Topic: Bitcoin ATM Installations and Operator Growth 2021-2022- Industry Research (Read 245 times)
July 04, 2022, 12:05:55 AM
This is a precise piece of the data. I think this decrease is seen due to the strict rules regarding KYC.
June 30, 2022, 05:37:09 PM
I don't see this as very bullish. The attraction of ATMs is the non KYC, as they charge high fees and paying those fees with KYC does not make sense.
Seeing that more and more KYC is required, I understand that in the future KYC will be required for any amount, as it already happens in many cases, so I don't see much future for ATMs.
Seeing that more and more KYC is required, I understand that in the future KYC will be required for any amount, as it already happens in many cases, so I don't see much future for ATMs.
These are good points. Many people stray away from ATM operators that don't have KYC or AML so they are more "under the radar" but all of these operators eventually dissolve at least in the US because the FBI/CIA gets involved and shuts them down. I've seen an article about it recently in NY.
As far as the comment on the lack of a future for ATMs in general if we move away from paper currency you may be right at least with the traditional ATMs, but even those will get replaced to be used with smartphones etc. But Bitcoin ATMs are very advanced touch screens and they can actually adopt other products and services to use them for by using APIs and software which actually might save them in the future if they don't catch on how we think they will. Another piece of market research I saw today said by 2030 they expect the Bitcoin ATM market to increase by 56%
June 30, 2022, 05:35:35 PM
I don't see this as very bullish. The attraction of ATMs is the non KYC, as they charge high fees and paying those fees with KYC does not make sense.
Seeing that more and more KYC is required, I understand that in the future KYC will be required for any amount, as it already happens in many cases, so I don't see much future for ATMs.
Seeing that more and more KYC is required, I understand that in the future KYC will be required for any amount, as it already happens in many cases, so I don't see much future for ATMs.
These are good points. Many people stray away from ATM operators that don't have KYC or AML so they are more "under the radar" but all of these operators eventually dissolve because the FBI/CIA gets involved and shuts them down. I've seen an article about it recently in NY.
As far as the comment on the lack of a future for ATMs in general if we move away from paper currency you may be right at least with the traditional ATMs, but even those will get replaced to be used with smartphones etc. But Bitcoin ATMs are very advanced touch screens and they can actually adopt other products and services to use them for by using APIs and software which actually might save them in the future if they don't catch on how we think they will. Another piece of market research I saw today said by 2030 they expect the Bitcoin ATM market to increase by 56%
June 30, 2022, 05:30:23 PM
With a share of over 95% in North America, can we even say that something good is happening in the rest of the world?
You make a conclusion based on an incomplete picture, because if the number of crypto ATMs on one continent is constantly growing and falling in the rest of the world, it is proof that 95% of the world is actually going backwards in this regard. In addition, awareness is one thing, and buying BTC on such a device is quite another - when people realize that they can buy BTC without a 10% fee, they will certainly no longer use such devices.
If this isn't proof of the adoption of Bitcoin then I don't know what is. Mind you this is also a physical presence of Bitcoin at your every day convenience stores which I think is pretty powerful to generating more awareness to the general public and definitely fosters curiosity.
You make a conclusion based on an incomplete picture, because if the number of crypto ATMs on one continent is constantly growing and falling in the rest of the world, it is proof that 95% of the world is actually going backwards in this regard. In addition, awareness is one thing, and buying BTC on such a device is quite another - when people realize that they can buy BTC without a 10% fee, they will certainly no longer use such devices.
Depends on how you look at it, couldn't it equally mean that the rest of the world is falling behind by 95% in the space? The UK actually had around 500-1k before they banned them. And surely ATMs aren't going anywhere. Many of those ISOs and ATM operators are actually just uploading a software from LibertyX or some other company for example and BAM you can buy bitcoin right there on a regular ATM now. Other nations need more regulation and visibility into this and they obviously just haven't done their due diligence like North America has from a legal and regulatory perspective. And like I said some have outright banned them making them very hard to be lucrative if you're running from the law. I can assure you that many of my clients are looking to deploy more and more of these overseas and some of them already have in other countries.
June 30, 2022, 05:25:42 PM
Love it.
Does anyone else think that they should be called as ATC machines?
ATC- All time crypto.
Interesting to see so many players are into this now and they growing the number of machines as well as its availability so that more people can use it with free will.
Crypto currencies definitely need such connectedness outside the blockchain. ATC’ are doing the same.
Does anyone else think that they should be called as ATC machines?
ATC- All time crypto.
Interesting to see so many players are into this now and they growing the number of machines as well as its availability so that more people can use it with free will.
Crypto currencies definitely need such connectedness outside the blockchain. ATC’ are doing the same.
