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The installation of Bitcoin ATMs begins again with a vengeance

The installation of Bitcoin ATMs begins again with a vengeance

From January to May 2022, there were 1,971 Bitcoin ATM installations worldwide, a drop of 89.75% from the previous year. However, there has been a strong recovery in installations since next June.

More than 38,000 Bitcoin ATMs worldwide

The lowest record will appear in May 2022 for the last three years for the installation of bitcoin ATMs. Only 205 installations worldwide will be included this month. June, however, seems to take revenge since on the first ten days of the month, we will have included 882 installations of bitcoin vending machines.

In 2021, the number of bitcoin ATMs installed was relatively high, peaking in December with the installation of 1,971 ATMs. It was after this performance that the numbers began to decline, reaching 205 in May. Between January and May 2022, there will be no more than 3000 installations worldwide. If the trend seen during the first days of June continues, this month may break the December 2021 record. According to data from Coin ATM Radar, there are currently more than 38,000 ATMs worldwide, and there are this number is set to grow rapidly. In fact, based on data collected over the past two months, Coin ATM Radar claims to have 23 bitcoin ATMs installed per day, and this rate is likely to increase.

Distributor breakdown by manufacturer and by country

Five major manufacturers share the bitcoin distributor market. First, there is Genesis Coin which holds 40.9% of the market. Next comes General Bytes (which holds 21.6% of the market) and BitAccess (with a 16.1% share). Coinsource and Bitstop together account for less than 11% market share (5.4% and 4.8% respectively).

As for the geographical distribution, it is not surprising, the United States is the country with the largest distributors. 87.9% of distributors are installed in the United States, which equates to 33,403 units.

Importance of ATMs for the Cryptocurrency Ecosystem

Cryptocurrency ATMs play a vital role for the ecosystem and throughout the cryptocurrency industry. By enabling instant conversion, ATMs simplify ecosystem entry and interactions. ATMs also allow intermediaries to dispense with their exchanges as one can, directly from the ATM, get the amount of bitcoin one wants, without taking it through the exchange. . These distributors therefore allow bitcoiners to truly live independently of any centralized system, which is the very spirit of cryptocurrencies.

This resumption of the installation of bitcoin ATMs is above all an indicator that, despite the state of the cryptocurrency market, the sector remains dynamic and active. If the trend set by the first decade of June continues, we could have more than 2,600 bitcoin ATM installations during this month, which will not have an impact on the cryptocurrency market as a whole.

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Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.

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