The number of Bitcoin ATMs worldwide exceeded the threshold of 3,000 in May, with an accelerated rate of 6 new installations per day.
Despite the low prices of Bitcoin and cryptocurrencies in recent months, the Bitcoin ATM industry seems to be doing well.
The latest data from CoinATMradar shows that the number of Bitcoin ATMs has passed the 3,000 mark in mid-May and currently reaches 3,125 machines worldwide.
This step comes just 15 months after breaking the 1,000 mark in early 2017, indicating an acceleration in the pace, which now stands at 6.15 installations per day.
Back in April, Bitcoinist reported a UK-based ATM start-up, BCB ATM, whose rapid expansion is just one example of a fast-growing market. In just eleven months through 2017, the number of BCB ATM machines has increased from 7 to 32 or 528.07%.
What's more, it seems that the fall in prices of Bitcoin Q1 2018 did not have much effect on the installation rate. In fact, the last time there was a decline was at the end of 2015, when the price of Bitcoin was as low as US $ 200.
However, the market has grown at an accelerated pace over the last three years as prices have risen. According to the latest data, we can assume two things with certainty: 1) the demand for the purchase (and sale) of Bitcoin by vending machines is increasing, and 2) this business model is largely profitable for operators despite the price volatility.
In addition, the share of two-way machines, allowing both purchase and sale, has also increased by more than 35% thanks to the improvement of equipment, whose operators pay the costs of both sides amounting to 8, 77% on average per transaction.
At the same time, Bitcoin remains king despite an increasing number of Altcoin put options. In fact, 99.99% of the machines support Bitcoin, while only 50% of them support one or more Altcoin (s). Litecoin is the most popular, supported by 47.8% of ATMs, Ether coming second with 28.1%.
Of the 31 equipment manufacturers, the top three include Genesis Coin (34.37%), General Bytes (27.49%) and Lamassu (11.23%), which account for more than 70% of the overall market.
At the same time, the United States remains the undisputed leader of installations with more than 1,800 machines, crushing Canada in second place, whose number stands at 477, then comes Austria in third place with only 174 machines.
Of course, Bitcoin ATMs are just a facet of a much larger industry that provides cryptocurrency buying and selling services. Indeed, the amount of physical locations where you can buy Bitcoin, whether through coupons, gift cards, Web-money kiosks, etc., is much more important, counting in tens thousands in the world.
For example, anyone can buy Bitcoin at the 1,357 train ticket sales kiosks in Switzerland. Ukraine has nearly 7,000 web-money kiosks that also allow you to buy Bbitcoins. The sprawling network of Flexepin caisses is located in more than 5,500 locations in Canada.
All of these services offer useful options for those who prefer not to trade online and are looking to quickly buy or sell Bitcoin for local cash. At the same time, the growing pace of expansion indicates a healthy industry that has adapted to market volatility and found its niche.