Bitcoin ATMs have become an increasingly popular way for people to buy and sell bitcoin. These machines are similar to traditional ATMs, but instead of dispensing cash, they allow users to buy or sell bitcoin using cash or credit cards. As the popularity of bitcoin continues to grow, so does the number of bitcoin ATMs in the United States.
So, how many bitcoin ATMs are there in the United States? According to Coin ATM Radar, a website that tracks bitcoin ATMs worldwide, there are currently 12,057 bitcoin ATMs in the United States as of September 2021. This number has grown significantly since the first bitcoin ATM was installed in Vancouver, Canada in 2013.
The growth of bitcoin ATMs in the United States has been driven by several factors, including the increasing popularity of bitcoin as an investment and the growing number of businesses that accept bitcoin as a form of payment. Additionally, the COVID-19 pandemic has accelerated the adoption of contactless payment options, which has helped to promote the use of bitcoin ATMs.
Bitcoin ATMs are typically located in high-traffic areas such as shopping malls, convenience stores, and gas stations. They can be used by anyone who has a bitcoin wallet and wants to buy or sell bitcoin. The process of buying bitcoin from a bitcoin ATM is relatively simple. First, the user selects the amount of bitcoin they want to buy and inserts cash into the machine. The machine then sends the purchased bitcoin to the user’s digital wallet.
In addition to buying and selling bitcoin, some bitcoin ATMs also allow users to buy other cryptocurrencies such as Ethereum, Litecoin, and Bitcoin Cash. This makes bitcoin ATMs a convenient way for people to diversify their cryptocurrency portfolios.
Despite the growing popularity of bitcoin ATMs, they are not without their drawbacks. One of the biggest concerns is the high fees associated with using them. According to Coin ATM Radar, the average fee for using a bitcoin ATM in the United States is around 8%. This can be significantly higher than the fees associated with buying bitcoin from an exchange or broker.
Another concern is the lack of regulation surrounding bitcoin ATMs. Unlike traditional ATMs, bitcoin ATMs are not subject to the same regulatory oversight. This has led to concerns over the use of bitcoin ATMs for illegal activities such as money laundering and terrorist financing.
Despite these concerns, the growth of bitcoin ATMs in the United States shows no signs of slowing down. As the adoption of bitcoin and other cryptocurrencies continues to grow, it is likely that we will see an increasing number of bitcoin ATMs in the coming years. While they may not be the most cost-effective way to buy bitcoin, they offer a convenient and accessible option for those who want to get involved in the world of cryptocurrency.