Number of bitcoin ATM’s Continue to Grow at an Exponential Rate

If you are someone like me who finds the idea of crypto ATMs extremely interesting and important for the future, if we are willing to pull out money into fiat easily, then the growth of ATMs should really be something you should pay attention to. I use coinatmradar.com which seems to do a very good job in tracking all the ATMs near you and also adds a few nice charts to show how many are actually being installed over a period of time.

I remember when there were only about 60 and in only a few years that number has skyrocketed to almost 1300 with no signs of stopping. According to coinatmradar there are about 2 ATMs being installed per day which would equate to 730 new ATMs out in the wild annually. The biggest barrier to entry with ATMs is regulation though, as people who run them have to be licensed as money transmitters which could cost up to $200,000 + in some states. People who decided to not become licensed in recent months have been cracked down on, which is why we are starting to see large companies put out tens of ATMs out there.

I actually looked into buying one and the return on investment is pretty good as long as the bitcoin price doesn’t skyrocket. Because you are dealing in half fiat and half bitcoin you will lose out on massive gains if the price booms. Other than that though, it seems to be a relatively stable investment. People more often than not who want to invest small amounts in bitcoin or test the waters out are going to ATMs rather than exchanges. While some ATMs do make you provide information, there are still some that don’t, which are perfect for people who are either being cryptolockered or are looking to buy certain illegal items online.

There are two types of ATMs, one way or two way ATMs, the first which only lets you purchase bitcoin and the second which lets you actually pull out fiat. Many different companies make ATMs now because of the demand and new models look very sleek and well made. I actually went to one near me to try it out and I found it was a pretty enjoyable experience. But I have heard some stories where people were not so happy with the ATMs near them.

While many people want to just own one or two ATMs, it is probably better if we let a few companies buy up 10s or even in the future, hundreds of them. This is because many times people will go to an ATM that isn’t properly serviced (lacking fiat or bitcoin, ect) and it puts people off the experience. It is like if someone just owned a vending machine and never restocked it. Having a company do it weekly and make it their primary job, looks good for bitcoin and the ATM industry as a whole.

I hope that the current trend we are seeing continues and that in a few years we are talking about there being tens of thousands of ATMs in the wild. There are also ATMs offering new cryptocurrencies, not just bitcoin, which is very interesting for altcoins, particularly ethereum, which I know a few offer now. This will only help speed up adoption in the short and long term and get people familiar with digital money that much quicker.