- Bitcoin ATMs are like the other ATM one uses in the bank. However, this is where crypto enthusiasts can buy and sell cryptocurrencies.
- The first Bitcoin ATM was installed in Vancouver, Canada, in 2013. Since then, the number of Bitcoin ATM installations drastically increases. Despite the recent little reduction in Bitcoin ATM installations, the numbers have made a massive recovery.
A Bitcoin ATM is a very important part of the crypto industry. In fact, it is one of the drivers of the innovations in the crypto industry. This is because it serves as a replacement for the traditional financial systems. With Bitcoin ATMs, one can easily buy, sell, and transfer Bitcoins. From April 2023, the number of Bitcoin installations and usage stalled a bit. The numbers reduced in their thousands. However, this made a recovery after recording a new surge in installations.
What is a Bitcoin ATM?
Bitcoin ATMs are just like another version of the normal ATM. Unlike bank ATMs, you don’t have to deposit or withdraw money from this ATM. Instead, you buy or sell Bitcoin in this type of ATM. During the early days of the Bitcoin ATMs, buying Bitcoin was the only function it could execute. However, improved Bitcoin ATMs now allow users to sell their Bitcoin.
Many things come together to make the Bitcoin ATM work. You will find a monitor, QR scanner, bill acceptor, and dispenser as some of the components of a Bitcoin ATM. However, it is tied together using software to make each hardware component work. Nevertheless, the number of Bitcoin ATMs has grown to a large size.
Bitcoin ATM Installations See a Slight Decline
From March 2023, the numbers regarding Bitcoin ATM installations significantly reduced. According to data provided by Coinatmradar.com, some Bitcoin ATMs that were in service were removed. Apparently, the major reason behind the removal of Bitcoin ATMs is demand. Assuming demands or usage rate declines, most Bitcoin ATMs are retired.
Within March, the number of Bitcoin ATMs in service was 33,883. This was a sharp decline from 37,690 in January 2023. In fact. It even got worse, with 33,225 Bitcoin ATMs being active in April. Nevertheless, the numbers from March continue to make a recovery.
Bitcoin ATMs Usage Numbers Recovers
After the lows seen earlier in March, the numbers regarding Bitcoin ATM installations and usage made a recovery. Over the past months, from April, the numbers continue to grow. Within June, the numbers increased by over 2,000 to stand at 35,785 installations.
Previously, it recorded 35,225 installations in May. But in July, it took the numbers to a whole new level with 36,172 active Bitcoin ATMs. The number is still on the increase, with about 36,306 in August.
In conclusion, Bitcoin ATMs are an innovative creation in the crypto industry. This is because it helps crypto enthusiasts to buy and sell Bitcoins. In March 2023, the number of active Bitcoin ATMs sharply declined. However, the numbers have made a recovery.