Crypto ATMs growth across the world continues to rise as demand for Bitcoin heads north. Most major towns have reported at least one terminal in response to the growing interest NOT ONLY IN Bitcoins but altcoins as well.
Cryptocurrency uptake is on the rise and the increased use cases have spurred ATM growth to make buying and selling of digital assets convenient. Recent data indicate that the last one year has seen the number of ATMs across the globe grow by over 70 percent.
Bitcoin and crypto ATMs convenience
At press time the total number of crypto ATMs is slightly above 7,600. However, the distribution is dictated by consumer demand. The machine penetration makes it easy for Bitcoin and other select crypto holders to buy and sell conveniently without necessarily relying on third parties.
Bitcoin demand in Africa is also on the rise. This has seen Nigeria get the first ATM with 30 more terminals to be installed soon. This will see Nigeria become the leading country in the continent to host the highest number of crypto ATMs according to the team behind the project, Blockstale BTM.
The ATM installation company CEO Daniel Adekunle adds:
Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa… We hope this great innovation structures our economy and opens more opportunities to our youths and other business owners.
High crypto ATMs concentration
The number of Bitcoin ATMs is quite low compared to the U.S. where the concentration is high. The United States boasts of over 5,000 machines which in the recent past have experienced increased transactions due to demand and growing adoption.
DigitalMint co-founder Marc Grens says despite the current lockdown due to the COVID-19 pandemic, the firm is still recording new users on top of the existing customers. On the brighter side, LibertyX has installed more than 1,000 machines in the last two months alone.
LibertyX CEO Chris Yim says that they have grown from zero to hit “several hundred” ATM installations in less than a month which has translated into increased volumes. The growth has not been slowed by the pandemic. Yim singled out April 15 as the best day for the transaction via the ATMs after the disbursement of the stimulus checks.
The growth of crypto ATM is a clear indication that interest in Bitcoin is still on the rise. This has been affirmed by Bitcoin searches on Google, a trend that more people are now crypto aware compared to several years back.