Bitcoin ATM Uprising Sees May 2019 Boast the Biggest Installation Of Over 300 New Locations
According to the data provided by Coinmradar, 306 new Bitcoin ATMs were installed last month. This is the highest monthly growth since the last year and net growth of 228 globally.
A Bitcoin ATM is a kiosk that allows a person to purchase Bitcoin by using cash or debit card. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine.
Over 60% of the Bitcoin ATMs are in the United States and 12.7% are in Canada. Europe cumulatively has 22% of all the Bitcoin ATMs while the rest of the world combined has less than 4% of the global share.
The top ATM operator is Coinsource with 194 units closely followed by CoinCloud with 190 ATMs. Bitcoin Depot and RockitCoin are in the 3rd and 4th places with 152 and 138 ATMs respectively. When it comes to the manufacturers, Genesis Coin has the largest share with 31.9% followed by General Bytes with 29.6%. While talking about last month’s statistic, General Bytes saw 77 new machines, Genesis Coin 49 new installations and BitAccess 40 new ones.
Currently, there are 4,935 crypto ATMs spread over 77 countries globally. Even though Bitcoin ATMs are becoming very popular, especially in the US and Canada, it has not been very well received by many local authorities. Notably, recently when Vancouver saw the installation of Bitcoin ATMs, their Police department released a statement saying that these ATMs have become “an ideal money-laundering vehicle,” and proposed a ban. Unlike other money-service businesses, none of them are covered by federal anti-money laundering regulations.