How the Bitcoin ATM industry shaping up?
- November 20, 2017
Bitcoin ATM industry has flourished in the past few years, and there are many Bitcoin Kiosks seen coming around the market. Seeing the demand and craze for this new digital currency many Bitcoin ATM machines are coming up in popular locations around the globe. Bitcoin ATM business evolved over the years, and many are interested in its prospects. Many new Bitcoin ATM kiosks are coming up in popular cities around the globe, grabbing the attention of millions of Bitcoin users now. The first Bitcoin ATM went live in 29th October 2013 in Vancouver, Canada. Over this period of time lot more has been achieved and it is now evolving as a new market in many places.
Bitcoin ATMs – additional information
Bitcoin ATM is an automated teller machine which helps Bitcoin users to withdraw cash from their accounts at ease. There is a printing part available with all Bitcoin ATM Machines which will provide details about available balance on your account. Bitcoin ATM withdrawal from ATM of the company where this payment card is registered is free; owners of other cards need to pay a certain amount of money. With time there are many more advanced Bitcoin ATM machines coming up where you can deposit funds or facilitate credit card payments at ease.
With Bitcoin ATM machines there are two main types of machines available in the market. One is basic that allows the user to only buy Bitcoin, on the other hand, there are complex ones which help users to both buy as well as sell virtual money. With the complex ATMs, only members of particular ATM producer can use these ATM machines. As per our reports, the manufacturers of Bitcoin ATMs were Genesis Coin and Lamassu until March 2017. Genesis Coin Bitcoin ATM booths have around 46 percent share whereas Lamassu machines are known to have 18.53 percent of market share.
The highest number of Bitcoin ATM was found in the United States as of June 2017. As per our estimation, almost 73 percent of total Bitcoin ATMs from around the world were concentrated in North America.
Bitcoin ATM Statistics
This particular section depicts the number of Bitcoin ATMs available worldwide. There are 1,237 Bitcoin ATMs installed in different places around the globe as of June 2017. Compared to its first ATM installation in the year 2013, there are more than 1200 new Bitcoin machines installed in these span of 4 years. It is seen that the number of Bitcoin ATMs is steadily increasing all around the globe. However, the speed may not be the same every year, but it is making fast growth in many places around the globe. In days to come many, more locations will add Bitcoin ATMs, and this will make it easy for Bitcoin users to carry out transactions with ease.
Popularity of Bitcoin ATM Buy and Sell option
In many cities around the world both buy only Bitcoin ATM machines and Bitcoin machines with both Buy and Sell features are coming up. Both of these models are split in the ratio of around 40 to 60 with the dominance of one-way machines in all places.
Based on some of our sources it was found that popularity of both these categories was about the same but it is was after 2014 that the growth of buy only Bitcoin machines overtook the two-way machines available in the market. Experts believe this is all because of mew cheap Skyhook Bitcoin ATM machines that were installed during that period. However, at later period because of the slowdown in one-way Bitcoin ATM installations the share of both buy as well as two-way machines remained at the same level or somewhat moving towards two-way ATM installations.
Bitcoin ATM fees over these years
Bitcoin ATM fees remained the topic of discussion all these years, and it is one of the most discussed topics on Bitcoin ATM services. There is no doubt the fact that there is huge competition in the market these days and it quite expectedly it will bring the fees lower, but interestingly the opposite situation is seen on the market. The average Bitcoin buying fees are increasing, and it is around 8% based on 330 machines whereas the selling fees are around 6 percent based on 169 machines. All these data or statistics were collected for certain period. It is found that the Bitcoin buy and sell fees remained very close over this period. Sell fees now is less but it keeps changing over the period.
Conclusion
With time Bitcoin is evolving as the best digital currency and in it is being used by millions around the globe. The statistics shared above shows the constant changes that are coming up with time and this is all because of the growing popularity of this digital currency among every section of the market. Bitcoin is volatile, and it is the main reason why some individuals fear to invest or use this currency. But in days to come it is quite expected that the popularity of this new digital currency will reach new heights. We are coming up with all latest information from the world of Bitcoins and helping users to know latest facts and details. Over the period we will keep updating these sections to help you get all latest facts and figures.
Still, many investors are eyeing to start Bitcoin ATM business, and it gives you the chance to get higher returns in quickest possible time. There are some important factors to consider before you start investing in this new business.
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