Over the last six months, between July to the end of 2022, just 94 Bitcoin ATMs were added to the global network. 1475 Total views 38 Total shares Listen to article 0:00 News Ho-ho-ho! Get Limited Holiday Trait!Collect this article as an NFT While Bitcoin (BTC) ATMs were an afterthought to Satoshi Nakamotos vision of sound money, they are now considered one of the main pillars of Bitcoins mainstream adoption. However, the global Bitcoin ATM network, which used to add thousands of machines each month in 2021, recorded a net addition of just 94 Bitcoin ATMs over the past six months since July 2022.
A year-long bear market in 2022 accompanied by geopolitical tensions and global inflation hindered various initiatives aiding the growth of the entire crypto ecosystem. As a result, efforts to install new Bitcoin ATMs dipped in many countries that once spearheaded the initiative. Chart showing the number of bitcoin machines installed over time. Source: CoinATMRadar
Over the last six months, between July to the end of 2022, just 94 Bitcoin ATMs were added to the global network. In contrast, a modest 4,169 ATMs were added during the years first six months, confirms data from CoinATMRadar.
Despite the global slowdown, countries such as Spain and Australia have taken the lead in crypto ATM installations. The United States and Canada retain the top two positions for hosting the highest number of ATMs. El Salvador, the country that once held the third position, has now moved down to the fifth position after Spain and Australia, respectively.Number of cryptocurrency machines installed over time per each top manufacturer over time. Source: CoinATMRadar
During this timeframe, Bitcoin ATM manufacturer BitAccess saw a relative drop in its ATM installation while others reported a comparatively steady increase.
As crypto investors shake off the negative sentiments from the past year and dive back into the game, sub-ecosystems like Bitcoin ATMs remain well-positioned for a recovery.
Related: Florida best-prepared US state for widespread crypto adoption: Research
Australia, just after overtaking El Salvador to become the fourth-largest crypto ATM hub, got its first Bitcoin ATM with integrated Lightning Network (LN) capabilities.
Using LN, Bitcoin ATMs can process transactions immediately without having the operator batch the funds. As Cointelegraph previously reported, this development can potentially lower transaction fees compared to an on-chain payment. #Bitcoin #ATM #CoinATMRadar #Adoption #Bitcoin Payments #Lightning Network Related News The concept and future of decentralized Web3 domain names Bitcoin Lightning Network to be used in fiat transfers between Europe and Africa Bitcoin could reach $1M in 5 years due to fiat currencies collapse, says Samson Mow Not medical advice: Bitcoiner implants Lightning chip to make BTC payments by hand MicroStrategy to offer Bitcoin Lightning solutions in 2023
