The number of bitcoin ATMs has surpassed the 9,000 mark and that number keeps on rising. Just a week ago, there were more than 50 machines fewer. The rapid increase in the number of bitcoin ATMs tells a lot about the rising popularity of cryptocurrencies.
In addition to over 9,000 ATMs, bitcoin users can buy BTC at more than 210,000 physical locations around the globe. There are currently 71 countries in which you can do purchase bitcoin in-person.
Still, the internet remains the number one choice of bitcoin traders, with a big majority of BTC buys/sells happening on large crypto exchange platforms.
The US Leads the Way With Most Bitcoin ATMs
Most of the bitcoin ATMs are located within the United States, where there are nearly 7,000 machines. The distribution of bitcoin ATMs is such that most machines are concentrated in large urban centers, such as Los Angeles, New York, and Chicago.
Other cities with a significant number of bitcoin machines include Miami, Atalanta, as well as the two biggest Texas cities, Houston and Dallas.
Canada is the country with the second-highest number of cryptocurrency machines, with just under 900. Most of those are located in Toronto, although there over a hundred ATMs to be found in other Canadian cities, most notably Montreal and Vancouver.
Genesis Coin and General Bytes Manufacture the Most Crypto ATMs
There are more than 40 manufacturers of bitcoin ATMs, the biggest of which are Genesis Coin and General Bytes. Based in San Diego, CA, Genesis Coin is the leader in the cryptocurrency ATM business, with over 3,100 machines produced so far.
The company from Florida, Genesis Bytes, has made about 2,700 ATMs so far, with more than 100 new machines added this July.
Speaking of these two companies, bitcoin ATMs are not the only thing they offer. These manufacturers also produce ATMs that deal with other cryptocurrencies in addition to bitcoin. For example, Genesis Bytes-made BATMOne machine supports three cryptocurrencies by default, namely, bitcoin, litecoin, and dogecoin, with an option that allows the vendors to add more cryptos.
Thanks to this option, many have decided to offer Ether as one of the available digital currencies. As a result, there are now more than 5,000 Ether ATMs around the world, most of which are located in the United States and Canada.
How Do Bitcoin ATMs Work?
Bitcoin machines allow you to convert your bitcoins to local currency and withdraw cash straight away. Their principle of work is pretty much the same as with regular ATMs, the biggest difference being that there are no bank cards involved.
Instead, you just need to use your bitcoin wallet. After choosing the option withdraw and deciding on the amount, the ATM will display a QR code, which you need to scan, using the bitcoin wallet app on your smartphone.
After you’ve confirmed the bitcoin transaction (from your wallet to the ATM), you will have to wait a couple of minutes before the coins arrive at their destination. When that happens, the ATM will send you a code either via SMS, email, or straight to your bitcoin wallet. Enter the code on the machine and you will get your cash in local currency.