Growth in Number of Bitcoin ATMs
As cryptocurrencies continue to influence the financial service industry and provide users with endless possibilities, bitcoin ATMs have proven to play a critical role in the cryptocurrency adoption process. Bitcoin ATMs convert fiat currency into digital cash, ensuring a seamless transaction experience.
Bitcoin ATMs, which are also called BATMs or bitcoin kiosks, are among the fastest growing industries around the world due to the increased demand for physical cryptocurrency transactions. In the past year, the numbers of bitcoin ATMs have more than doubled from 2,000 to over 4,000 bitcoin ATMs. The expansions of bitcoin ATMs around the world has been attributed to the increasing acceptance and use of bitcoin for financial transactions. Bitcoin ATMs have made cryptocurrency become a popular form of payment in certain parts of the United States.
Although several companies own and operate bitcoin ATMs, Bitcoin Depot is currently the largest multi-cryptocurrency ATM operator in the world. The company has leaped from third place to number one in less than a year. Bitcoin Depot contributed to the growth of cyrptocurrency ATMs by installing over forty percent of all bitcoin ATMs in the United States and accounted for one-third of all Bitcoin ATM installations around the world in the month of January alone. Despite fluctuating bitcoin prices, market experts predict a further growth in the number of bitcoin ATMs around the country.
Bitcoin Depot kicked off 2019 by expanding to seven new states; Illinois, Arizona, Nevada, Virginia, Georgia, Florida and California. The company installed a total of fifty bitcoin ATMs since January, increasing the total number of Bitcoin Depot ATMs installed from 155 to over 200 in about a month according to CoinATMradar competitor chart.
As Bitcoin Depot saw the increased demand for bitcoin ATMs in Chicago, the company decided to expand by installing over thirty Bitcoin ATMs in Chicago, Illinois. This is the largest expansion for Bitcoin Depot and the bitcoin ATM industry up to date. Bitcoin Depot also leads this campaign by providing ZERO transactions fees for using bitcoin ATMs located in this region to increase bitcoin adoption, making it the cheapest way to acquire bitcoin in the world.
Despite all the expansion, questions still remain. Will the installations of new bitcoin ATMs in Chicago drive a higher bitcoin adoption rate in the state than elsewhere? Will the access to bitcoin ATMs increase the acceptance to the new cryptocurrencies? The CEO of Bitcoin Depot, Brandon Mintz, says his company is “serving a very niche customer base” and believes this will increase bitcoin adoption. The strategic placement of the Bitcoin Depot ATMs displays the effort of the company to integrate cryptocurrencies into mainstream locations, positively impacting the adoption of bitcoin.
Bitcoin Depot currently operates in nineteen states, an increase of four states from last year. This expansion means that Bitcoin Depot may expand in other parts of the United States in the near future as the adoption of bitcoin continues. With the current trend, the company aims to have about 300 Bitcoin Depot ATMs installed and in operation by the end of 2019.
Bitcoin Depot believes bitcoin ATMs are crucial for the acceptance and adoption of bitcoin as it is the vital connection between the underbanked communities to the crypto world. The company believes the new installations of bitcoin ATMs and zero transaction fees will continue to increase bitcoin adoption in the near future and thereby create a larger market for expansion. Bitcoin Depot wants to continue to be at the forefront of the bitcoin ATM industry, providing more people with access to bitcoin ATMs to convert fiat currencies into cryptocurrencies in the future.