Following the introduction of the inaugural bitcoin ATM in Vancouver, Canada, in 2013, there’s been a substantial global growth in bitcoin and crypto ATMs, with the United States claiming a significant portion. The US became a primary market for these devices in 2014, following a substantial increase in ATM installations. The rise in popularity of digital currencies, user-friendly operations, and a heightened demand for decentralized finance (defi) solutions drove this upsurge. Crypto ATMs, essentially self-service devices, provide users with an easy, accessible way to buy and sell digital currencies by using cash or credit/debit cards.
To operate a crypto ATM, users need to first set up a digital wallet or scan an existing one. Then, by following the on-screen instructions, they select their desired transaction type (buy or sell), enter the amount, and complete the payment. The ATM then transfers the corresponding amount of cryptocurrency to their wallet or dispenses cash equal to the sold digital asset’s value.
As we near the end of July, data indicates a partial rebound in the global net growth of crypto ATMs following a previous downturn. Coinatmradar.com noted that a total of 5,726 machines were decommissioned between January and April 2023. However, May saw a resurgence with 1,692 new installations.
Statistics from coinatmradar.com show an addition of 590 crypto ATM units in June, with 412 more installations so far in July. Currently, there are roughly 36,205 machines installed worldwide. Before this year’s decline, the number of cryptocurrency ATMs had peaked at 39,296 devices in August 2022.
The United States hosts about 84.7% or 30,653 of these machines, and North America overall accounts for 93.1% or 33,722 units. Europe is home to 4% of these devices, while Australia and Oceania each have approximately 1.6%. Leading crypto ATM providers as of July 2023 are Bitcoin Depot (6,379), Coincloud (4,264), Coinflip (4,012), Bitstop (2,713), Rockitcoin (2,008), Coinhub (1,421), Athena Bitcoin (1,338), Bytefederal (975), Localcoin (901), and Cash2bitcoin (778).
Frequently Asked Questions (FAQs) about Crypto ATM resurgence
What caused the slump in crypto ATM installations in early 2023?
How many crypto ATMs were installed after the slump?
After the slump, there was a significant rebound in crypto ATM installations. According to the data, 1,692 new installations were recorded in May, an additional 590 in June, and 412 more in the early part of July 2023.
Where are the majority of crypto ATMs located?
The majority of crypto ATMs are located in the United States, hosting approximately 84.7% or 30,653 of the global machines. When combined with the rest of North America, this figure rises to 93.1% or 33,722 units.
Who are the leading crypto ATM operators as of July 2023?
As of July 2023, the top crypto ATM operators include Bitcoin Depot (6,379 units), Coincloud (4,264 units), Coinflip (4,012 units), Bitstop (2,713 units), Rockitcoin (2,008 units), Coinhub (1,421 units), Athena Bitcoin (1,338 units), Bytefederal (975 units), Localcoin (901 units), and Cash2bitcoin (778 units).
How does a crypto ATM work?
To use a crypto ATM, users need to set up a digital wallet or scan an existing one. Following the on-screen instructions, they choose their transaction type (buy or sell), input the amount, and complete the payment. The ATM then transfers the respective amount of cryptocurrency to their wallet or dispenses cash equivalent to the sold digital asset’s value.
More about Crypto ATM resurgence
- Crypto ATMs Worldwide
- Introduction to Crypto ATMs
- Decentralized Finance (DeFi)
- Bitcoin Depot
- Athena Bitcoin