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9 years after the first Bitcoin ATM: There are now 38,804 around the world

 


On October 29, 2013, a coffee shop in the Canadian city of Vancouver opened the world's first publicly available Bitcoin

The crypto ATM saw 348 transactions and $100,000 in revenue in the first week after it went live.


On October 30, 2022, nine years and a day later, Robocoin has ceased operations and the first crypto ATM has likely been removed or replaced. However, the number of crypto ATMs has continued to grow, with the number of cryptocurrency ATMs now standing at 38,804, according to data from Coin ATM Radar.


However, the global center for crypto ATMs has since shifted. 88 percent of the world's crypto ATMs are located in the US. 90 percent of all crypto ATMs have also been installed in the US in recent months.


In October alone, 129 of the world's new ATMs installed were in the United States. A total of 205 new ones were added worldwide.


Canada has just 566 after nine years, although the country still ranks second with 6.6 percent of all crypto ATMs , data from Coin ATM Radar further shows.


Spain had a global share of 0.6 percent as of October 22 with 215 ATMs, ranking third .


A July report by Research and Markets estimates that the crypto ATM space is currently worth $46.4 million and will grow more than 10-fold to $472 million by 2027. The reason for this increase should be transfers and further installations of crypto ATMs.


However, like many crypto products, crypto ATM installations have been challenged by the crypto bear market this year.


Crypto ATM installation slowed down between January and May . Then, between June and August, there was a slight recovery, in September against the number of crypto ATMs worldwide then for the first time. 459 devices were removed from the worldwide network .

Bitcoin remains the most popular cryptocurrency to be used through crypto ATMs. According to Coin ATM Radar , almost 100 percent of ATMs support BTC transactions. However, other cryptocurrencies are also heavily supported on the network.


In early October, US authorities warned that crypto ATMs are being used more and more for scams . The most common is "pig butchering," where the attacker poses as a potential romantic partner, gains trust, and asks the victim to send him money or cryptocurrency.

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