[2019-06-25] There Are Now More Than 5,000 Bitcoin ATMs Around The World

[mich]

https://www.zerohedge.com/news/2019-06-25/there-are-now-more-5000-bitcoin-atms-around-world

According to the latest statistics, there are now 5,006 standalone BTMs in around 90 countries, where cryptocurrency users can buy or sell bitcoin (BTC). Some machines offer both services simultaneously.

The data caps a protracted period of growth in the BTM sector, with the U.S. leading the trend as more and more locations and formats appear.

As Cointelegraph reported, in 2019, it is not just the ‘classic’ BTM model which is expanding, but other methods of procuring BTC. A deal earlier in the year involving coin counting kiosk operator Coinstar brought bitcoin functionality to over 2,200 U.S. locations.

The U.S. currently has more than half of the world’s BTMs at 3,229, with a new pilot scheme this month bringing the machines to Circle K convenience stores in Arizona and Nevada.

“We are thrilled to be partnering with a respected organization like Circle K,” Marc Grens, president and co-founder of cryptocurrency provider DigitalMint said in a press release issued June 20.

“This partnership opens the door for massive expansion of Bitcoin access to new markets around the globe.”

Increasing competition in the BTM market is likely to reduce the fees charged to users, which tend to be noticeably higher than online alternatives.

Other in-person options, such as buying vouchers, are also gaining popularity with users keen on avoiding burdensome identity requirements.

[Slow death]

there are now 5,006 standalone BTMs in around 90 countries, where cryptocurrency users can buy or sell bitcoin (BTC). Some machines offer both services simultaneously.

to install such bitcoin ATM in these countries is not necessary government approval?

example:

let's suppose that they install an bitcoin  ATM in my country, do not they need to have a license to do this installation? They will not need central bank approval.



Source: https://coinatmradar.com/blog/wp-content/uploads/2016/12/fees.png

Buy fee is 8% and sell fee is 5%? or has that fee already changed?

there are many things that I do not understand about these bitcoin  ATM, I think I'll have to take some time to do research

[elda34b]

That's still a small number, probably not even close to the number of ATMs in my country. But a good thing to celebrate for now at least. Hopefully, we could see 5 million in the near future, and not only that, more merchant or users using Bitcoin to pay for services.

[1Referee]

to install such bitcoin ATM in these countries is not necessary government approval?

You need regulatory approval because you're basically a money transmitter like this. I don't know if the firms behind these ATM's have a money transmitter license, but if they don't and grow too large, they'll be taken offline in a hearthbeat I would say. Operating as illegal money transmitter is subject to severe penalties.

In some states obtaining such a license and renewing it can cost you like $100,000 a year. It may partly be a reason why the fees are so high, but that's assuming they have that license.

[Kemarit]

In our case we need approval from out Central Banks so yes, definitely, they need their 'working hands' here before some entity can open a fully functional Bitcoin ATM. I'm not sure about the details tho, but for sure, the latest one was back up by a major bank, and maybe that's one reason why opening such ATM was an instant, as major banks have fully compliant licenses to operate.

But then again the fees, it's gonna kill us. I haven't try to use Bitcoin ATM though, I might just to get a feel of it,  .

[Slow death]

to install such bitcoin ATM in these countries is not necessary government approval?

You need regulatory approval because you're basically a money transmitter like this. I don't know if the firms behind these ATM's have a money transmitter license, but if they don't and grow too large, they'll be taken offline in a hearthbeat I would say. Operating as illegal money transmitter is subject to severe penalties.

In some states obtaining such a license and renewing it can cost you like $100,000 a year. It may partly be a reason why the fees are so high, but that's assuming they have that license.

I asked these questions because I found it strange that bitcoin has not been legalized but has many bitcoin ATM . I just saw this Bitcoin ATM from India



 

no offense but this is an ATM?

The government of India has campaigned against bitcoin, I assume that this ATM brings problems to its owner

Total number of Bitcoin ATMs / Tellers in Canada: 687

and I read this:

Canada: Vancouver Mayor Suggests Ban on Bitcoin ATMs

I wonder if these bitcoin ATM will have future? and what surprised me is to know that every day new  bitcoin ATM are installed according to this news

Almost 5 New Cryptocurrency ATMs Installed Worldwide Each Day, Data Shows

Hopefully, we could see 5 million in the near future, and not only that, more merchant or users using Bitcoin to pay for services.

this would be a great achievement, but first we need governments to legalize bitcoin

[Lucius]

It is not necessary for a government to legalize bitcoin or cryptocurrency in general to set up crypto ATMs in a country. Many countries do not really have any attitude towards bitcoin, but you still can found crypto ATMs or stores / merchants who accept bitcoin.

We can say this is some gray zone where most important thing is that owners of such ATMs have necessary licenses and that thay pay tax. An increasing number of such ATMs is evidence that the demand is becoming bigger, and that it is profitable to be in that business.

[LeGaulois]

I have never heard about a license needed to have a Bitcoin ATM in a shop. There are 2 in my country and I doubt this kind of shop has a license. Also, I'm not 100% sure all ATMs are owned by the shop's owners but rather they act as a' reseller' and earn a commision %.
The same when they sell prepaid cards and prepaid card codes.

[Vishnu.Reang]

This is very surprising. I never thought that this many ATMs are in operation around the world. I would love to get some data on the daily or weekly volumes from these crypto-ATMs and also it would be very interesting to know whether the Bitcoiners are using these ATMs for selling or purchasing the crypto. My guess is that the main purpose is to purchase BTCs, with only a small fraction of the volume devoted to selling. 

[CryptoBry]

There is a good growth happening in this niche in the bitcoin marketplace and I am sure that these machines must be seeing upsurge transactions due to the bull run ongoing right now. I am assuming that operators of these machines must be making some money otherwise these machines must be in the scrapyard right now. It is ironic that many of these machines are located in USA where the government has not openly recognized bitcoin (though has not illegalized it either). It would be more informative if we can get hold of figures of transactions this industry has been generating so far so that we can encourage more players to hopefully bring down the rates they are charging. In my country, I think there are two or three functioning ATMs into bitcoin but if there is a growing demand I am sure operators can be encouraged to put up more.

[stompix]

to install such bitcoin ATM in these countries is not necessary government approval?

example:

let's suppose that they install an bitcoin  ATM in my country, do not they need to have a license to do this installation? They will not need central bank approval.

Depends on what country you're from.
https://timesofindia.indiatimes.com/business/india-business/bengaluru-first-bitcoin-atm-seized/articleshow/66340399.cms

Buy fee is 8% and sell fee is 5%? or has that fee already changed?
there are many things that I do not understand about these bitcoin  ATM, I think I'll have to take some time to do research

Yeah, those are the usual fees ATM charge, that's why I always said there is no need for them other than trying it once or twice as a novelty thing. Besides, with new regulation coming up everywhere there will no longer be safe of anonymous fiat exchange.

I have never heard about a license needed to have a Bitcoin ATM in a shop. There are 2 in my country and I doubt this kind of shop has a license. Also, I'm not 100% sure all ATMs are owned by the shop's owners but rather they act as a' reseller' and earn a commision %.The same when they sell prepaid cards and prepaid card codes.

Really shocked about this, you're French  (and stil living in France), right?

Coinradar shows only one ATM and not in Paris as one would expect, is the site lacking data?
I've seen at least two articles that mention multiple ATMs installed in France, none materialized?