One of my most hopeful and new clients actually calls their BTMs "AFCs" for Autonomous Financial Centers, and they are placing Bitcoin ATMs in some major retailors this year (That I can't exactly name due to an NDA)!!! They are talking serious numbers!!!!
June 30, 2022, 05:20:07 PM
The distribution of Crypto ATM shows that America (especially North America) and Europe continents are the most crowded with crypto ATMs. There are very little crypto ATMs in Asia or Africa continents.
Many countries in Asia and Africa continents are mentioned in 2021 global crypto adoption index report from Chainalysis.
I believe the distribution will grow more in these two continents when local regulations are easier for cryptocurrency.
Many countries in Asia and Africa continents are mentioned in 2021 global crypto adoption index report from Chainalysis.
I believe the distribution will grow more in these two continents when local regulations are easier for cryptocurrency.
I can tell you with confidence that Cape Town is currently a target market for Bitcoin ATMs. Many other places too, I think honestly the US has just been more on top of it than the rest of the world.
June 30, 2022, 04:31:03 PM
Looking at the massive increase in the rate of Bitcoin ATM operations in a short period gives me hope that in few years we might have a Bitcoin ATM in every city in the world. The only challenge most of these Bitcoin operators are facing is government unfavorable policies in most countries. Most countries see Bitcoin as a threat to the growth of both their central and commercial banks. I am sure next year's growth would be more massive because I expect Central African Republic and El Salvador to attract more Bitcoin operators. Hopefully, Panama would join the moving train.
I cannot fully support that motion because bitcoin ATM machine is in the city whereby cryptocurrency is been legalized, because if cryptocurrency ATM machines been cited everywhere there will be a problem because of not all the country that adopt a cryptocurrency as a legal tender so standing bitcoin ATM machine or cryptocurrency ATM machine in all the city now it will not be possible because of government action in cryptocurrency especially Bitcoin. You made the reference of in time coming or more years coming that the machine will be circulated to all the cities. June 30, 2022, 01:40:49 PM
nice info mate, thanks
Thanks its my pleasure, bigtimespaghetti!
June 30, 2022, 01:38:44 PM
The distribution of Crypto ATM shows that America (especially North America) and Europe continents are the most crowded with crypto ATMs. There are very little crypto ATMs in Asia or Africa continents.
Many countries in Asia and Africa continents are mentioned in 2021 global crypto adoption index report from Chainalysis.
I believe the distribution will grow more in these two continents when local regulations are easier for cryptocurrency.
Many countries in Asia and Africa continents are mentioned in 2021 global crypto adoption index report from Chainalysis.
I believe the distribution will grow more in these two continents when local regulations are easier for cryptocurrency.
Yep, North America is the largest player. China is out of question, Russia will probably be open to them soon, other countries I'm not quite sure. But I do have clients that are looking to place some or maybe already have by this point in South Africa.
June 30, 2022, 01:37:04 PM
Great post bud. I see some Bitcoin ATM posts here and there on this website, but I don’t think I’ve ever seen anything as comprehensive as this in terms of showing ATM growth. Would be great if you could update this post here and there.
Thanks m8! I should also note that the fair majority in this list are mostly US based- but keep in mind that many of the US based companies are currently branching out into other parts of the world, mostly in South America for obvious reasons. I will definitely try to keep this one updated.
Of course! I'm glad to share my findings with the community. It is a stark dominance, much like BTC dominance in the crypto market is basically the USA vs the world in Bitcoin ATMs. Regulators here in the US have made a clear path to becoming an operator so long as they maintain a robust KYC (Know Your Customer) and AML (Anti-Money Laundering) Policy in effect. The hardest thing for an operator a year ago was finding a bank account, so the friendliness of the US banks to crypto companies in the last year have also helped more operators to spring up in USA.
If I remember correctly the US market dominance of crypto ATMs at that time in 2021 was around 60% so we're talking about an almost 28% increase in US dominance since this time a year ago! Incredible.
Man that’s a huge increase ! I’ve just checked the UK list now - only 22 ATMs in the UK , I’m sure there was 500+ last year. When I’ve used ATMs in the Uk in the past there was no KYC/AAML but that was several years ago.
GO USA !!!!
Wow, so that much of a decrease huh. Maybe now there are more strict KYC/AAML and that’s why such a decrease?
Thanks m8! I should also note that the fair majority in this list are mostly US based- but keep in mind that many of the US based companies are currently branching out into other parts of the world, mostly in South America for obvious reasons. I will definitely try to keep this one updated.
Of course! I'm glad to share my findings with the community. It is a stark dominance, much like BTC dominance in the crypto market is basically the USA vs the world in Bitcoin ATMs. Regulators here in the US have made a clear path to becoming an operator so long as they maintain a robust KYC (Know Your Customer) and AML (Anti-Money Laundering) Policy in effect. The hardest thing for an operator a year ago was finding a bank account, so the friendliness of the US banks to crypto companies in the last year have also helped more operators to spring up in USA.
