- Coin ATM Radar data shows that the global crypto ATMs market is on the cusp of surpassing the peak of 2022.
- The USA leads with over 32,000 installations, while Canada is second with over 3,000 locations and Australia third with more than 1,120.
- Users see Bitcoin ATMs as one the easiest ways to buy and sell Bitcoin (BTC).
Bitcoin ATM installations have exploded and are approaching the all-time highs last seen in 2022, with significant growth witnessed in the past three months.
Data shows a significant increase year-to-date across most countries, with the USA still the country with the most Bitcoin ATM installations. Canada has also registered growth and ranks second, with nearly three times as many Bitcoin ATM facilities as third-ranked Australia.
What are Bitcoin ATMs?
Bitcoin ATMs are automated teller machines that allow users to buy and sell bitcoins, or in other words, an easier way to convert cash to crypto or crypto to cash. Most support local currencies, including USD, EUR, GBP, CAD and AUD.
Currently, about 12.3% of bitcoin ATMs support two-way operations, which means they allow users to withdraw cash from their crypto balances in addition to buying cryptocurrency with fiat.
In order to sell Bitcoin for cash at a Bitcoin ATM, a user would require one of these two-way operation ATMs.
For example, if a crypto investor in Canada used a Bitcoin ATM to withdraw cash the machine would convert their BTC to CAD at the current exchange rate and then pay out Canadian dollars.
Buying is easier as most machines are designed as one-way. Users need a wallet address or QR code when using bitcoin ATMs to buy or sell BTC and other cryptocurrencies.
Remittances via Bitcoin ATMs are also possible, with one able to send cash-to-cash payments across borders using two Bitcoin ATMs.
Countries with the most bitcoin ATMs
According to Bitcoin ATM tracking site Coin ATM Radar, there are currently 39,038 crypto ATMs worldwide. This number is approaching the peak seen in December 2022 when the total global installations reached a record 39,541.
The US has the most Bitcoin ATM installations globally at 32,404, while Canada is second with 3,039 and Australia third with 1,122. In Europe, Spain leads with 310 locations and Poland follows closely with 285. El Salvador, the first country to adopt Bitcoin as legal tender, has 215 installed ATMs, Hong Kong has…