Crypto ATM Installations Bounce Back in May, Defying Previous Decline

Crypto ATM Bitcoin ATM

The global crypto ATM market witnessed a decline of 5,850 installations during the initial four months of 2023. However, despite the setback, the United States continues to maintain its position as the global leader in cryptocurrency ATMs.

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Despite a worldwide decrease in cryptocurrency ATM installations throughout 2023, May witnessed a significant surge of over 1,400 net installations of Bitcoin and crypto ATMs. The initial four months of the year witnessed a steady decline in the number of crypto ATMs.

Notably, countries such as Australia, Poland, and Spain experienced a remarkable spike in crypto ATM installations, while larger economies like the United States primarily contributed to the overall drop during that period.

During the initial four months of 2023, there was a global decline of 5,850 crypto ATMs, as reported by Coin ATM Radar. However, May brought a notable turnaround with an increase of 1,397 machines joining the global network of crypto ATMs.

It’s important to note that Bitcoin ATMs do not directly contribute to the growth of the Bitcoin network, but they play a crucial role in facilitating the exchange of fiat currency for Bitcoin and other cryptocurrencies.

Australia, experiencing a growth of 233 ATMs in 2023, has now secured its position as the world’s third most popular destination for cryptocurrency ATMs.

As of now, the United States remains the global leader in cryptocurrency ATMs, maintaining its prominent position. In the previous year, U.S. sales constituted a substantial 84.7% of all crypto ATMs, with Canada following behind at 7.6%. Presently, there are 35,069 operational ATMs across the globe.

Also Read This Related: FCA’s crackdown on unregistered crypto ATMs in the UK persists

However, in a contrasting development, an unfortunate incident involved a hacker stealing money and private keys from General Bytes, a Bitcoin ATM manufacturer.

Earlier reports indicate that a total of 56 Bitcoin and 21.82 Ether were taken in the incident. In response, the affected company advised its administrators and users to transition to a self-hosted server environment as a preventive measure.

To mitigate similar occurrences in the future, the implementation of a virtual private network (VPN) is recommended, which can provide enhanced security and protect against such incidents.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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