– Canada has 2,580 BTC ATMs.Second largest in the world.
– First Crypto ATM was installed at Waves Cafe in Vancouver on October 9, 2013.
– Items purchased with BTC recorded a massive high.
Nine years after the first Crypto ATM, installed at Waves Cafe, Vancouver.Canada has the world’s second-highest Crypto ATMs, right after the US.And recently, there was a 28% increase in Bitcoin ATMs in the country.
As items purchased with BTC recorded a massive high, & so did the growth of crypto ATMs in the country.A central bank survey in Canada estimated a two-fold increase in BTC ownership, compared to the 5% disclosed from 2018-2020.BTC ATMs were below 2000 last year.
The total went to 2,289 ATMs in the first quarter and 2,438 in the second quarter, increasing to 2,580 ATMs.A massive 28% rise.
Approximately 100 ATMs are installed every quarter, meaning one installation every day.
There are around 38,803 Crypto ATMs in the world.The US comes in the first position with 33,851 ATMs; the Second comes Canada with 2,580 ATMs, followed by Europe with 1,478 ATMs.
What is a Bitcoin ATM?
It is a “stand-alone electronic kiosk that allows users to buy and sell crypto-currencies in exchange of cash or with a debit card.”
All crypto ATMs sell BTC, while some offer other cryptocurrencies as well.They connect to your digital crypto wallet via a QR code to facilitate transactions and send crypto to the customer.The top 10 operators in the world run 26,826 crypto-ATM, 69.3% of all.And the rest, 591 operators, run 11,859 ATMs, 30.7%.
Let us have a look at the top 3 operators.Bitcoin Depo operates 6,905 ATMs, and Coincloud and Coin Flip operate 5,312 and 4,066, respectively.
How to Use Bitcoin ATM?
There are typically two types of ATMs; Unidirectional and Bi-directional.The first one supports buying or selling, and the latter supports both.
There are some easy steps to use Bitcoin ATM or BTM.
– Insert your mobile number.
Mobile number registered with your crypto wallet.
– Verify Identity.
Either via OTP or a link.
– Scan your wallet QR code.
Scan the code to connect.
– Insert Fiat Currency.
Insert fiat currency in cash or via debit card.
– Confirm the amount and complete your transaction.
Confirm the amount, and your transaction is complete.
Pros & Cons of a Bitcoin ATM
Pros:
– Ease of Use
You can now use your cryptocurrency in cash form for day-to-day activities.
– Speed of Access
QR code allows faster access; some exchanges provide banks with crypto cards.
– Pioneering new tech
The Crypto industry is set to increase 10-fold in the next 7 years.
Cons:
– Logistical availability
Only 38,083 Crypto ATMs for the total world population.
– Transaction fees
ATMs have higher fees, approximately 9.01% for buying & 8% for selling.
– Infrequent customer support
Due to insufficient infrastructure, there is sometimes a need for proper customer support.
The world is slowly but steadily adopting Cryptocurrencies, and the ATM count will rise as more and more people start using cryptocurrencies in their day-to-day lives.
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