Nearly six years after the first Bitcoin ATM was installed in Vancouver, Canada the number of the cryptocurrency-dispensing machines across the world has risen to 5,006, according to Coin ATM Radar. In the last 60 days, an average of just under 6 Bitcoin ATMs were installed per day.
Has the US bitcoin ATM market reached saturation point?
Unsurprisingly, the U.S. leads in the number of crypto vending machines with over 3200 Bitcoin ATM locations. This is around 64 percent of the world’s total. Canada, which hosted the world’s first ever cryptocurrency dispensing machine, was second with over 680 locations.
In addition to Mexico and other countries in the region, North America now has over 74 percent of the world’s Bitcoin ATMs, hinting at the great deal of work the rest of the world has to do to catch up.
Interestingly, more crypto ATMs were installed in the months after cryptocurrency prices tumbled from their December 2017 high than the preceding four years. Since January 2018 over 3,000 crypto ATMs, or 60 percent of the current total, have been installed.
Sixth anniversary of the world’s first bitcoin atm coming in four months…
Assuming the current average rate of crypto ATM installation of approximately 5.6 machines per day holds, by the time the sixth anniversary of the world’s first Bitcoin ATM rolls by, there will be over 700 more cryptocurrency vending machines installed by then. The first bitcoin ATM was installed on October 29, 2013 at a coffee shop in downtown Vancouver.
The manufacturer of the pioneering Bitcoin ATM was Robocoin. The firm was, however, unable to exploit the first-mover advantage to the maximum.