcoin ATM is what, though? How many Bitcoin ATMs are now operational worldwide?
A Bitcoin ATM: What Is It?
You can purchase Bitcoin using the Bitcoin ATM. With the exception of two modifications, its functionality is very similar to a traditional coin dispenser. As was already said, a crypto ATM enables you to purchase digital currencies rather than fiat money. Your cryptocurrency wallet then serves as a bank account. Yes, the acquired cryptocurrencies are instantly transferred to your wallet.
You may use your bank card to immediately purchase cryptocurrencies at a crypto ATM. The cryptocurrency of your choosing is then instantly converted from your money at the going rate. Also, there are fees. You may even purchase cryptocurrency with cash at select ATMs. Some sellers just let you purchase Bitcoin, while others let you purchase multiple cryptocurrencies.
Distributors of bitcoin globally
Therefore, buying cryptocurrency using ATMs is a quick and simple process. Additionally, the structure of the cryptocurrency ecosystem is greatly influenced by their location. Interesting to note is that there are more crypto distributors in the world than ever before. You can periodically track the global distribution of cryptocurrency distributors using the coinatmradar website. There are therefore 39,012 ATMs worldwide as of the time this article was written, according to this website. More than 33,000 distributors provide cryptocurrencies besides Bitcoin through these 39,012 ATMs. After Bitcoin, Litecoin (LTC) is the cryptocurrency that ATMs provide the most of. Then Ethereum (ETH), Dogecoin (DOGE), and Bitcoin Cash follow (BCH).
Since the cryptocurrency boom of 2020, the rate at which Bitcoin ATMs are being installed around the world has been rapidly rising. For instance, there were 6,364 cryptocurrency ATMs worldwide as of January 1, 2020. That number has increased to 14,051 Bitcoin ATMs a year later, more than double. This figure has increased to 34,388 as of January 1, 2022! Additionally, the website coinatmradar has a fascinating indicator on this topic put up. It is merely a global indicator of the installation speed of crypto distributors. Based on data from the preceding 7 days, the speed parameter is calculated. As of the time this article was being written, 10.6 ATMs were built daily! By November 2022, the 40,000 ATM threshold will have been surpassed if things continue this way.
The location of cryptocurrency ATMs worldwide
There are, in fact, 39,012 crypto ATMs dispersed throughout 77 nations. The following are the top 10 countries in the world by number of crypto distributors:
- United States: 34,722;
- Canada: 2,555;
- Spain: 257;
- Salvador : 212 ;
- Pologne : 192 ;
- Hong Kong : 154 ;
- Suisse : 150 ;
- Austria: 137;
- Romania: 143;
- Italy: 81.
The analysis of this top 10 is fascinating, as it demonstrates how seriously the US and Canada have embraced the crypto trend. In fact, they alone account for almost 95% of all installed ATMs worldwide. El Salvador comes in at number four. Surprising? Not really, considering that the nation has officially recognized Bitcoin as legal tender since September 2021. The inclusion of extremely conservative European nations like Spain and Italy in the top 10 is what most surprises people.