Bitcoin ATMs Installation Globally Up By 500% Since 2016

Bitcoin ATMs installation has been steadily increasing since there are more than 5,457 machines around the world according to Statistica as we are about to read in the latest cryptocurrency news below.

Coin ATM Radar placed the Bitcoin ATMs at 5,590 worldwide and this only shows how quickly the Bitcoin ATMs installation is appearing on a daily basis. However, the question remains, how can the high fees for using Bitcoin ATMs which sometimes reaches up to 15 percent, why is there always such a strong demand for them? The machines tend to provide a much easier way of turning BTC into fiat rather than using an exchange and transferring to your bank account. The transactions are so much faster and they only take up to just a few seconds rather than days to complete. They are very useful for people who want to travel and get a hold of the local currencies.

Interestingly, considering its dithering on key decisions over the Bitcoin ETFs and its clamping down on ICOs and USA gallops ahead when it comes to the number of Bitcoin machines. More than 62% of all of them are in the USA with 3,678 locations. Next up in Canada with 707 Bitcoin ATMs and the UK with 274 and Spain with 94. It is also worth noting that Switzerland also has a good number of machines reaching up to 73. If you consider the sizes of both Austria and Switzerland, there is a much higher penetration rate. Although it’s unsurprising there should be so many Bitcoin ATMs given the massive uptake of the digital currencies in these European countries.

Some of the countries that have no Bitcoin ATMs include Bolivia, Algeria, Bangladesh, Vanuatu, Macedonia, Pakistan, and Afghanistan. In these countries, Bitcoin is banned in these countries. Bitcoin, of course, is still circulating in these countries regardless of the laws that try to smash its existence. People who want to buy and sell BTC in these places use face to face meetings or platforms such as LocalBitcoins, BIsq, and Paxful as we already reported in the previous altcoin news on this website when we discussed the locations of the ATM machines around the world.