Rising demand for Bitcoin causes the growth of crypto ATMs

As crypto awareness, popularity, and adoption continue to spread around the world, the number of crypto ATMs appears to follow. The demand for Bitcoin is, naturally, the highest. However, plenty of major towns and cities around the world reported at least one crypto ATM. Most importantly, they are not only for Bitcoin, but for altcoins, as well.

Bitcoin ATMs on the rise around the globe

Of course, this should not come as too big of a surprise. As mentioned, the adoption is on the rise, even though it progresses relatively slowly. At the same time, cryptos continue to receive new use cases, as more and more merchants, companies, service providers, and others continue are starting to use it.

As a result, people don't seem to mind owning Bitcoin, as long as they can use it for buying and selling online. And, the best way to get BTC is via crypto ATMs. Some reports indicate that the previous year saw the total number of crypto ATMs surge by 70%.

Presently, however, the total number of cryptocurrency ATMs is just above 7,600. But, their distribution is another matter. Basically, the ATMs go to the place where they can be most useful. In other words, they are in locations where there is a large demand.

Apart from being a convenient and fast way of buying crypto, ATMs also eliminate the need for third parties. That way, even traders from areas where banks do not allow depositing funds to crypto exchanges can easily buy coins and trade them.

Africa awakens, while the US dominates

Another interesting development is the increased rate of BTC adoption in Africa. In fact, this is what led to the first ATM appearing in Nigeria. Of course, this is not the end, as the demand will only grow further. This is why 30 more ATMs will follow soon, as well.

As a result, Nigeria will likely become the crypto hub in this sector, and feature the largest number of ATM on the continent. The CEO of Blockstale BTM, the firm behind the project, Daniel Adekunle, commented on the development.

He said that "Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. We hope this great innovation structures our economy and opens more opportunities to our youths and other business owners."

Unsurprisingly, the majority of the world's crypto ATMs is in the US — over 5,000 of them. The ATMs constantly see more and more new users, even during the coronavirus pandemic. The demand grew so much recently, that around 1,000 of these ATMs only appeared in the last two months.