While Bitcoin price might be on a slump, the one thing that has been on a continuous rise is the number of Bitcoin ATMs situated all over the world. The tally has now risen to 3,503 - data from CoinATMradar indicates. This is an interesting statistic which shows that while the prices may vary and fluctuate, investors are yet to lose complete hope. Moreover, Bitcoin ATMs make it simpler for users to transact cryptocurrencies.
For those who may not be aware, the first Bitcoin ATM was launched in Canada in 2013. Since then, there have been a number of developments in the cryptocurrency ecosystem which have led to a rapid rise in the number of ATMs. Today, the 3,503rd Bitcoin ATM became operational. The key takeaway here is the fact that Bitcoin ATMs continue to rise despite the fact that cryptocurrency prices are falling. Today, as Bitcoin fell past the critical $6,800 support line - the markets are panicking. However, Bitcoin ATMs seem to be increasing with every passing day.
Statistical Analysis
Interestingly, the past year and a half has been crucial in the rise of these ATMs. The 1000th Bitcoin ATM was installed in early 2018, and since then - the figure has increased in rapid leaps and bounds. It took almost 3 years for 1,000 Bitcoin ATMs - but only a year and a half for the next 2,500 of them to be set up. The number of Bitcoin ATMs reached 3,000 in May 2018 - and over the next three months, another 503 ATMs have been added (almost 5.5 new Bitcoin ATMs being added per day)
Moreover, if you look at the statistical breakdown - the US is leading this market. 2,594 out of these 3,503 ATMs are located in the US. This accounts for a whopping 74.05% of the machines. Bitcoin ATMs are spread across 64 countries - but the US continues to have the lion’s share of these machines. The US is followed by the United Kingdom, Austria, Russia and the Czech Republic. American firm Genesis Coin (33.69%) and Europe-based General Bytes (26.89%) own the most number of cryptocurrency ATMs.
For those who are looking for some more interesting statistics regarding cryptocurrency ATMs, it is worth noting that out of the 3,503 Bitcoin ATMs, 1,846 machines support altcoins (currencies other than Bitcoins). 49% of these machines that support altcoins support Litecoin (LTC) and about 32% of these ATMs support Ether (ETH).
What Does This Mean?
Now that you know the primary statistic: the number of Bitcoin ATMs has risen to 3,503 - and the various secondary statistics about the geographical distribution and the coins supported, etc - let us focus on what does this all mean for the cryptocurrency ecosystem.
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Bitcoin ATMs are rising despite cryptocurrency markets going through a slowdown
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There seems to be a strong demand for Bitcoin ATMs
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People find it convenient to use Bitcoin ATMs to purchase cryptocurrencies
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Bitcoin ATMs seem like a profitable business model
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Bitcoin is the most popularly supported cryptocurrency (supported on almost all 3,503 of the Bitcoin ATMs)
These observations prove that while markets may be going through a slowdown, businesses continue to see an opportunity in cryptocurrencies and are expecting the number of buyers to rise in the near future. The number of Bitcoin ATMs being installed is on a rise, and the 5,000 ATM landmark might arrive sooner than we expect it! Stay tuned.