The number of Bitcoin Teller Machines (ATMs) around the world has increased significantly in the last 12 months. This is a complete explanation.

Crypto ATMs Soar 18%, Predicted to Reach New Record in 2024

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ATM Crypto Melonjak - Bittime (1).png

 - The number of Bitcoin Teller Machines (ATMs) around the world has increased significantly in the last 12 months. This is a complete explanation.

According to CoinTelegraph data, as of July 1, 2024, 38,279 Bitcoin ATMs were operating in 72 countries. This figure shows an increase of 17.8% compared to a total of 32,618 ATMs in July 2023.

Despite experiencing a decline at the beginning of the year, the number of Bitcoin ATMs managed to recover and is even predicted to reach a new record at the end of 2024.

In 2024, new Bitcoin ATM installations will reach 2,564 units, offsetting the removal of 2,861 units in 2023.

United States Dominates, Australia Experiences Significant Surge

The United States is still the country with the largest number of Bitcoin ATMs, namely 82% of the global total, with 31,571 units. Canada is in second place with 7.7% or 2,951 units.

Meanwhile, Australia has seen a significant surge in Bitcoin ATM installations, increasing almost 17-fold in the last two years.

Currently, Australia has 1,107 Bitcoin ATMs and is predicted to surpass the number in Europe (1,584 units) at the current installation rate.

Other countries and regions with a significant number of Bitcoin ATMs include:

Growth Fueled by Bitcoin's Rising Adoption and Utility

The increase in the number of Bitcoin ATMs shows the growing adoption and utility of Bitcoin.

Ease of access via ATMs allows more people to transact with Bitcoin, driving the growth of the cryptocurrency ecosystem as a whole. However, it is important to remember that investing in cryptocurrency always carries risks.

Investors should do their research and understand the risks before investing in Bitcoin or other cryptocurrencies.

Impact and Meaning of Bitcoin ATM Upgrades

The rapid increase in the number of Bitcoin ATMs brings impact and significance to Bitcoin adoption and the future of cryptocurrency as a whole. Let's go deeper:

Bitcoin ATMs make buying and selling Bitcoin easier and more convenient for the general public.

This can attract more people to invest and use Bitcoin, thereby expanding Bitcoin's reach and adoption.

The growth of Bitcoin ATMs shows the development of infrastructure that supports cryptocurrency transactions. This can increase investor confidence in crypto assets and encourage innovation in the field of decentralized finance (DeFi).

The presence of a Bitcoin ATM allows users to make Bitcoin transactions more easily for daily needs, such as transferring funds or paying for goods/services. This could encourage the integration of Bitcoin into the traditional financial system.

The increasing use of Bitcoin ATMs may attract the attention of regulators. Regulations that are too strict can hinder the growth and adoption of Bitcoin.

5. Money Laundering and Illegal Activities

Easy access via Bitcoin ATMs can be exploited for money laundering or other illegal activities.

Increased oversight and anti-money laundering (AML) measures are needed to address this issue.

6. Dependency on Traditional Infrastructure

While Bitcoin ATMs offer convenience, users still rely on traditional banking infrastructure to access and use fiat money. This goes against the spirit of decentralization that is at the heart of cryptocurrencies.

The increase in the number of Bitcoin ATMs is a positive indicator of the adoption and future of Bitcoin.

However, it should be noted that challenges remain, particularly in terms of regulation and potential misuse.

In the future, cooperation between industry players, regulators, and society is needed to maintain healthy and sustainable Bitcoin growth.

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