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Cryptocurrency

Number of Crypto ATM Machines Installed Worldwide Crosses Four-Thousand

Despite their recent meltdowns and crises, cryptocurrencies are gaining popularity by the day, the world over. This is indicated by the fact that the number of Cryptocurrency ATMs has surged in recent years. A graph released by Coin ATM Radar, an industry statistics aggregator, suggests that as 2019 was ushered, number of total Crypto ATMs worldwide crossed 4000. Almost double the number of ATMs at the same time last year.

They have also released a graphic that shows the speed of crypto machines installed over time with the arrow tipping towards the blue side of the meter suggesting that the rate of installation is going at a very high speed. This graphic illustrates that nearly 5 ATMs are installed each day. The gauge scale is calculated based on the last 60 days, speed is calculated based on the last seven days.

Deeper analysis reveal that a total of 4167 crypto ATMs have been installed worldwide. A whopping 70 percent are located in North America with 55 percent in the United States alone and 15 percent in Canada. 23% of these are in Europe of which around 6.5% of these are in Austria and the United Kingdom contributing to 4.8% of them. Asia shares 2.6 percent of these with most of them installed in Hong Kong. 1.3 and 1.1 percent are in Oceania and South America respectively with African countries having only 0.2 percent of the total of these machines.

Nearly all of these ATMs support Bitcoins and more than 30% of the total only supporting Bitcoin exclusively. Around 65% of the machines support one or more altcoins including Litecoins (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Dash (DASH), Monero (XMR), Dogecoin (DOGE) and ZCash (ZEC). Nearly 60% of the machines support LTC, and around 50% of them support ETH.

It is rather, a bit, unfortunate that India does not have a single of these machines installed anywhere. Indian lawmakers are still in the process of passing a regulation regarding the fate of cryptocurrencies in India. Reserve Bank of India (RBI) had tightened the noose on them in April 2018 by implemented a blanket ban on the use of cryptocurrencies and had instructed all the Banks to cease crypto to Rupee transactions. The developers of first crypto ATM in Bangalore were arrested in November last year. It might be some time before India gets its crypto ATM.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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