Topic: THE RATES AT WHICH BITCOIN ATMs MOVES IS MIND BLOWING (Read 293 times)

It was the arrest of Sonny Meraban who ran Bitcoin of America that caused that decline, not General Bytes who came back online shortly after
https://www.cbsnews.com/chicago/news/ohio-cryptocurrency-charges/

Bitcoin of America had over two thousand ATMs and they are all gone, forever!
General Bytes actually added a few more ATMs by the end of the month.

OP, thanks for starting up this thread.  I've always been interested in BTCATMs and have used a few of them (for very small amounts, as I'm always afraid of getting scammed somehow)--and I posted about the first time trying one almost three years ago.  But even though they seem to be in every gas station and convenience store in my area these days, I often wonder how many people actually use them, and I haven't seen any data on that.

If I had to guess, I'd say most of them go unused because of the huge markup.  There aren't many folks so in need of crypto while out in public that they have to pay that markup with cash at a BTCATM; why would anybody use one when they could just buy bitcoin or one of the other altcoins those machines offer on an exchange like Coinbase, Kraken, or whatever?  It's not like those ATMs offer anonymity.

Anyway, cool thread.

While it is true that the number of Bitcoin ATMs has increased globally, some countries are hesitant to accept them due to fears of scams and scams. However, as awareness and understanding of cryptocurrencies continues to grow, it is possible that more people will invest in them.

I think it's hard to predict how many people will use it and it definitely depends on a lot of things but logically with a global population of around 7.9 billion, getting to 10 or 11 billion people would be impossible.

The problem with BATMs is that regulations take away their main attraction. The business model of these ATMs is that they do not ask for KYC, at least below certain limits, and in exchange they charge higher fees than an exchange.


I don't know where you live but European IDs are not easily fakeable, and many BATMs detect burner numbers. So, as I said before, these ATMs lose their appeal. Why am I going to identify myself and pay much higher fees on top of that?


I think it is one of the few uses that will be left once the ID request is generalised in all of them.

The  bitcoin ATMs are much but most counties don't want them because they think it is a scams, maybe in the future it can get up to 10 or 11 billion people will invest their incomes in them.

It's a great development and it shows that bitcoin's growth and demand is skyrocketing. Yet I still see many people saying that bitcoin is growing too slowly. I don't know what they're thinking, maybe they want 8 billion people in this world to use bitcoin, it's never going to happen. But one thing, I haven't seen a bitcoin ATM in my country yet.

Yes, you are correct. Bitcoin ATMs have been growing incredibly, more than doubling in 2021. Currently, there are many Bitcoin ATMs globally. In addition, the availability of digital coins has increased due to the spread of crypto teller services across many countries. However, it is essential to note that Bitcoin ATMs often charge high fees, and users should exercise caution and ensure that they understand the costs before using them.

ATMs are really great machines to buy BTC instantly, but unfortunately, all I have experience with BTC atms is from reading articles and watching videos but never getting the chance to use one, actually crypto is banned in our country which makes it more difficult for implementation of BTC ATMs. But there is still hope like the bay City in the USA has a female running for senator for the next election name is warren she intends to make an anti-crypto army but the amazing fact is there are many BTC ATMs in that state which are running and there are no decrease in there numbers.

This is a good sign as in the UK the number of BTC ATMs has decreased from around 200+ to around 90 ATMs and no Political leader is running these types of campaigns even. But still, numbers are decreasing. The fact is the one who quickly adopts the new technology always remains on the top list.

That's True to some extent like in March more than 3,600 btc atms were turned off I think that's because of general bytes atm was compromised plus elections could have urge political parties to oppose BTC schemes and many of the leaders have focused to implement AML policies as recently there were many crypto frauds and scams has made it possible for authorities to increase restrictions.

But still, in April almost 30 plus atms were implemented by Bitacess, Genesis, and general bytes.

While the growth in numbers is undeniable, there's another major factor to consider here: regional distribution. The data comes from CoinATMRadar which makes it very simple to have a look at where the ATMs are. Out of 33817 ATMs, 31 thousand are in the USA (or perhaps the North America, including Canada, since the grouped numbers can sometimes be a bit inaccurate in this regard). In contrast, there seem to be less than 50 ATM on the whole continent of Africa, and around 1500 in Europe. The distribution is incredibly unequal to talk about Bitcoin ATMs as a global phenomenon. They are very much tied to the North America, just as they have been for many years now.

Check this out, folks! The number of Bitcoin ATMs has gone up to over 30,000 globally, doubling in just a year! This incredible increase surpasses the earlier forecast for 2021. The availability of digital coins has been expanding at a breakneck speed, thanks in large part to the Bitcoin ATMs.

Count ATMs Radar's data shows that there were only 14,016 registered locations offering automated teller services on January 1st, but now, crypto teller services have spread to 76 countries and operated by 630 operators! The crypto industry's growth is an interesting subject.

