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Surge in Global ATMs Defies Crypto’s Downward Price Trends

Surge in Global ATMs Defies Crypto's Downward Price Trends

With Bitcoin trading at under USD 3,800 at the time, it marks a year of significant downward movement over a period of 12 months. Yet the rise in the number of global ATMs being installed is continuing.

Bitcoin’s recent slump hasn’t seemed to have affected the ATM industry with reports that it’s healthier than ever, given that at the beginning of 2017 there were only 1,000 machines worldwide. Bitcoin ATM startup BCB ATM saw its sales figures soar by 528% in just 11 months through 2017, and other companies are experiencing the same rise in sales in 2018. Rising Bitcoin prices over the past three years have accelerated the installation of machines with cryptocurrency’s wider adoption around the world.

Bitcoin machines are readily found in the US and Europe but are in increasingly being installed in most parts of the globe. A recent count revealed the US supporting a total of 2,133 ATMs, followed by Canada’s 604, United Kingdom’s 167, Austria’s 148, and the Russian Federation’s 72. Most ATMs only support five cryptocurrencies, which include Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Dash [DASH], and Litecoin [LTC].

The top 10 manufacturers include Genesis Coin (1,165), General Bytes (920), Lamassu (390), BitAccess (210), Coinsource (195), Covault (119), BitXatm (70), Coinme (66), Orderbob ATM (46) and RusBit (43).

Traditional ATMs offer individuals and business owners the ability to withdraw or deposit fiat currency into or from their banking accounts or credit cards. Machines which allow customers to both buy and sell have increased by 35% as manufacturers have improved hardware. These machines have proved to be profitable for global operators as they charge fees for both buying and selling transactions, charging an average fee to the client of 8.77%.

Customers can now purchase their Bitcoin through vouchers, gift cards, and web-money kiosks. Switzerland leads the way with Bitcoin now available as payment at 1,357 railway ticket kiosks around the alpine nation. Recent announcements that from January 1 2019, customers would be able to buy coupons – in values of EUR 50, 100 or 250 – from French tabacs has been viewed by many as a questionable decision and one that was not condoned by the French central bank.

 

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