As the popularity of bitcoin has increased over the years, people have been finding new ways to utilize this blockchain-based system of investment. Bitcoin ATM’s or often referred to as BATM or BTM is a kiosk that allows people to purchase bitcoin using their debit card or cash. Some offer bi-directional services that mean a person can buy as well as sell their bitcoins from the same machine.
There are two types of Bitcoin machines- cash kiosks and ATM’s. Both machines are connected to the internet, and they look almost the same, but they work in different ways. A bitcoin cash kiosk looks like a traditional ATM, but it does not connect you to your bank account and connects you directly to a bitcoin exchange. Whereas bitcoin enabled ATMs connects you to your bank for cashless purchase of bitcoin.
Ever since the installation of the very first bitcoin machine in the year 2014, we have seen massive growth in the adoption of this method at a global rate. The highest number of ATM’s to be installed in a month was 255 back in March 2018. Recently, we have seen about 250 Bitcoin ATM’s being set up at a global level just in July 2019.
Almost 250 Bitcoin ATMs have been installed globally in July.
The monthly all-time high is 255 ATMs installed back in March 2018. pic.twitter.com/xZgnif8eKw
— Shakepay – Buy/Sell Bitcoin 🇨🇦 (@shakepay) July 26, 2019
This gives us a fair idea of how things are changing all over the world at a global rate helping in the growth of Bitcoin and giving more and more people access to this. In a recent study, Bitcoin ATM market had seen steady growth. It is predicted that the market value of Bitcoin ATM will reach $147.9 million by the year 2025 from $7.1 million in 2019.
There are more than 5000 Bitcoin ATM’s that are spread across 90 countries around the world. Despite the government backlashes and negative remarks regarding Bitcoin, the U.S. has the most number of Bitcoin ATM’s at the moment by capturing almost 74% of the total number of ATMs.