Since 2016, the number of Bitcoin ATMs has surged around 720%. According to Coin ATM Radar, a website that provides information about crypto ATMs around the world informed that the total number of Bitcoin ATMs has increased from 500 to 4,300 in 2019. This is very important for the whole cryptocurrency industry that is growing all over the world.
According to the information provided by Coin ATM Radar, the number of ATMs supporting Litecoin (LTC) is 2873, while those supporting Ethereum (ETH) reached 2410. The average monthly revenue of these Bitcoin ATMs is between $1,000 and $3,000. Other digital currencies supported are Bitcoin Cash (BCH) (1,346), Dash (778), Monero (XMR) (127), Dogecoin (DOGE) (84) and Zcash (ZEC) (68).
The United States is the country with the largest number of ATMs installed and running with 2618 machines. The US is followed by Canada, with 700 locations with Bitcoin ATMs installed. Austria is the third country with the largest number of Bitcoin ATMs with 272 machines.
North America is a clear leader in the market with 71.6% of the total number of ATMs installed around the world. Europe follows with 23.3% of the ATMs. Asia, Oceania, South America, and Africa are the following regions with 2.5%, 1.2%, 1.2% and 0.2% respectively.
With Cryptocurrency ATMs it is possible to easily purchase and sell virtual currencies. However, it might be necessary to pay a higher fee for transacting funds. Thus, it might not be so useful for those searching for the best prices in the market. Clearly, ATMs allow several users that do not trust exchanges or do not understand how they work, to purchase virtual currencies in a very easy way.
South America could soon start to see an increased number of ATMs installed in the continent. Colombia is clearly a leader in the region with 31 ATMs installed in the country. That means that Colombia is the 13th country with the largest number of crypto ATMs. Argentina is the second country in the region with 8 ATMs. In the near future, there are some companies that are thinking about expanding in the region.
One of the main reasons is the fact that there are several Venezuelans around the whole continent that are sending payments to their families using Bitcoin and other digital assets. Thus, it might be a good option to install a larger network of ATMs in Latin America. Colombia, for example, has a large number of ATMs because of this.
Moreover, countries such as Argentina, with high inflation rates, would have a larger interest for Bitcoin compared to other countries.