If I remember correctly the US market dominance of crypto ATMs at that time in 2021 was around 60% so we're talking about an almost 28% increase in US dominance since this time a year ago! Incredible.
Man that’s a huge increase ! I’ve just checked the UK list now - only 22 ATMs in the UK , I’m sure there was 500+ last year. When I’ve used ATMs in the Uk in the past there was no KYC/AAML but that was several years ago.
GO USA !!!!
Wow, so that much of a decrease huh. Maybe now there are more strict KYC/AAML and that’s why such a decrease?
Actually the UK ruled them illegal I think late last year or early this year and forced operators to cease operations
June 30, 2022, 08:09:28 AM
The distribution of Crypto ATM shows that America (especially North America) and Europe continents are the most crowded with crypto ATMs. There are very little crypto ATMs in Asia or Africa continents.
Many countries in Asia and Africa continents are mentioned in 2021 global crypto adoption index report from Chainalysis.
I believe the distribution will grow more in these two continents when local regulations are easier for cryptocurrency.
Many countries in Asia and Africa continents are mentioned in 2021 global crypto adoption index report from Chainalysis.
I believe the distribution will grow more in these two continents when local regulations are easier for cryptocurrency.
June 30, 2022, 07:39:57 AM
One thing that I’m not fully acquainted with, is the reason for there being such a large amount in the US. Obviously territorial size is a factor, and perhaps it would be interesting to see the data of the number of bitcoin ATMs in relation to the country’s population, to relativize the numbers, but I’m still not fully aware of what makes them specifically interesting in the US (i.e. KYC yes/no, exempt volumes from KYC, commission rates, and so forth).
Throwing in my personal experiences here, which of course doesn't mean much to provide an answer to the question but hopefully adds context.
The only people I know who've actually bought Bitcoin or sold via these ATMs are all US people. The answer was straightforward: the only way you could really buy or sell easily was through an ATM. You can't do P2P easily (need a license). You of course could use Gemini or Coinbase, but apparently not everyone there can easily get verified (and those I know who had Coinbase got themselves flagged by interacting with a crypto service like, let us say, gaming).
Used to have this long-term guy work with one of my projects. And he gave me insight into how a typical American lives and spends when they don't have a fixed job (so no regular income or address) and so can't easily apply for bank cards without an address or problems. They pay WEEKLY rent, get paid weekly (we used to pay him weekly just to fit his lifestyle).
So the moment Bitcoin hit him, he'd run off to an ATM and sell, pay his motel, food, etc.
I'm Southeast Asian and there are just a huge variety of ways I could sell/buy Bitcoin, often for great rates and near-instant speed (plenty of automated bots on LBC, for example).
June 29, 2022, 01:13:52 PM
One thing that I’m not fully acquainted with, is the reason for there being such a large amount in the US. Obviously territorial size is a factor, and perhaps it would be interesting to see the data of the number of bitcoin ATMs in relation to the country’s population, to relativize the numbers, but I’m still not fully aware of what makes them specifically interesting in the US (i.e. KYC yes/no, exempt volumes from KYC, commission rates, and so forth).
To give you an example, a certain chain of ATMs in Spain was quite widespread in terms of usage, as it allowed people to buy/sell without KYC for up to 1K €/day (which could easily be bypassed), with commissions in the range of 3% ..7%. That was of interest to quite a subset of bitcoiners.
Recently though, they introduced KYC for any buy/sell order, regardless of the amount, which has essentially bought their usage down to bare minimal, and shifted business off to other chains that still, for the time being, lack KYC under 1K €.
To give you an example, a certain chain of ATMs in Spain was quite widespread in terms of usage, as it allowed people to buy/sell without KYC for up to 1K €/day (which could easily be bypassed), with commissions in the range of 3% ..7%. That was of interest to quite a subset of bitcoiners.
Recently though, they introduced KYC for any buy/sell order, regardless of the amount, which has essentially bought their usage down to bare minimal, and shifted business off to other chains that still, for the time being, lack KYC under 1K €.
June 29, 2022, 11:58:20 AM
Wow, so that much of a decrease huh. Maybe now there are more strict KYC/AAML and that’s why such a decrease?
Yep it seems the FCA have been cracking down - “ None of the cryptoasset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them.”
https://www.fca.org.uk/news/news-stories/warning-illegal-crypto-atms-operating-uk
Not sure about the rest of Europe ?
June 29, 2022, 11:48:37 AM
Great post bud. I see some Bitcoin ATM posts here and there on this website, but I don’t think I’ve ever seen anything as comprehensive as this in terms of showing ATM growth. Would be great if you could update this post here and there.
