4,087 Bitcoin ATMs Boom in A Bear Market
In the world of cryptocurrency, in addition to the high-profile exchanges, miners, mining pools and digital wallets, the Bitcoin ATM machine is also a promising market that worth more than 100 millions of dollars.
Despite the performance of Bitcoin and other cryptocurrencies markets are unsatisfactory in recent months, the Bitcoin ATM industry still develops constantly with rapid speed in expanding globally.
The Bitcoin ATM machine is a derivative product of the cryptocurrency boom. Its main function is to enable Bitcoin customers to do the Bitcoin-cash transfer.
Different from traditional ATMs that we are familiar with, a Bitcoin ATM machine is actually a hardware device with a built-in cryptocurrency trading system which provides the exchange service between blockchain based digital assets and fiat money.
The world’s first Bitcoin ATM machine located in the Waves coffee shop in Vancouver, Canada on October 29, 2013.
Nowadays, over 4,087 cryptocurrency ATM machines have been distributed all around the world with an average installation speed of 7.4 per day.
According to a blog posted by Coin ATM Radar on December 10, the number of supportive altcoins types has increased by 59% in November, indicating that the industry is expanding in terms of both product quantity and availability.
Without a doubt, Bitcoin is still the uncrowned king in the crypto world, all the crypto ATM machines support Bitcoin exchange. While Litecoin and Ethereum, rank second and third with 2,436 and 2,007 crypto ATM machines support their exchange, respectively.
Although the crypto market collapse makes investors suffered a lot, the number of Bitcoin ATM has exploded. Most crypto ATM manufacturers are still going well with their business.
Among all the manufacturers, Genesis Coin holds the most market share of 31.8% with 1,283 ATMs while General Bytes ranks second with 1216 ATMs which account for 30.6 percent of the market share.
In addition, the operator that increased the largest number of machines over the past month is Bitcoin of America. This firm has installed 16 new ATMs in November.
Meanwhile, North America still has the largest market with 2,934 ATMs which stands at 71.8 percent. According to Coin ATM Radar, there are 42 Bitcoin ATM located in China, of which 32 are in Hong Kong and 8 in Taiwan.