It's impressive to hear that the Bitcoin depot is expanding its network in your country and now has the largest network of 5,314 units, accounting for 18.9% of the total global units. The other top 9 crypto ATM operators are also worth noting and play a significant role in the industry.

Overall, the significant increase in Bitcoin ATMs indicates the worldwide adoption of cryptocurrencies. This growth is undoubtedly exciting, and it's just the beginning! We can expect further advancements and expansions in the crypto industry in the future.

They have to do many things like submit and obtain a license, operational cost, maintenance cost and security for their ATM. I agree that such fee is expensive and if you have other options to choose, Bitcoin ATM should not be your choice as there are many better options for you.

Bitcoin ATM Deposit Exchange Rate shocks.

That person did not pay attention on given rate and fee before proceeding the purchase and got a big loss.

You are correct, it was discussed here: https://bitcointalksearch.org/topic/ongoing-hackers-manage-to-steal-crypto-from-customers-of-general-bytes-atms-5410704
The General Bytes hack was a big blow to the BTC ATM business since they are one of the biggest manufacturers. The hack didn't cause General Bytes to shut down their operation completely, but they closed down cloud services, and their customers, or the companies that use their machines would now have to operate using their own server:
It may not be profitable for the customer who wants to buy or sell BTC, because BTC ATM's can charge transaction fees as high as 15 or 20%. But for the makers and the companies running these machines, i think it is very profitable for them.

Came here expecting someone to talk about this event. Not only did they stop working but General Bytes - the largest maker of bitcoin ATM's - claimed that at least 56 bitcoins were stolen before the patch was applied (around 15 hours after the attack started). The reach of the attack was also quite frightening:
The last time that a friend of mine used a BATM he was asked to provide his taxpayer identification number and a phone number. I seem to remind that it was on a machine made by General Bytes but I suppose the information is requested by the cryptocurrency service that provides the bitcoin to the machine. Both information can be easily circumvented though as I don't believe they check if the taxpayer identification is valid and one can use a burner number...

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[1]https://www.generalbytes.com/en/news/general-bytes-statement-on-the-security-incident-that-occurred-on-march-18-2023

Is this data up to date? Because about a month ago, a software defect was discovered in one of the largest servers for these devices in the United States, and it caused a large number of these devices to stop.
Also, fees and taxes may not make these devices profitable.

In general, it is great to have an ATM like this, especially in airports and tourist areas, more than the traditional places visited by the local population, because it will enhance the decentralization of Bitcoin and the lack of the need for conversion to dollars.

The crypto sector was negatively affected by the fall of many exchanges like FTX last year and it led to a reduction of investment. The sector is just recovering from these downtimes. Or maybe people have decided to hodled their coins since the gradual market recovery.


A sound economy will always attract investors. The US and Canada has super economies and high employment rates. People can afford to buy or use Bitcoin in these nations. Many bitcoin service providers operate in these nations because they have a wide range of adoption. These numbers are encouraging, hopefully, it will keep increasing as more people keep adopting bitcoin.

You have shared an old news as the link you shared concerning your perceived increase in Bitcoin ATM is dated 2021 and we are in 2023 already so this made the thread not accurate any more since opposite is the case of bitcoin ATMs at this moment, but then on you analysis you may have an entire misconception or outdated information.
The year 2021 recorded some exciting development in term of bitcoin adoption and spread of it usage, biggest such development is the legalization of Bitcoin in El Salvador.

 El Salvador alone amounts to half of the reasons why there was a surge in demand for Bitcoin services such as Bitcoin ATM

Is it good news for those who live in the US or Canada? I say this considering that there are over 30 000 crypto ATMs in those two countries, while the rest of the world lags far behind. Therefore, from a global point of view, the situation almost does not change, because more than 90% of all crypto ATMs are located on one continent. It sounds fascinating that this is so, but it seems that there is a demand for such a way of crypto trading, although this does not surprise me at all when it comes to the US, where almost all important companies when it comes to the world of cryptocurrencies are actually located.

Here is the latest report for Bitcoin ATM market dynamics March 2023. The decrease of Bitcoin ATMs globally trend is continuing and has yet stopped.


I believe with more regulations and stricter ones on Bitcoin, Peer-to-Peer marketplaces (LocalBitcoins, LocalCrypto, Paxful closed their business recent months), Bitcoin ATMs will be challenged more by governments and we will see more ATM closures in future.

It is true that bitcoin ATM has increased ever since bitcoin was created, but since September 2022 to March of 2023 which was last month, there has been decline in crypto ATM, maybe this is because of the bitcoin regulation in United States, and slightly in UK.

I like those machines since they get people interested in Bitcoin in the first place. My plan is to also set up a machine like this in the future to spread more awareness about bitcoin. What I also think however that it will usually not pay off to have this machine since people will only do small purchases. It is not good for large investments due to high fees.
What is a good machine that can be recommended?