Physical cryptocurrency kiosks are on the rise, with the rate of bitcoin ATM installations up 500% since 2016.
Bitcoin ATM Growth
According to data compiled by Coin ATM Radar, bitcoin ATM installations have continued to rise steadily over the last three years despite the fluctuating price of cryptoicurrencies. The website estimates the total number of bitcoin ATMs at over 5,500 worldwide, which indicates an increased installation of 500% since 2016.
Twitter user bitrawr first drew attention to the milestone, speculating that the increase in installations over the last three years is indicative of strong demand.
The number of #Bitcoin ATMs from September 2016 to September 2019 has increased by over 500%— bitrawr (@bitrawr) September 19, 2019
As of now, there are currently 5,457 Bitcoin ATMs globally.
Supply meeting a demand. pic.twitter.com/eIrHwvs2z6
While ATMs tend to be less advantageous than digital exchanges in the fees they charge, which can be as high as 15%, they provide a convenient physical kiosk for transferring BTC to fiat and vice-versa. Some users have also taken advantage of the kiosks while traveling, allowing them to live at least partially supported by crypto.
According to Coin ATM Radar, there are now bitcoin ATMs in 74 different countries, with more than 550 operators. The United States has the greatest number of ATMs, at 3,506 kiosks, with Canada in second place at 700.
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