The bitcoin ATM industry is really starting to heat up. With the price of the asset now trading for well over $50,000, many companies such as Coin Flip and Coin Cloud say that their services and machines are becoming much more marketable, and thus are installing machines where traffic is heavy, and the competition is still low.
The Bitcoin ATM Arena Is Growing Like Mad
What’s funny is that there hasn’t necessarily been a boost in demand for bitcoin ATMs and similar machines. However, what these companies appear to be doing is scouring maps of the United States and other areas and checking to see where vacant spots may still exist. They are then going in and installing machines where they see fit as a means of attracting more people to bitcoin and showing off its convenience.
Quad Coin founder Mark Shoiket, for example, recently engaged in a road trip of less populated states such as Montana to see where he could install machines. Overall, he wound up giving Big Sky Country as many as seven new bitcoin ATMs. He says in a recent interview:
I just assumed there was demand and people wanted bitcoin everywhere.
According to data from howmanybitcoinatms.com, there are now more than 28,000 individual machines stationed all throughout the United States, and as many as 10,000 of them came within the last five months. It is also believed that so long as bitcoin’s price continues to spike, more machines will likely pop up over time.
In addition, many are finding bitcoin ATMs to be far more convenient that standard banking services. Many of the crypto traders out there lack traditional bank accounts. Some only get paid in cash, while others prefer to remain anonymous or utilize bitcoin and crypto to send remittance payments. Either way, the attraction of a physical machine appears to be growing on a regular basis.
One such transactor is 51-year-old bitcoin investor and nuclear power worker Rebecca White, who hails from the Pittsburg area of Pennsylvania. She recently stated that she not only makes large investments online, but also uses ATMs whenever she has extra funds to play around with. She comments:
When we do our grocery shopping and we have $60 left, I will stop at the bitcoin ATM.
We’re Likely to See This Trend Continue
Strangely, these machines remain widely used despite their heavy fees. According to Pamela Clegg of Cipher Trace fame, fees for using these ATMs can be from anywhere between six and 20 percent depending on its location and the amount of money being transacted. Still, she says that the amount of bitcoin ATMs appearing all over the U.S. is quite staggering. She mentions:
The growth of the ATM market – it is not even a gentle increase. It is almost a 45 percent increase. The growth is quite astonishing.