Globally Bitcoin ATMs have seen a huge surge in growth over the past few years. The figures compiled in a report by AksjeBloggen – a Norwegian financial services company – show a very positive trend and predict continued growth in this sector. According to the data collated from CoinATMRadar there were approximately 500 Bitcoin ATMs installed worldwide by the start of 2016, this number roughly doubled year on year for the following three years bringing the total to just over 4000 ATMS installed by January 2019. The growth tapered off in 2019 but still resulted in another 2300 being brought online by the end of the year bringing the total to just over 6300. The first six months of 2020 has seen a return to the earlier growth trend despite the difficulties and logistical hurdles caused by the global Coronavirus Pandemic and between the months of January and June of this year over 1700 ATMs were installed.
Closer to home Boinnex have added 5 devices to their growing Bitcoin ATM network this year adding locations in Limerick and Dublin. Our latest installation is located in Dundrum Village on the south side of Dublin providing BTC for cash instantly to a large geographic area with convenient access the LUAS greenline.
Breaking down the installation data by region paints an interesting and uneven picture. As one would expect north America leads the charge with the majority of installs, capturing over 80% of market share with Europe trailing far behind with just over 1100 installs representing about 14% of the market. This could be down to a number of factors such as more advanced banking services in Europe making it easier and quicker to get money onto Cryptocurrency exchanges or stricter regulations in certain countries leading to less installs. Germany for example currently has less than 30 units installed countrywide compared with its smaller neighbour Austria which has nearly 150. Despite all these factors and regulatory hurdles Bitcoin ATM installs are expected to continue their rapid growth and expansion in the coming months in line with the growth of the entire Cryptocurrency industry providing an important service and on-ramp to under-served customers across the globe. Boinnex are proud to be leading the charge in Ireland by growing the largest Bitcoin ATM network on the island and working closely with regulators and banks to comply with all required laws and regulations.