Bitcoin ATM installations hit 38,000, near all-time high

The global installation of Bitcoin ATMs has grown significantly, with over 38,000 Bitcoin ATMs now operational worldwide.

This is a substantial increase from around 10,000 ATMs in October 2020, although down slightly from its peak of almost 40,000 in December 2022, according to data from Coin ATM Radar.

The use of bitcoin ATMs is explained by their availability, simplicity and profitability for operators who receive a commission higher than the spot price of bitcoin. Most countries have developed suitable legal frameworks that facilitate the creation and growth of these ATMs, which has stimulated their development.

These machines offer enhanced privacy and security, allowing users to make transactions without revealing their identity and deposit money directly into their digital wallets. However, the bitcoin ATM industry does come with some challenges, as outlined below.

Some operators are not experienced enough, lack the financial capacity, or lack the management skills needed to succeed, adding to regulatory issues in some areas.

Experts in the field emphasize the need to educate the population about the benefits of cryptocurrencies and the need to have a stable customer support service to overcome these problems.

Public education can encourage greater adoption of Bitcoin ATMs and digital assets, fueling the continued expansion of the market for fast and secure cryptocurrency transactions.

There is potential for this industry to be propelled by strategic measures and favorable policies.

Also read: Micheal Saylor remains bullish on Bitcoin despite trading decline