Bitcoin

Achievement Unlocked: Bitcoin Surpasses 1,000 ATMs Worldwide

Antonio Madeira | Feb 17, 2017 | 09:00

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The number of Bitcoin ATM’s has surpassed 1,000th, a milestone in the history of Bitcoin that marks the continued growth of its infrastructure across the globe.

Bitcoin Hits 1,000 BTM’s

Today, CoinATMRadar celebrates the submission of the 1,000th Bitcoin ATM on their website. A significant moment for the website that tracks the presence of these machines worldwide, but even more so for the Bitcoin community in general.

The current number of Bitcoin ATM’s currently stands at 1,002, according to CoinATMRadar.

Now, Bitcoin can be bough (and sold with two-way machines) at these physical locations without a bank account in 55 countries. CoinATMRadar provides users with information on where to find these ATMs, explains how they can be used for remittances, how to set up their own ATM business along with a profit potential calculator.

Bitcoin ‘automated teller machines,’ sometimes called BTMs, play a vital role in Bitcoin’s global infrastructure. They provide a brick-and-mortar local to acquire Bitcoin extending the cryptocurrency’s reach.

They also provide convenience for users by saving time without the need to wait for bank transfers to clear. Also with the increasingly sophisticated methods being used in skimming operations, the Bitcoin counterparts provide a higher degree of security since no magnetic-strip cards are involved.

This milestone marks yet another success for the adoption of Bitcoin, which is beginning to gain traction in places where it previously had none. Demand for Bitcoin ATMs is growing in places like Texas, which has recently received eleven new BTMs.

4 Years of Continued Growth

The first BTM was placed in the Waves coffee shop in downtown Vancouver, Canada by Robocoin on October 29, 2013. Since then, Bitcoin ATMs have increased in popularity, demand and features.

Today, these provide the invaluable service of readily available currency conversion between fiat and crypto, including altcoins like Ether, Dash and others.

While all Bitcoin ATMs allow users to interact with cryptocurrencies without a bank account, the majority of these are still one-way. According to CoinATMRadar, only about 36% of all bitcoin machines are two-way.

Additionally, the vast majority of Bitcoin ATM’s are located in either North America or Europe.

Alternatives to BTMs

Although the service provided by Bitcoin ATM operators is highly valuable, certain apps are starting to provide highly functional and simple methods of exchanging fiat and cryptocurrencies without relying on banking institutions or BTMs.

Among these are Spare and Abra, which allow users to buy or sell Bitcoin through registered merchant locations. These merchants get to empty their bulky cash registers while also driving people to their store without the need to host or buy a physical machine. 

As the world moves into a cashless society through the introduction of demonetization policies, it is possible that both these apps and Bitcoin ATMs will become obsolete. However, BTM operators seem to understand this and welcome the change.

In a previous interview with Bitcoinist, Michael Dupree, founder and CEO of EasyBit said:

Nothing last forever and we are well aware that the market is dynamic and continuously evolving, so if the society turns to a cashless structure we, as all ATM companies, will have to adapt to that change providing new types of services. What we are sure about is that it is a thrilling opportunity to live in this moment of big social, political and economic changes and we want to be here for the long term.

Will this growth in Bitcoin ATM’s continue far into the future? Share your thoughts below!

Images courtesy of Shutterstock, CoinATMRadar, EY.com