Market demand for Bitcoin ATMs growing rapidly

The first cryptocurrency ATM was installed in a coffee shop in Vancouver in 2013. Now look where we are

The number of Bitcoin ATMs quadrupled across 2017, according to Statista.

There are currently 3,502 in operation around the world. Of these, 1,846 support altcoins with 49% and 32.1% offering Litecoin and Ether respectively. North America has the largest concentration of ATMs globally (2,594), followed by Europe (with the UK and Austria leading the way) and Russia and the Czech Republic.

Genesis Coin has a 33% share of the market followed by General Bytes at 26%. The latter says that it has sold 1,700 ATMs in 53 countries since 2014. EasyBit has 60 in operation.

European first

In June, Coin Rivet reported that Amsterdam’s Schiphol Airport had installed an ATM enabling passengers to exchange their leftover Euros for Bitcoin or Ethereum.

It claims to be the first European airport to offer such a service. Schiphol partnered with ByeleX Data Solutions on the installation and is carrying out a six-month trial to determine whether demand exists among passengers.

“We’re constantly looking for ways to innovate and provide optimum service to passengers,” says Tanja Dik, Director of Consumer Products & Services at Amsterdam Schiphol Airport. “With the Bitcoin ATM, we hope to provide a useful service to passengers by allowing them to easily exchange ‘local’ Euros for the ‘global’ cryptocurrencies Bitcoin and Ethereum. That can be beneficial if, for instance, it’s not possible to spend Euros in their home country.”

Whilst this might be a European first, Schiphol isn’t alone in jumping onboard the crypto bandwagon. In January, Brisbane Airport partnered with Travelbybit to enable retailers to accept the likes of Bitcoin, Dash, Bitcoin Cash, Ethereum, NEM and Steem.


Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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