There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
The total number of bitcoin ATMs (BTMs) worldwide reached 5,000 for the first time, monitoring resource CoinATMRadar confirmed on June 24. There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
According to the latest statistics, there are now 5,006 standalone BTMs in around 90 countries, where cryptocurrency users can buy or sell bitcoin (BTC). Some machines offer both services simultaneously.
The data caps a protracted period of growth in the BTM sector, with the U.S. leading the trend as more and more locations and formats appear.
June has seen a total of 150 installations, around 6 per day. General Bytes recently overtook Genesis Coin as the manufacturer with the largest number of BTMs installed.
As Cointelegraph reported, in 2019, it is not just the ‘classic’ BTM model which is expanding, but other methods of procuring BTC. A deal earlier in the year involving coin counting kiosk operator Coinstar brought bitcoin functionality to over 2,200 U.S. locations.
The U.S. currently has more than half of the world’s BTMs at 3,229, with a new pilot scheme this month bringing the machines to Circle K convenience stores in Arizona and Nevada.
“We are thrilled to be partnering with a respected organization like Circle K,” Marc Grens, president and co-founder of cryptocurrency provider DigitalMint said in a press release issued June 20.
“This partnership opens the door for massive expansion of Bitcoin access to new markets around the globe.”
Increasing competition in the BTM market is likely to reduce the fees charged to users, which tend to be noticeably higher than online alternatives.
Other in-person options, such as buying vouchers, are also gaining popularity with users keen on avoiding burdensome identity requirements.
Bitcoin ATMs Worldwide Hit New Milestone, Surpassing 6,000
The number of Bitcoin (BTC) ATMs installed worldwide has now surpassed a new milestone surpassing 6,000.
Online resource CoinATMRadar shows that there are currently 6,004 machines installed worldwide, over 65% of which are in the United States.
The United States Dwarfs Other Countries In Bitcoin ATMs
Furthermore, 108 machines have been deployed this month and data also shows that the average daily number of Bitcoin ATMs installed is 11 — the fastest pace this year.
Over three-quarters of the machines installed worldwide are in North America, nearly 20% in Europe and only 2% in Asia. The U.S. is home to 3,924 ATMs, Canada has 653, while the next countries in the top-four are the United Kingdom and Austria with 272 and 189, respectively.
1,000 New Machines Deployed Since June
The total number worldwide increased by about 1,000 since June, showing that the industry is seeing significant growth. Bitcoin ATMs, sometimes referred to as BTMs, allow users to buy BTC, while over 35% of machines also have two-way capabilities enabling sell crypto for cash.
In mid-October, one such machine was installed by BTM firm Bitstop at the Miami International Airport. The company’s co-founder and chief strategy officer Doug Carillo claimed that explained that Bitcoin is useful for travelers:
“More and more people prefer to travel with Bitcoin instead of cash for convenience and security. Miami International Airport is a perfect place for our customers to conveniently exchange their dollars for Bitcoin and vice versa when traveling domestically or abroad.”
Still, not everyone seems happy about the growth in the popularity of Bitcoin ATMs, particularly in the United States.
As Cointelegraph reported yesterday, the U.S. Internal Revenue Service Criminal Investigation Chief John Fort said that the regulator is wary of the potential tax issues caused by Bitcoin ATMs and kiosks.
“They’re required to abide by the same Know-Your-Customer, Anti-Money Laundering regulations, and we believe some have varying levels of adherence to those regulations,” said Fort.
Bitcoin ATM Firm Partners With Largest Shopping Mall Operator In US
Miami-based Bitcoin (BTC) automatic teller machines (ATM) firm Bitstop has partnered with the largest shopping mall operator in the United States, Simon Malls, to install Bitcoin ATMs at several locations.
BitStop announced on Nov. 26 that the firm has already installed Bitcoin ATMs at five Simon Malls locations in California, Florida and Georgia. Bitstop co-founder and CEO Andrew Barnard said that the machines were installed ahead of the holiday season:
“With the strategic timing of this new installation of Bitcoin ATMs at Simon Mall locations, customers can conveniently buy Bitcoin while doing their Black Friday and Christmas holiday shopping.”
Bitsop, which claims to be licensed and regulated, plans to grow its teller machine network by over 500 locations by the end of 2020, according to Barnard.
The new partnership builds on the firm’s previous installation of a Bitcoin ATM at the Miami International Airport, which it announced in mid-October.
Global Bitcoin ATM Network Grows
As Cointelegraph reported earlier this month, the number of Bitcoin ATMs installed worldwide surpassed a new milestone. Data at the time showed that there were over 6,000 such machines worldwide, over 65% of which are in the United States.
Still, authorities are increasingly wary of such services. The United States Internal Revenue Service’s Criminal Investigation Chief John Fort, for instance, recently said that the regulator is looking into potential tax issues caused by Bitcoin ATMs and kiosks.
In addition to possible tax issues, Fort claimed that the operators of crypto kiosks should be obliged to follow the same Know Your Customer and Anti-Money Laundering rules as other cryptocurrency-related businesses.
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