Coin ATM Radar shows that there are currently 3,028 Bitcoin ATMs operating in 68 different countries throughout the world. More than half of these Bitcoin ATMs, often referred to as BTMs, can be found in the United States.
Data also shows that these “cash for crypto” processors are quite popular in Chicago and New York. Europe seems to be catching up to the US, with Austria reportedly having more Bitcoin ATMs than most other European countries
Meanwhile, Malta, an archipelago in the central Mediterranean through which most cryptocurrency trading volume moves through, is home to three BTMs. Although this might not seem like a lot, Malta is ahead of larger European nations like France.
High Usage Fees
Using BTMs incurs an 8 percent fee, which alone can turn away potential users. However, users of these physical devices can easily buy cryptocurrencies in exchange for fiat currency. The purchased crypto can then be securely sent to a user’s hardware or online wallet.
Usually, BTMs go through an exchange service to process transactions, rather than working with traditional financial institutions. In addition to buying crypto from a Bitcoin kiosk, users can exchange their digital money for local fiat currency. While Bitcoin (BTC) remains the most popular crypto among users, Litecoin (LTC) and Ethereum (ETH) transactions are also supported by a number of these machines.
Different Types of Bitcoin ATMs
The manufacturing of Bitcoin ATMs is an evolving industry within the crypto ecosystem. There are several companies competing with each other to manufacture these machines. The competition saw them create a variety of BTM models.
Most of the clients these companies have are still US-based. General Bytes, a Prague-based BTM manufacturer, sends some of its Bitcoin ATMs to markets outside the US. In general, different Bitcoin ATM models offer the same basic functionalities, with some cryptocurrencies like Monero, Dash, and Dogecoin being supported by some machines.
The best way to find a Bitcoin ATM is simply by visiting CoinATMRadar.com. The website features a built-in Google Maps widget, which shows relevant Bitcoin ATMs based on a user’s geographic location.