Bitcoin ATMs Exceed 10,000 Globally
While the price of Bitcoin might be taking a dip, there are other reasons to be bullish. Bitcoin ATMs has reached significant milestone as the number of machines installed worldwide has recently exceeded 10,000.
After only seven years since first launching there are now 10,162 Bitcoin ATMS in 71 different countries, giving access to people who might not be able to buy Bitcoin from an exchange.
Bitcoin ATMs Growing Rapidly
Since first launching in 2013, the number of global Bitcoin ATMs has grown significantly and recently exceeded 10,000.
Of the significant milestone, a spokesperson for Bitcoin ATM tracker website Coinatmradar said, ‘After the first 3.5 years, there were 1,000 active Bitcoin ATMs in operation, over the next 3.5 years this figure has increased by 9,000 ATMs more.’
Who Uses Bitcoin ATMs To Buy Bitcoin?
But with Bitcoin ATMs not being as convenient as exchanges, and being more expensive, who is using them to buy Bitcoin?
No doubt, there’s the novelty aspect of buying Bitcoin from an ATM, but this wouldn’t account for the exponential growth in popularity.
US-based Bitcoin ATM firm, Coinflip CEO Daniel Polotsky said people who preferred to use cash mostly were the biggest demographic for Bitcoin ATM users.
‘With 10,000 machines placed globally, Bitcoin ATMs have become the go-to service for those participating in the cash-to-crypto market, including a significant amount of the unbanked and underbanked.’
And according to Coinatamradar, there are 8,022 Bitcoin ATMs in the US alone, making up over 80% of the global ATMs.
Thinking of the unbanked, you might expect it to be people from developing or third world countries, but according to a recent report 25% of American households are either unbanked or underbanked.
Figures are slightly better in Western Europe, but still the amount of people in the richest parts of the world without a bank is alarming.
No doubt some of the unbanked prefer not to use banks, and will be using Bitcoin ATMs for the anonymity, but tens of millions of people without a bank in the most developed countries is both surprising, but also bullish for Bitcoin.
Bitcoin ATMs Make It Easy To Buy Bitcoin
While buying Bitcoin is a seamless process for Bitcoiners, even computer literate nocoiners find it difficult to work out the process of buying their first Bitcoin.
The Coinflip CEO, Daniel Polotsky believes Bitcoin ATMs make it easy to buy Bitcoin. And as the next bullrun ensues and the hordes arrive many will prefer to use Bitcoin ATMs for the accessibility and anonymity Bitcoin ATMs offer.
‘As blockchain-based financial services develop as an industry, ATMs will become an essential gateway for the underbanked,’ said Polotsky. ‘These populations can benefit the most from a more inclusive financial system, and Bitcoin ATMs are among the few gateways they can use.’
‘There has also been a surge of first-time retail investors who need a simple buying process and personalized support. Bitcoin ATMs have gained an edge over the competition within specific demographics due to the onramp’s speed and ease of use. Customers don’t need to be tech-savvy to locate a machine, call a support representative, and get through a transaction within five minutes.’
Bitcoin ATMs Help Are a Bridge Between Low-Income Communities Into And Bitcoin
Bitcoin ATMs are a bridge between the unbanked and the new decentralized financial world. Without them, millions of people in America and Europe, and billions around the world wouldn’t have access to Bitcoin.
As Bitcoin grows, banks will become less necessary, but for the unbanked they’ve never been needed.
But making sure they get access to buy Bitcoin and are not being left out of the biggest financial disruption in history is imperative.
These people can’t or won’t use Bitcoin exchanges, and whether it’s the ease of use, anonymity or just a preference for cash, they will continue to use Bitcoin ATMs.
Author: Pablo Clarke
Where can I buy Bitcoin in the UK?
There are many reputable Bitcoin exchanges operating in the U.K. However, the most recommended exchanges are Kraken or BlockFi. Or you can buy Bitcoin from Bitcoin marketplaces, such as LocalBitcoins or Paxful.
All of these exchanges and marketplaces are global with high liquidity and excellent customer service. Feel free to read the reviews of each one.
Can you buy less than one Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
Why should I buy Bitcoin?
People who understand Bitcoin buy Bitcoin because it is a peer-to-peer money that nobody can manipulate. It’s all set in the Bitcoin codebase which is secured by hundreds of thousands of computers all around the world. Bitcoins can be sent by anybody and no third party is need to verify the transactions, and nobody can stop Bitcoins being sent. There are many more reasons why people buy Bitcoin, and a deeper dive before doing so is recommended.
How much does it cost to mine one Bitcoin?
There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.