Spain leading the way with Bitcoin ATMs…..

Spain leading the way with Bitcoin ATMs…..

Bitcoin ATMs are changing the way we access and use digital currency. Although Bitcoin is not yet recognized as legal tender in most countries, there are currently 38,453 Bitcoin ATMs worldwide, making it easier for people to buy and sell digital currencies. While cash may be king in the physical world, Bitcoin is more at home in the digital realm, where computer applications and encrypted codes are the norm.

The first Bitcoin ATM was installed in a café in Vancouver, Canada, in 2013. Five years later, the first Bitcoin ATM was installed in Germany. As of today, the majority of Bitcoin ATMs (86.8%) are located in the United States, while Europe accounts for only 3.8% of the total number of Bitcoin ATMs.

When comparing the number of Bitcoin ATMs across European countries, there are significant differences between them. Only six European countries currently have more than 100 Bitcoin ATMs, with Malta having only one. Spain has the most Bitcoin ATMs in Europe, followed by Poland and Romania.

Of the 161 crypto ATM operators that run more than 1,000 Bitcoin ATMs in Europe, ten operators own almost 60% of all ATMs in Europe, with the other 151 operators running the remaining 40.3%. The Kurant operator runs more than 15% of all ATMs in Europe.

Despite the growth of Bitcoin ATMs, using Bitcoin as a means of payment in everyday transactions remains a challenge, as there are still limited options for its usage. While the increased adoption of Bitcoin ATMs can only benefit crypto adoption and make digital finance more accessible to more people, finding stores that accept cryptocurrencies is still not optimal in most places. The convenience of using Bitcoin for day-to-day purchases is also limited, as the journey to access a café that accepts Bitcoin in Chemnitz, for example, can take up to half an hour via public transport.

The introduction of Bitcoin ATMs worldwide provides new possibilities for crypto-users and also increases the visibility of digital currencies to more people. While it remains uncertain how quickly Bitcoin will be accepted as legal tender in more countries, positive developments are already underway. Perhaps one day, using a Bitcoin ATM to transfer your digital currency will become as normal as withdrawing cash.

CleverRobot newsdesk 16th February 2023

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