These days Bitcoin ATMs can be seen in many cities across the world. They aren’t as widely used as the mainstream cash machines, but cryptocurrency enthusiasts believe that one day they will become a vital cog in the emerging virtual currency industry. Despite the lull in cryptocurrency prices, the rate of installation of these virtual currency machines seems not to have abated, as Monday (August 6, 2018) marked another milestone for the developing BTC ATM narrative.
Bitcoin ATM Numbers Grow Despite Price Slump
According to Coinatmradar, a platform that monitors Bitcoin ATMs around the world, there are currently 3,509 BTC ATMs in the world. In February 2017, there were about 1,000 of such machines, which means that in the space of 17 months, the number has more than tripled.
This increase in the number of BTC ATMs is in stark contrast to the price performance of Bitcoin and the cryptocurrency market in general. Since the start of 2017, prices reached all-time highs in mid-December to early January 2018 before embarking on a lengthy bear run. Bitcoin, the top-ranked coin, is down by more than 60 percent since the beginning of the year.
Of the 3,509 BTC ATMs, more than half of them support altcoins as well. About 49.5 percent of the total number support Litecoin while another 32.1 percent offer support for Ethereum. Bitcoin is the still the undisputed leader based on the number of machines that support the cryptocurrency. 99.99 percent of all cryptocurrency ATMs worldwide support BTC.
The U.S. Maintains Top Spot in Number of Global Bitcoin ATMs
The figures from Coinatmradar also show that the United States continues to retain its position as the home of BTC ATMs worldwide. 74.24 percent of all BTC ATMs are located in North America, and the U.S. accounts for 2,036 of them—more than 50 percent of all BTC ATMs worldwide.
After North America, Europe comes second with 21.06 percent, with Asia (2.28 percent) and Oceania (1.42 percent) making up the top four. The U.K. has the highest number of BTC ATMs in Europe, with 169, followed by Austria with 151. Hong Kong occupies the top spot in the Asian leader board, with 21 Bitcoin ATMs.