Bitcoin ATM Growth Rate Over the Years
- November 20, 2017
Compared to early years the Bitcoin ATM growth rate seems to remain the same. Experts believe there are several reasons responsible for that constant growth rate of Bitcoin ATMs around the globe. Here are some reasons:
- First, the price of most Bitcoin machine is very high. Average Bitcoin machines costs around $5K that too with buy only features. On the other hand, two-way Bitcoin ATM machine prices start around $7 to $8K per unit.
- Another reason for constant growth rate may be a lack of proper locations. It has been reported by many operators from around the world that it is tough to find good Bitcoin ATM location. Unless Bitcoin ATM machines are installed in a good location, it is tough to grab the attention of users. Moreover installing ATM kiosks at popular shopping malls may be very expensive. This is one serious problem which is worrying most Bitcoin ATM investors. We have collected several profitability examples of Bitcoin ATMs from different parts of the globe. There are some high volume locations present, but an average location is not seen bringing much volume. Hence finding the best of location is important to expect higher returns in the long run.
- Regulators are also bringing several obstacles for Bitcoin ATMs in many parts. Many Bitcoin ATM operators are seen shutting their businesses or making adjustments because of close supervision by authorities. Alongside making a business complaint with KYC/AML rules considerably increases the overall cost of running Bitcoin ATM.
- Apart from these Bitcoin ATMs, there are numerous other competing services coming up in the market to exchange bitcoin for cash and cash for Bitcoin. Go through our portal to see how many alternative options are available in present day time.
Use of different Bitcoin ATM brands
There are many popular Bitcoin ATM brands available in the market, but over the past few years, the dominance changed considerably. As per our reports, there is a higher demand for Genesis Coin and General Bytes Bitcoin ATM machine models in most parts. To an extent, this is explained with flexible adjustments carried out by these companies. For instance, Genesis Coin has two-way Genesis1 Bitcoin ATM, and it launched one-way Bitcoin Machine Satoshi1. General Bytes, on the other hand, have one-way Machin named BATMTwo launched its two-way Bitcoin machine named BATMThree. Alongside, these two popular brands are known to have one-time support as well as high reliability making it the best option in present day time.
BitAccess and Lamassu Bitcoin ATM machines had initial growth impulse, but in recent time there is a considerable slowdown in the number of installations around the globe. For instance, there were around 130 locations where Lamassu machine installed since the beginning of 2015, but it remained the same for almost one year.
Skyhook and Robocoin Bitcoin ATM producers are also popular in the business, and there was a time when it achieved substantial market share for installations in many parts of the globe. But as per our data, the number of Bitcoin ATM installations for these manufacturers are decreasing in the past few months’ time. In many places, Robocoin models received bad reputation over cases of not delivering digital currency to many customers. It is also coming to light that these machines are running businesses by switching the operation model as per wish. These feedbacks are resulting in no more purchases of Robocoin machines, and most of the existing ones are either switched to a new software provided by BitAccess or General Bytes whereas some are being completely removed.
Skyhook Bitcoin ATM machines are on the other hand considered to be the cheapest in the market with one unit of around $1K. But this project is not developed any further. Over the period there were many bugs reported by operators, and interestingly there was no repose from the officials too. Some investors were reporting that they paid for models, but never received the order or heard back from the company after purchase. There was some alternative custom software developed by the operators, but this didn’t help the situation. The number of machines remained all the same, and this customer software is supporting only the existing ones.
Distribution of Bitcoin ATMs
Even though Bitcoin use is growing with time the distribution of Bitcoin ATMs across all continents is not even. As per our report, more than half of the Bitcoin machines are in North America and dominance in most parts of the United States. Canada is known to have the second largest share of Bitcoin ATMs. Here is the distribution of Bitcoin ATMs across all continents:
North America: 55.2%
South America: 0.425%
In Europe, this lead is taken by the UK with 19 percent and Spain with 15 percent. There are other countries such as Switzerland, Finland, Italy and the Czech Republic with around 6 to 8 percent shares. Few other European countries are known to have smaller shares.
Market Share of different Bitcoin producers
These particular statistics depict the current market share of Bitcoin ATM producers worldwide as of June 2017. As per our sources, Genesis Coin is leading the chart of Bitcoin ATM to produce around the globe holding almost half the percent of global share. Here are some important figures:
Genesis Coin: 46%
General Bytes: 16.56%
BTC facial: 2.16%
Number of Bitcoin ATMs in selected countries as of June 2017
Bitcoin is a popular digital currency which is processed and created electronically without being controlled by any central institution. Decentralization of this new currency is what makes it so popular and different from other traditional currencies available around the globe. Over the period the number of Bitcoin in circulation increased considerably, the price of Bitcoin subjected to fluctuations. Even though there is uncertainty about the future of Bitcoin among a certain section of the market, there are various reasons why people from around the globe are skeptical about this new virtual currency.
The statistics here depicts the number of Bitcoin ATMs installed in selected countries around the globe as of June 2017. On that very day, there were 146 Bitcoin ATMs installed in Canada. Here are other figures:
United States: 628
United Kingdom: 58
Hong Kong: 5
South Korea: 4
Saudi Arabia: 1