Bitcoin ATMs have mushroomed everywhere recently, with more than 36,000 installations. However, the majority are in the United States, and this number had appreciated until recently when cryptocurrency began receiving criticism and bitcoin prices experienced downfalls.
These machines enable individuals, specifically those not digitally oriented, to buy and sell bitcoin rather than the exposures to cryptocurrency exchange platforms. In addition, people can credit their accounts with money and receive crypto in return in their crypto wallet.
Major Blow to Bitcoin ATMs
Currently, the volume of machines offering digital tokens has decreased globally. The US has shut down more machines supporting crypto trading or exchange services. Following the uncertainty in the crypto market that has led to its negative growth these recent years. The year 2023 commences with lesser crypto ATMs universally. The united states alone have gotten rid of 200 devices.
The major reason behind this action is the negative growth challenging these units. According to information reported by Coin ATM radar, this is the only time they have witnessed a decrease in the number of installed Bitcoin ATMs. In addition, the report indicates that the United States still stands to be the leading country in active automated machines. However, the states have had many of these machines deactivated in the last year.
Currently, as we dive deeper into countries with the most active crypto-automated machines, the first indicator is that the United States is ranked at the last position as Australia emerge at the top position with about 50 brand installations which indicates an increase of about 30%.
Following these events, it climbed the ladder to second place with the installation of 16 brand bitcoin automated machines, indicating a positive increase of 0.6%, accounting for 2,558. Hong Kong is next in line with installing nine Bitcoin ATMs accounting for a 6.8% positive growth.
Germany also found its way to the top five, adding eight more Bitcoin ATMs on top of the 89 that were previously owned. Mexico also had a significant increase of 6 more Bitcoin ATMs. Followed by many other European nations, however, Europe still stands behind North America in terms of volume.
Conferring to a study, the distribution of bitcoin ATMs offering other cryptocurrency tokens other than BTC has increased during the research period and presently stands at about 68%. In addition to other crypto tokens, Dash was noticed as the most added coin in the recent past.
Genesis Coin, Freedom Gateway, and General Bytes still stand as the most valuable developers and manufacturers of automated crypto machines.
Another significant finding during the research was that General Bytes was found to have installed 222 crypto-automated machines. Coinflip Bitcoin ATMs, Coin Time, Oliv, and Coihub were the manufacturers that experienced a positive increase in the volumes of machines they were handling.