The Installation of Bitcoin ATMs has Slowed for the Fourth Month in a Row in 2022
BTC ATMs play an essential role in the Bitcoin economy, allowing users to retrieve or deposit their Bitcoin holdings against cash reserves physically.
According to Coin ATM Radar, 2021 witnessed the most global increase in BTC ATM installations, with August seeing the biggest net change of 2,037 ATMs. From December's high of 1,969 ATMs, the crypto ATM net change decreased to 1,687 in January 2022.
Since then, the net change in crypto ATM has been on the decline, with three-digit changes in February (970), March (757) and April (739).
Last year's meteoric rise in crypto ATMs was fueled by countries like El Salvador accepting Bitcoin as legal cash, and the country now has the third-largest network of BTC ATMs after the US and Canada.
El Salvador has 205 Chivo-branded ATMs, accounting for 70% of all crypto ATMs in South America, demonstrating the unexplored potential for crypto ATMs.
With a 41.5 per cent market share, Genesis Coin retains its long-standing supremacy in the crypto ATM sector. General Bytes (21.6 per cent), BitAccess (15.2%), and Coinsource are three more well-known crypto ATM producers (5.3 per cent).
