Bitcoin ATMs have reached 10,000 machines installed around the world.
The majority of these distributors are located in North America.
Some countries are starting to introduce more stringent regulation of these crypto machines.
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The number of Bitcoin ATMs around the world hit 10,000 on Wednesday, September 16, seven years after the first machine was installed in Vancouver, Canada.
According to the Norwegian financial services company AksjeBloggen, the total number of Bitcoin ATMs has increased significantly in recent years. This is an 87% jump from the 5,336 recorded just a year ago.
Reflecting the accentuated growth of the crypto community, Bitcoin ATMs experienced steady but unremarkable growth in their early years, only to explode more recently.
According to a CoinATMRadar blog post, in the first three and a half years after their creation, 1,000 Bitcoin ATMs were installed around the world. Over the next three and a half years, more than 9,000 appeared online.
Growth in the installation of crypto vending machines – CoinATMRadar
ATMs are proving to be one of the fastest and most convenient ways to transfer funds in Bitcoin or other cryptocurrencies. In terms of new facilities and existing vending machines, the United States is proving to be the clear leader.
According to data from AksjeBloggen, the total number of Bitcoin ATMs in the United States was 7,567 in September, up 127% from last year. Canada comes in second with 869 machines in total. North America thus accounts for 55% of all Bitcoin distributors, against 28% for Europe, while Asia comes in third position with around 8%.
Machines vary, but in general the Bitcoin ATM allows users to buy and withdraw funds in a wider range of cryptocurrencies. Among the most frequently supported we find Bitcoin, Bitcoin Cash, Ethereum , Dash and Litecoin. It seems that the familiarity of vending machines in the traditional currency landscape has paid off.
However, CoinATMRadar’s announcement came with some caveats. For example, over the past year, more stringent regulations have been introduced in some places. This would have „almost eliminated the non-KYC [know-your-customer] buy or sell option.“
At the start of the year, Canadian vending machine operators were required to report all transactions valued at Can $ 10,000 or more. Germany has also seen some crackdown: last month, Polish company KKT UG saw 17 of its unlicensed vending machines confiscated by authorities.
Despite concerns over tax evasion, money laundering and tougher regulations, there is little reason to believe that this new step is not the first in a long series.