Statistics reveal that the global Bitcoin ATM count will soar past 4,000, potentially before the end of November.
The rapid rise in the use of crypto teller machines comes at a time the global demand for bitcoin and other digital assets has increased around the world, especially in the Latin America region.
Bitcoin ATMs to hit 4,000 milestone
The global use of Bitcoin ATMs has grown with the gradual adoption of cryptocurrency and the increased use of digital currencies as a payment method.
At the moment, the total number of cryptocurrency auto teller machines in the world is 3,973, only a handful of devices shy of the 4,000 milestone, data at ATM tracking site Coinatmradar shows.
According to the monitoring platform, the number of ATMs has risen over the years since the installation of the first Bitcoin in November 2013.
That number has been doubling every other year, with 2017 and 2018 seeing massive growth in the five years following the initial machine.
Bitcoin ATMs across continents
While the global total is expected to grow, statistics show that North America has the highest number of BTC ATMs in the world.
As shown on Coinatmradar, North America leads the race with close to 71 percent of all installed Bitcoin dispensing machines. Europe comes in second with 24 percent of the market, while Africa has the least number of ATMs with just 0.20 percent.
Incidentally, Africa has seen a gradual growth in the crypto industry with penetration expected to hit record levels in the near term.
On a country level, the United States leads the world with a total of 2,219 ATMs. Canada takes the second spot with 600 machines.
Other countries with notable numbers of devices include Austria with 247 devices, the U.K with 193 ATMs, and Russia, which has about 75 Bitcoin ATMs installed.
While the rest of the machines are spread across the globe, countries like Germany, Iceland, Saudi Arabia, Thailand, Philippines, Kenya, and Cyprus have one Bitcoin ATM each.
Bitcoin ATM manufacturers
As the demand for BTC ATMs around the world grows, so does the number of manufacturers, with a bigger number coming into the market in the last couple of years.
As per statistics, American Bitcoin ATM maker Genesis Coin currently controls the largest share of the market, with its devices installed in 32 percent of global locations.
The second leading ATM manufacturer is General Bytes, a Europe-based company that controls nearly 30 percent of the market. Other startups with considerable market share include Lamassu catering for 11 percent of ATMs and Coinsource with 5 percent.
The rest of BTC ATM manufacturers control about 12 percent of the market collectively. With the overall number of manufacturers expected to grow, competition can only be good for the continued acceptance and adoption of digital currencies.
Bitcoin ATMs ‘not accepted here’
Although the number of Bitcoin ATMs is expected to skyrocket in the next few months, growth in some countries will likely remain low.
Concerns about consumer protection and a lack of understanding have seen some governments seize Bitcoin ATMs.
Among those countries that have not been keen on crypto include India, whose central bank (RBI) recently ordered the arrest and confiscation of the first Bitcoin ATM installed in the country.
Earlier, Russian authorities had also seized 22 Bitcoin ATMs installed by Bitcoin vendor BBFPro, a move the crypto company said occurred without any warning.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.