- Canada has 2,580 BTC ATMs. Second largest in the world.
- First Crypto ATM was installed at Waves Cafe in Vancouver on October 9, 2013.
- Items purchased with BTC recorded a massive high.
Nine years after the first Crypto ATM, installed at Waves Cafe, Vancouver. Canada has the world’s second-highest Crypto ATMs, right after the US. And recently, there was a 28% increase in Bitcoin ATMs in the country.
As items purchased with BTC recorded a massive high, & so did the growth of crypto ATMs in the country. A central bank survey in Canada estimated a two-fold increase in BTC ownership, compared to the 5% disclosed from 2018-2020. BTC ATMs were below 2000 last year.
The total went to 2,289 ATMs in the first quarter and 2,438 in the second quarter, increasing to 2,580 ATMs. A massive 28% rise. Approximately 100 ATMs are installed every quarter, meaning one installation every day.
There are around 38,803 Crypto ATMs in the world. The US comes in the first position with 33,851 ATMs; the Second comes Canada with 2,580 ATMs, followed by Europe with 1,478 ATMs.
What is a Bitcoin ATM?
It is a “stand-alone electronic kiosk that allows users to buy and sell crypto-currencies in exchange of cash or with a debit card.”
All crypto ATMs sell BTC, while some offer other cryptocurrencies as well. They connect to your digital crypto wallet via a QR code to facilitate transactions and send crypto to the customer. The top 10 operators in the world run 26,826 crypto-ATM, 69.3% of all. And the rest, 591 operators, run 11,859 ATMs, 30.7%.
Let us have a look at the top 3 operators. Bitcoin Depo operates 6,905 ATMs, and Coincloud and Coin Flip operate 5,312 and 4,066, respectively.
How to Use Bitcoin ATM?
There are typically two types of ATMs; Unidirectional and Bi-directional. The first one supports buying or selling, and the latter supports both. There are some easy steps to use Bitcoin ATM or BTM.
- Insert your mobile number.
Mobile number registered with your crypto wallet.
Either via OTP or a link.
- Scan your wallet QR code.
Scan the code to connect.
Insert fiat currency in cash or via debit card.
- Confirm the amount and complete your transaction.
Confirm the amount, and your transaction is complete.
Pros & Cons of a Bitcoin ATM
Pros:
You can now use your cryptocurrency in cash form for day-to-day activities.
QR code allows faster access; some exchanges provide banks with crypto cards.
The Crypto industry is set to increase 10-fold in the next 7 years.
Cons:
Only 38,083 Crypto ATMs for the total world population.
ATMs have higher fees, approximately 9.01% for buying & 8% for selling.
- Infrequent customer support
Due to insufficient infrastructure, there is sometimes a need for proper customer support.
The world is slowly but steadily adopting Cryptocurrencies, and the ATM count will rise as more and more people start using cryptocurrencies in their day-to-day lives.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
