9 years after the first Bitcoin ATM, there are now 38,804 globally

9 years after the first Bitcoin ATM, there are now 38,804 globally

On Oct. 29, 2013, a espresso store in downtown Vancouver, Canada opened what is known to be the world’s first publicly obtainable Bitcoin (BTC) computerized teller machine (ATM) operated by Robocoin. 

The crypto ATM noticed 348 transactions and $100,000 transacted in its first week of operation.

As of Oct. 30, 2022 — 9 years and at some point on — Robocoin has ceased operations and the first crypto ATM has possible been eliminated or changed, however crypto ATMs have continued to extend in quantity with 38,804 cryptocurrency ATMs in existence at present, according to Coin ATM Radar.

The world hub for crypto ATMs has since moved nevertheless, with the United States now housing practically 88% of the world’s provide of crypto ATMs and taking credit score for 90% of all newly put in ATMs over the previous few months.

In October alone, 129 of the world’s newly put in ATMs have been positioned in the United States out of a complete of 205.

Canada, house to the first crypto ATM, has solely seen that quantity creep to 566 after 9 years, although it’s nonetheless putting in second at 6.6% of the complete, as per Coin ATM Radar data.

Meanwhile, Spain grew to become the third-largest crypto ATM hub on Oct. 22 with its 0.6% share throughout 215 ATMs.

A July report from Research and Markets estimates the crypto ATM house is now valued at $46.4 million, which is able to develop greater than 10 instances to  $472 million by 2027, pushed by remittances and elevated crypto ATM installations.

However, like many crypto-related merchandise, crypto ATM installations have been challenged this yr because of the crypto bear market.

Crypto ATM installations slowed between January and May earlier than a slight restoration between June and August, however September noticed internet crypto ATMs drop globally for the first time ever after 459 machines have been removed from the global network.

Related: How Bitcoin ATMs in Greece fare during a record-breaking tourist season

Bitcoin continues to be the hottest cryptocurrency transacted throughout crypto-enabled ATMs with practically 100% supporting BTC transactions per Coin ATM Radar. However, different cryptos additionally look like supported throughout the community.

Litecoin (LTC) is widespread with nearly 81% of ATMs supporting the crypto, and Ether (ETH) carefully follows at nearly 74%, Dogecoin (DOGE) sits in fourth place with slightly below 40% supporting the so-called memecoin.

In early October U.S. authorities warned crypto ATMs have been rising as a popular method for scammers to obtain worth and defraud victims most frequently in “pig butchering” scams the place the attacker poses as a possible romantic associate, gaining belief and asking the sufferer to ship them cash, or in some instances, cryptocurrency.