The Growth of Bitcoin ATMs by Country

[virasisog]

Does serve a practical purpose but even if it didn't this is still good from a publicity standpoint which in turn raises awareness, which in turn can increase the number of bitcoin users.

Exposures like this have a huge impact on Bitcoin awareness and might attract more investors because, to be honest, lots of people are still unaware of the real function of Bitcoin and how it works. Bitcoin ATMs can provide convenience, especially for people who are having a hard time cashing out their coins. The fact that the number of Bitcoin ATMs is increasing means more people prefer using them. I hope we'll have at least one in our country.

[Leviathan.007]

I see good progress here when I see due to the huge demand from people and bitcoiner there will be more bitcoin ATMs in each country and this shows how bitcoin is spreading all over the world. However, there are still many countries where you cannot find any bitcoin ATMs while there are many bitcoin investors there and that's not good, I hope to see these countries implant bitcoin ATMs soon however it depends on the demand from people and some regulations issues from the government side where some countries didn't make any clear decision about it yet.

[qwertyup23]

Currently, the number of Bitcoin ATMs by country can be seen at https://coinatmradar.com/countries/ shows an increase in usage. Will the number increase or decrease due to the impact of the projected global economic recession that will occur in the future??

If I remember correctly, before the pandemic hit, BTC ATMs emerged from the market. Lots of people were able to at least try and convert BTC to cash using those ATMs. But as time passed by, most of these ATMs closed due to people complaining on high transaction fees and device malfunction.

Furthermore, when the pandemic hit, some of these ATMs were closed since not a lot of people were able to utilize this efficient machine to its full potential. But the fact that there is a dedicated website showing the number of ATMs per country is simply amazing to see- hopefully when BTC's price increases, more and more ATMs would be added on the list.

[dunfida]

Currently, the number of Bitcoin ATMs by country can be seen at https://coinatmradar.com/countries/ shows an increase in usage. Will the number increase or decrease due to the impact of the projected global economic recession that will occur in the future??

Basing on numbers and comparing the past and the present then we do really indeed see significant changes and this is something cant be known if number would be increasing or decreasing on upcoming years to come.

We know that cryptocurrency market isnt really that anytime been affected economic recessions or something in related.It could really stand and run on its own.
Business/ATM owners would really be seeing no difference on what the condition does a certain country would have as long they could really get benefit on fees and conversion
since people do really engage into crypto then this is their primary concern.

[Rikafip]

They are really profitable. Once the initial investment has been made, they only need electricity to operate and a technician to check them from time to time, and if they are located in shopping malls or similar places, the owner doesn't even pay for the electricity.

What about monthly rent (better the location higher the rent) and all the taxes that they have to pay which are definitely not low for crypto businesses. I don't think that owners make crazy amount of money because if they did, we would see those things all over the place.

The varying fees is issue and some companies are changing high fees above 10% also and including extra charges for the transaction you are making so this is problem for small transactions as they could consume a major portion of it.And yes KYC is big issue for all who wants to remain anonymous and now they are enforcing you to go through it serving government policies so didn't find any fun in them now.

While high fees are certainly a problem (ATM I used had around 6.5% fee last time I used it 2 years ago), bitcoin transaction fee wasn't a problem as I used the simple trick in those rare occasions when network was congested: I usually used the smallest fee possible and simply come the next day to pick up the money. This of course changes if you need the money ASAP, but that rarely happened to me.

The fact that Portugal has only 6 such devices surprised me, considering that country is often mentioned as one of the most desirable when it comes to cryptocurrencies - but it seems that this is not a decisive factor affecting the interest in this type of service.

Maybe they have plenty of other (cheaper) ways to buy/sell crypto so BTC ATMs are not so popular anymore. I know quite a few of people in our country who in the past used BATM on the regular basis and now all of them found some other ways, either through physical bitcoin exchanges or meeting in RL and doing the transactions that way.

[Lucius]

Maybe they have plenty of other (cheaper) ways to buy/sell crypto so BTC ATMs are not so popular anymore. I know quite a few of people in our country who in the past used BATM on the regular basis and now all of them found some other ways, either through physical bitcoin exchanges or meeting in RL and doing the transactions that way.

However, I was surprised that the number of crypto ATMs in our country increased to as many as 13 if the data on coinradar is correct - although the number of physical exchanges is much higher than 2-3 years ago. As you say, maybe there is something similar in Portugal, but maybe local people are simply not overly interested in Bitcoin, regardless of the current very favorable regulations.

In addition, a little less than 2 months ago, the new Portuguese Minister of Finance announced the possible introduction of tax on crypto transactions and profit tax, so that Portugal may lose its status as a crypto tax haven in the future.

