Bitcoin ATMs around the world surpass 5000, United States leads
Akin to the traditional ATMs, recently Cryptocurrency ATMs are being installed which are connected to a cryptocurrency exchange through the internet and thereby users can purchase Bitcoin and other cryptocurrencies with their debit cards or cash.
At present, there are over 5000 of them as opposed to the estimated 3 million Traditional ATMs.
Let’s explore the rise of cryptocurrency ATMs around the world.
With an average increase of 6 new ATMs per day and a total of 3229 installations in the country, the US has over half of the active cryptocurrency ATMs of the world.
Traders can make transactions up to $20000 per day using these machines. These transactions must be made by cash or wire transfers, spending a minimum of $5000.
The first Cryptocurrency ATM was introduced in Vancouver, Canada, in November 2013. Now, Canada has the second-largest amount of ATMs behind the US.
Despite its increase, the environment is becoming more and more hostile for these as the police have been criticizing cryptocurrencies as being a vessel for fraud and the mayor of Vancouver introducing the potential of banning of them.
Britain has 249 functional Bitcoin ATMs with first of its kind being installed in 2014. Though being a small amount relative to the amount of these in the US, by considering the landmass of it, which is small and thus limited pool for the cryptocurrency, that amount becomes significant.
The ATMs are present majorly in London(154), Manchester (22) and Birmingham(19) and other cities have a one or two in them.
Other Countries of the World
There is a considerable amount of cryptocurrency ATMs within the rest of Europe, and also a reasonable amount exists around other countries. Consider Austria, which has 267 ATMs installed in the country and 109 of them in Vienna alone.
With 39 installations in Hong Kong and 23 in Australia, we can also see there is a noticeable presence of them in the Asia/Oceanic regions of the globe. Blockmanity recently reported about economically distressed Venezuela and Iran getting their first Bitcoin ATMs.
Although we can see growth in cryptocurrency ATMs across the globe and we can expect it to increase, there are many hurdles in its path which mandates that a workaround must be discovered to establish its viability or else governments could oppose growing numbers of them.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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