Despite
the bleak trend towards cryptocurrencies, the daily installed Crypto ATMs is 6.
Most of the digital ATMs are installed in the earlier part of 2018. The number
of crypto ATMs in May 2018 is 3,000. The cryptocurrency ATMs (automated teller
machines) installed worldwide has surpassed the count of 4,000. The usage rate
of digital ATMs is high. The users buy the tokens using fiat currency at crypto
ATMs. Most of the machines support both buy and sell operations. However, some
ATMs support only buy operation. The market for Crypto ATMs would reach $145
million in 2023.
North America accounts for highest cryptocurrency ATMs
The
percentage of cryptocurrency ATMs installed in North America stood at 71.8. The
US ranks second at 56% regarding cryptocurrency ATMs. Europe, Canada, and Asia
account for 23%, 15%, 2.6% of the crypto ATMs installed respectively. Austria
and UK account for 6.4% and 4.8% of the installed Cryptocurrency ATMs in
Europe. Hong Kong holds 0.8% of the ATMs in Asia.
The
number of installations in the US is growing at a fast pace. The count of ATMs
has surged to 2,475 as on January 11, 2019, an increase of 103% when compared
to previous year. California accounts for the largest number of Crypto ATMs
with 473. Illinois closely follows with the count of 250. It is an indication
that the cryptocurrency sector commands a bright future.
Majority of crypto ATMs support Bitcoin (BTC)
According to the latest statistics, 4,167 number of Crypto ATMs support Bitcoin. The number of machines supporting Altcoins (ATC) is 4,162. The ATMs providing support for Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and Dash (DASH) are 59.5%, 49.3%, 33.9%, and 17.9% respectively. The ATMs offering support for other cryptocurrencies such as Dogecoin (DOGE), Monero (XMR), and Zcash are 3% or less each.
It is to
be notable that no crypto ATMs are installed in India. The law enforcement
authorities have arrested the first Bitcoin ATM developers in Bangalore
according to the report released in November 2018. The device is labeled as
Cryptocurrency ATM for allowing the crypto users are circumventing the banking
rules. The arrests are made as per the ban imposed by RBI in Spring 2018 that
prohibits banks dealing with firms involved in cryptocurrency.