[SirLancelot]

There's no right answer in this one because nothing is ever certain. We don't know if the global recession would ever happen and if it will really occur, the impact will vary from one place to another. So, saying the number of bitcoin ATM will increase or decrease will be futile because there's also nothing to back up such claims. Increase of usage of bitcoin ATMs could possess various reasons. Perhaps the fees might be a little lower compared to exchangers in some areas or maybe it is convenient for them. While there is a reason for people to use it, they definitely will. Although here in our country, I hardly hear there is one nor ever seen one on my own eyes. Lucky for those areas that have numerous bitcoin ATMs to cater them because it's a great alternative if you don't want or there's no available exchanger.

Better if they will lower the fee so that it allows people to try this and they will keep on coming back on using a service like this. This is very convenient because they can trade their btc for cash if stores on their country doesn't accept btc yet or they can also buy btc directly on that machine by using their own cash. On what country do you live?

If you are sure that btc is already legal on there then there might be places where btc is installed. Usually they are located in the bigger cities or on those crowded areas. Try googling it and see if you can spot some. A btc atm can increase because btc is getting popular but it can also decrease for some reasons like for example a country suddenly bans btc.

[Cookdata]

Currently, the number of Bitcoin ATMs by country can be seen at https://coinatmradar.com/countries/ shows an increase in usage. Will the number increase or decrease due to the impact of the projected global economic recession that will occur in the future??

I have checked through the website and i must confess that I really find it very interesting but it is odd to me that in the whole of Nigeria, it has just two ATMs and all in Lagos. I'm not unsatisfied about them being in Lagos but the fact that it is just two could either be that the query was manually designed and doesn't automatically search or perhaps they don't want it all to be seen by the government. The Nigerian government has placed a restriction to crypto investors, it is possible that some are hidden from the regulators.
I have a question by the way, how do ATM machines work technically? I'm really interested in the behind scenes.

[Finestream]

Does serve a practical purpose but even if it didn't this is still good from a publicity standpoint which in turn raises awareness, which in turn can increase the number of bitcoin users.

Exposures like this have a huge impact on Bitcoin awareness and might attract more investors because, to be honest, lots of people are still unaware of the real function of Bitcoin and how it works. Bitcoin ATMs can provide convenience, especially for people who are having a hard time cashing out their coins. The fact that the number of Bitcoin ATMs is increasing means more people prefer using them. I hope we'll have at least one in our country.

While most of the citizens in other countries are already inclined to bitcoin, some are still left unaware about bitcoin because their countries are not fully civilized, and so they have no available internet resources that can bring them currents news and updates. So the emergence of bitcoin atm machine is a good publicity that there is bitcoin and that there are atm machines for its transaction purposes. And having even a single machine is a good start for all beginners.

[justdimin]

Better if they will lower the fee so that it allows people to try this and they will keep on coming back on using a service like this. This is very convenient because they can trade their btc for cash if stores on their country doesn't accept btc yet or they can also buy btc directly on that machine by using their own cash. On what country do you live?

If you are sure that btc is already legal on there then there might be places where btc is installed. Usually they are located in the bigger cities or on those crowded areas. Try googling it and see if you can spot some. A btc atm can increase because btc is getting popular but it can also decrease for some reasons like for example a country suddenly bans btc.

I think getting it cashed out would be great but lower fee is not the issue, it's the transaction fee that is already making it hard. I mean if you want to cash out thousands then it's fine, but there are so many machines that still use legacy wallet addresses to this day, and that's bad, and even with bech32 type of segwit stuff, you have a lot of money spending on just the transactions, add the fee of the machines on that and you got yourself a terrible situation for people who want to cash out 100 bucks or less.

In my opinion, ATM doesn't work properly with the crypto world unless you start to see machines that start to accept smaller coins which have lower fees, like maybe tron.

[kryptqnick]

Just as before, the number of Bitcoin  ATMs is extremely high in the US, and then a big chunk also goes to Canada, making the vast majority of BTC ATMs of the world being in North America. It also doesn't say much in terms of adoption of cryptos, IMO. My home country (Ukraine) is fairly low on the list, but cryptos are pretty popular in it. We just have local exchanges for selling/buying BTC for local fiat, so perhaps that's why the ATMs aren't that popular. Exchanging money online is something you can do from the safety and comfort of your home, whereas going to an ATM is harder. Oh, and from what I've read about the fees, they're crazy, whereas local exchanges actually give very reasonable options, sometimes even giving you more money than, say, preev.com says you should be getting.

