Australia has seen a continuous monthly increase in Bitcoin automated teller machines (ATMs) for over two years, nearly surpassing the total number in Europe and reinforcing its position as a leading player in the global crypto ATM market.
Data from Coin ATM Radar indicates that for the last 29 months, Australia has consistently added to its tally of Bitcoin ATMs. The country now boasts 1,359 machines, representing 3.5% of the worldwide total of Bitcoin ATMs. While this might seem modest, it positions Australia as third globally in terms of Bitcoin ATM numbers, just behind the heavyweights of the United States and Canada.
Europe currently has 1,660 Bitcoin ATMs, only slightly more than Australia. Should Australia surpass this number, it would solidify its status as home to the third-largest Bitcoin ATM network globally, an impressive achievement given the dominance of North America in this sector. The United States leads with 31,516 Bitcoin ATMs, making up 81.3% of the global total, followed by Canada which hosts 3,027, accounting for about 7.8% of the market.
The overwhelming majority of Bitcoin ATMs are located in North America, accounting for over 90% of the global count. Europe and Oceania each hold about 4%, while Asia has a mere 0.9% share, underscoring the disparity in crypto infrastructure development across different regions.
As the network of Bitcoin ATMs expands, so does the incidence of related scams. The United States Federal Trade Commission (FTC) reported that losses from Bitcoin ATM scams topped $110 million in 2023. These frauds exploit the anonymity and immediacy of crypto transactions, often targeting vulnerable groups such as the elderly.
In response, US lawmakers have taken action, sending letters to prominent crypto ATM operators urging them to implement measures to combat fraud and enhance user protection, especially for older adults who may be more susceptible to such schemes.
As of the latest figures, there are 38,753 Bitcoin ATMs worldwide, indicating a robust growth in physical points of access to the crypto market. This growth reflects the increasing mainstream acceptance of cryptocurrencies and the expansion of infrastructure to support their use.
The remarkable growth of Bitcoin ATMs in Australia and globally represents more than just numerical increase—it reflects the burgeoning acceptance of cryptocurrencies as a legitimate component of financial systems worldwide. This expansion is not without its challenges, however, as demonstrated by the concurrent rise in ATM-related scams.
What The Author Thinks
The rapid proliferation of Bitcoin ATMs across Australia and globally brings to the fore critical issues regarding consumer protection and regulatory oversight. While these machines offer convenient access to cryptocurrencies and represent the growing integration of digital currencies into everyday financial activities, they also present new avenues for fraud.
Enhanced regulatory measures and improved consumer education will be vital in ensuring that the expansion of Bitcoin ATMs contributes positively to the financial ecosystem without exposing users to undue risk. As Australia possibly overtakes Europe in the number of Bitcoin ATMs, it will be essential for all stakeholders—regulators, operators, and consumers—to foster a secure environment that supports the responsible growth of this promising yet potentially vulnerable technology.
Featured image credit: FMT
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