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As cryptocurrencies continue to influence the financial service industry and provide users with endless possibilities, bitcoin ATMs have proven to play a critical role in the cryptocurrency adoption process. Bitcoin ATMs convert fiat currency into digital cash, ensuring a seamless transaction experience.
Bitcoin ATMs, which are also called BTMs or bitcoin kiosks, are among the fastest growing industries around the world due to the increased demand for physical cryptocurrency transactions. In the past year, the numbers of bitcoin ATMs have more than doubled from 2,000 to over 4,000 bitcoin ATMs. The expansions of bitcoin ATMs around the world has been attributed to the increasing acceptance and use of bitcoin for financial transactions. Bitcoin ATMs have made cryptocurrency become a popular form of payment in certain parts of the United States.
Although several companies own and operate bitcoin ATMs, Bitcoin Depot is currently the largest multi-cryptocurrency ATM operator in the world by leaping from third place to number one in less than a year. Bitcoin Depot contributed to the growth of cyrptocurrency ATMs by installing over forty percent of all bitcoin ATMs in the United States and accounted for one-third of all Bitcoin ATM installations around the world in the month of January alone. The previous year experienced an increase in the number of Bitcoin ATMs around the country and further growth has been predicted by market experts, despite fluctuating bitcoin prices.
Bitcoin Depot kicked off 2019 by expanding to seven new states; Illinois, Arizona, Nevada, Virginia, Georgia, Florida and California.