[yawars20]

The Idea it self on an ATM and not a normal one but an actual working crypto ATM give me goosebumps. You can't even imagine how excited I am to just think of it and using it will like an outstanding experience if I ever could. This is what future looks like and it is coming to us already. Let's wait for a big change together.

[DrBeer]

Russia, as always, keeps pace with progress And today, by order of the President of this country, a legislative ban on payment for goods and services with cryptocurrency has been introduced.

"The document obliges CFA exchange operators to refuse transactions where it is possible to use such assets "as a monetary surrogate"
Russian President Vladimir Putin signed a law that expressly prohibits the use of digital financial assets (DFA) and digital utility rights (DPR) as a means of payment in Russia.
The document was submitted for consideration by Anatoly Aksakov, head of the State Duma committee on the financial market, on June 7. There is no direct prohibition on the use of such assets as means of payment in the current legislation.
“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws,” — says in the document.
In addition to the ban on the use of DFA and DSM when paying for goods and services, the document obliges DFA exchange operators to refuse transactions where it is possible to use such assets as a monetary surrogate.

https://www.rbc.ru/crypto/news/62d030349a79471d35e8cc78

What's the point - it's not just standard sales in a store of standard products. Any services where cryptocurrency is involved in any transactions fall under the ban. Those. exchanges, exchangers, ...

[trendcoin]

Rent costs, Routine maintenance costs, Energy costs, Security and protection costs, Dealing with potential customer complaints, And bla bla... I haven't tried it yet but I don't think it can be really cheap. I think bank ATMs can do this service with lower commissions. After all, I withdraw the money from the bank ATM, deposit it into the Bitcoin ATM. Banks know this too. They will look after their own profits instead of being enemies. Capital has no ideology or philosophy. They only think about their earnings. Ideology or philosophy is something peculiar to extraordinary assets like Bitcoin. :)

[Zlantann]

We are hearing good news from the second country to make Bitcoin a legal tender; Central African Republic. They have came up with a master plan to implement that law that made Bitcoin a legal tender. Hopefully with the government projects to improve infrastructure we might see a massive increase in the growth of Bitcoin ATMS in that country. And if the Sango initiative becomes successful, some African countries might join the moving train. But I also totally agree with you that the bearish trend of Bitcoin might discourage investors from investing in Bitcoin services.

[Davidvictorson]

Currently, the number of Bitcoin ATMs by country can be seen at https://coinatmradar.com/countries/ shows an increase in usage. Will the number increase or decrease due to the impact of the projected global economic recession that will occur in the future??

In the country which I reside, despite having one of the highest bitcoin transactions in the world, there are only two Bitcoin ATMs. As a matter of fact the first one was installed in February 13, 2020 and last one was installed on October 1, 2021*. What this means is that there is no increase in usage. It has nothing to do with the projected global economic recession but rather with the hostile attitude of the government and the apex bank towards it.

*https://coinatmradar.com/country/156/bitcoin-atm-nigeria/

[Kemarit]

Currently, the number of Bitcoin ATMs by country can be seen at https://coinatmradar.com/countries/ shows an increase in usage. Will the number increase or decrease due to the impact of the projected global economic recession that will occur in the future??

It's just a question on whether crypto enthusiast are going to used them in the future or not? But I will say that it might be the case, as the numbers is growing every year and it could be a good hint as how far bitcoin goes and where it is going to be in the next ten years. So I would say that we might hit the peak right now because of the recession globally. But once we recovered, for sure this numbers are going to jump again.

[nakamura12]

I think it could be useful to some people but for me, I already know a local crypto wallet where I can sell my cryptocurrency to fiat and fiat to crypto they have supported. If the total amount of Bitcoin ATM increase due to many people using multiple times much like the same problem in fiat atm which in my country, many people have to wait in a line before they can withdraw their money.

[Frengki_cisco]

Currently, the number of Bitcoin ATMs by country can be seen at https://coinatmradar.com/countries/ shows an increase in usage. Will the number increase or decrease due to the impact of the projected global economic recession that will occur in the future??

I've seen several cases of Bitcoin ATMs, they don't last long, my assessment is that ATMs are currently not suitable for use in countries that use little Bitcoin, I think ATMs can be used for countries where the majority of the population is involved in Bitcoin transactions in general.

[adaseb]

In my area, Bitcoin ATMs if anything seem to be flat or declining in value. Most likely reason is that many of them force you to KYC because they got no choice. And in the past those that didn't do KYC, they always had issues with banking partners.

If someone is going to KYC anyways they might as well just use an exchange and pay 1% fee instead of the 10% fee that most bitcoin ATMs charge. I think regulations are what is killing these bitcoin ATM off. I haven't used one in like 5 years as a result.