Of course! I'm glad to share my findings with the community. It is a stark dominance, much like BTC dominance in the crypto market is basically the USA vs the world in Bitcoin ATMs. Regulators here in the US have made a clear path to becoming an operator so long as they maintain a robust KYC (Know Your Customer) and AML (Anti-Money Laundering) Policy in effect. The hardest thing for an operator a year ago was finding a bank account, so the friendliness of the US banks to crypto companies in the last year have also helped more operators to spring up in USA.
If I remember correctly the US market dominance of crypto ATMs at that time in 2021 was around 60% so we're talking about an almost 28% increase in US dominance since this time a year ago! Incredible.
Man that’s a huge increase ! I’ve just checked the UK list now - only 22 ATMs in the UK , I’m sure there was 500+ last year. When I’ve used ATMs in the Uk in the past there was no KYC/AAML but that was several years ago.
GO USA !!!!
Wow, so that much of a decrease huh. Maybe now there are more strict KYC/AAML and that’s why such a decrease?
Of course! I'm glad to share my findings with the community. It is a stark dominance, much like BTC dominance in the crypto market is basically the USA vs the world in Bitcoin ATMs. Regulators here in the US have made a clear path to becoming an operator so long as they maintain a robust KYC (Know Your Customer) and AML (Anti-Money Laundering) Policy in effect. The hardest thing for an operator a year ago was finding a bank account, so the friendliness of the US banks to crypto companies in the last year have also helped more operators to spring up in USA.
If I remember correctly the US market dominance of crypto ATMs at that time in 2021 was around 60% so we're talking about an almost 28% increase in US dominance since this time a year ago! Incredible.
Man that’s a huge increase ! I’ve just checked the UK list now - only 22 ATMs in the UK , I’m sure there was 500+ last year. When I’ve used ATMs in the Uk in the past there was no KYC/AAML but that was several years ago.
GO USA !!!!
Wow, so that much of a decrease huh. Maybe now there are more strict KYC/AAML and that’s why such a decrease?
June 29, 2022, 08:16:52 AM
nice info mate, thanks
June 29, 2022, 04:49:21 AM
With a share of over 95% in North America, can we even say that something good is happening in the rest of the world?
You make a conclusion based on an incomplete picture, because if the number of crypto ATMs on one continent is constantly growing and falling in the rest of the world, it is proof that 95% of the world is actually going backwards in this regard. In addition, awareness is one thing, and buying BTC on such a device is quite another - when people realize that they can buy BTC without a 10% fee, they will certainly no longer use such devices.
If this isn't proof of the adoption of Bitcoin then I don't know what is. Mind you this is also a physical presence of Bitcoin at your every day convenience stores which I think is pretty powerful to generating more awareness to the general public and definitely fosters curiosity.
You make a conclusion based on an incomplete picture, because if the number of crypto ATMs on one continent is constantly growing and falling in the rest of the world, it is proof that 95% of the world is actually going backwards in this regard. In addition, awareness is one thing, and buying BTC on such a device is quite another - when people realize that they can buy BTC without a 10% fee, they will certainly no longer use such devices.
June 29, 2022, 03:28:38 AM
Regardless of how the price of bitcoin acts during these months, even in a bearish market situation installation of bitcoin ATMs growing in most of the country and especially in the USA. This growth shows the interest in the bitcoin and cryptocurrencies is increasing over time and due to the increase of demand from people and the companies especially during the high inflation time, this was to be expected to see this growth of bitcoin ATMs. However, I'm still not a fan of bitcoin ATMs because they force the users to pass the KYC and that's not cool when are talking about privacy.
June 29, 2022, 01:04:31 AM
I don't see this as very bullish. The attraction of ATMs is the non KYC, as they charge high fees and paying those fees with KYC does not make sense.
Seeing that more and more KYC is required, I understand that in the future KYC will be required for any amount, as it already happens in many cases, so I don't see much future for ATMs.
Seeing that more and more KYC is required, I understand that in the future KYC will be required for any amount, as it already happens in many cases, so I don't see much future for ATMs.
June 29, 2022, 12:56:40 AM
Love it.
Does anyone else think that they should be called as ATC machines?
ATC- All time crypto.
Interesting to see so many players are into this now and they growing the number of machines as well as its availability so that more people can use it with free will.
Crypto currencies definitely need such connectedness outside the blockchain. ATC’ are doing the same.
Does anyone else think that they should be called as ATC machines?
ATC- All time crypto.
Interesting to see so many players are into this now and they growing the number of machines as well as its availability so that more people can use it with free will.
Crypto currencies definitely need such connectedness outside the blockchain. ATC’ are doing the same.
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