On Oct. 29, 2013, a espresso store in downtown Vancouver, Canada opened what is known to be the world’s first publicly out there Bitcoin (BTC) automated teller machine (ATM) operated by Robocoin.
The crypto ATM noticed 348 transactions and $100,000 transacted in its first week of operation.
As of Oct. 30, 2022 — 9 years and sooner or later on — Robocoin has ceased operations and the primary crypto ATM has doubtless been eliminated or changed, however crypto ATMs have continued to extend in quantity with 38,804 cryptocurrency ATMs in existence at present, according to Coin ATM Radar.
The worldwide hub for crypto ATMs has since moved nevertheless, with the US now housing practically 88% of the world’s provide of crypto ATMs and taking credit score for 90% of all newly put in ATMs over the previous few months.
In October alone, 129 of the world’s newly put in ATMs had been situated in the US out of a complete of 205.
Canada, residence to the primary crypto ATM, has solely seen that quantity creep to 566 after 9 years, although it’s nonetheless inserting in second at 6.6% of the whole, as per Coin ATM Radar data.
In the meantime, Spain turned the third-largest crypto ATM hub on Oct. 22 with its 0.6% share throughout 215 ATMs.
A July report from Analysis and Markets estimates the crypto ATM house is now valued at $46.4 million, which is able to develop greater than 10 instances to $472 million by 2027, pushed by remittances and elevated crypto ATM installations.
Nonetheless, like many crypto-related merchandise, crypto ATM installations have been challenged this yr because of the crypto bear market.
Crypto ATM installations slowed between January and May earlier than a slight restoration between June and August, however September noticed web crypto ATMs drop globally for the primary time ever after 459 machines had been removed from the global network.
Bitcoin continues to be the preferred cryptocurrency transacted throughout crypto-enabled ATMs with practically 100% supporting BTC transactions per Coin ATM Radar. Nonetheless, different cryptos additionally seem like supported throughout the community.
Litecoin (LTC) is common with virtually 81% of ATMs supporting the crypto, and Ether (ETH) carefully follows at virtually 74%, Dogecoin (DOGE) sits in fourth place with just below 40% supporting the so-called memecoin.
In early October U.S. authorities warned crypto ATMs had been rising as a popular method for scammers to obtain worth and defraud victims most frequently in “pig butchering” scams the place the attacker poses as a possible romantic associate, gaining belief and asking the sufferer to ship them cash, or in some instances, cryptocurrency.