The number of Bitcoin Automated Teller Machines (ATMs) installed globally is currently being affected by the current state of the crypto economy.
The number of ATMs that have been installed dropped from 38,776 in August to 37,980 ATMs in September according to data gotten from CoinATMRadar. 796 ATMs were removed from the global network which resulted in a drop of -2.05%.
The sudden drop in Bitcoin ATMs installations can be attributed to a variety of factors, including uncertainties in markets and tensions from different geopolitical regions.
Bitcoin ATMs allow a person to buy Bitcoin and other cryptocurrencies with cash or a debit card. Some Bitcoin ATMs offer a two-way feature that allows you to both buy Bitcoin and sell Bitcoin for cash.
In some cases, Bitcoin ATM providers require users to have an existing account to make transactions on the machine. Bitcoin ATMs are one of the most visible benchmarks for measuring the growth of the digital currency ecosystem.
Bitcoin ATMs Installed in Different Regions
The data gotten from CoinATMRadar showed that as of May 18, 2020, there were 7,856 crypto ATMs in 72 countries and 5,888 locations in the United States alone, with 736 concentrated in the Los Angeles area and 946 present in Washington, DC. This amount is inclusive of other coins like Bitcoin Cash(BCH). Ethereum(ETH), Litecoin(LTC), and Dash (DASH).
Bitcoin ATMs were also introduced in the East and South of London with about 15 ATMs distributed across this region. Transactions have been constantly simplified through the ATM network of at least 150 machines across London.
The citizens of South Korea can now withdraw BCH, especially in areas that have not yet integrated peer-to-peer electronic cash payments with more than 13,000 ATMs present in South Korea as a result of the partnership between Bitcoin.com and Mecon Cash.
Despite the setback in market structure, data from 60 Days shows that almost 14 crypto ATMs are being installed worldwide per day, and Genesis Coin accounts for a 40.3% share of ATMs among other manufacturers.
Image source: Shutterstock