Bitcoin adoption remains stagnant in 2019 as ATMs surge by 56 percent

As much as there are high expectations of cryptocurrency, number of Bitcoin users did not increase significantly in 2019 from the 2018 figure.

On the other hand, the number of Bitcoin ATMs grew significantly by 56 percent around the globe.

Reportedly, around 4,102 Bitcoin ATMs were available in 2018 and grew up to 6,387 in just 12 months.

The data was shared by prominent crypto influencer Jameson Lopp who took to Twitter and said: “The number of Bitcoin ATMs increased 56% from 2019 to 6387”.

With this development, it will help to normalize Bitcoin in the eyes of the public further.

The majority of these machines, reportedly, are located in the United States and followed by Canada, the United Kingdom, Austria, Spain, and Switzerland.

Notably, United States caters for over 42,200 machines, an increase from 2,296 2018.

Unlike the US, other countries did not see an increase in their Bitcoin trading terminals as some even ended the year with a decreased number of machines.

Austria, for example, started 2019 with 258 Bitcoin ATMs and ended the year with just 184.

Tales of dormant Bitcoin ATMs

However, with the rise in the number of Bitcoin ATMs, it does not give any clue about the machines’ actual usage.

Speculations, however, has it that owing to the excessive trading fees often charged on transactions, these machines are certainly not being well utilized.

According to CBS News, the average cost of using one of the terminals was around nine percent in 2017.

Fees around this range will likely price out most users, except those needing quick cash for their Bitcoin or those trying the machine only for the novelty of it.

Positives about Bitcoin ATMs surge

With the increased number of machines not translating to the fact that the digital asset is more widely accepted, it brings about other prospects for the crypto.

The machines’ availability in numerous locations can bring awareness and an opportunity if they charge lesser fees per transaction.

This will awake global attention towards what digital money is all about, and also promotes Bitcoin adoption.

In the same light, Bitcoin ATMs can prove to be a valuable source for countries that has weaker economies such as Venezuela and Argentina.

Featured image from: Pixabay.