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As Bitcoin’s popularity grows, the means to exchange it are also diversifying. For many users, the main option for buying Bitcoin and other cryptos is through a dedicated trading platform or a reliable exchange. Another very useful option that’s increasingly sought after by crypt lovers, and that’s gaining popularity in the world, is to buy crypto currencies at Bitcoin ATMs.
In this article we’ll see how it works and how to find a Bitcoin ATM in Spain to buy cryptomonies.
What is a Bitcoin ATM and what is it for?
Bitcoin ATMs are gradually becoming one of the most popular ways to buy crypto. Since the opening of the world’s first ATM in Vancouver in 2013, the market has expanded significantly and there’s been a wave of ATM installations worldwide.
But before we look at the official figures for 2020, let’s see what a Bitcoin ATM is and what it’s for.
A Bitcoin ATM looks and functions like a traditional trust fund ATM. However, the two types have considerable differences.
With a traditional ATM you simply have to have a debit or credit card and insert it into the machine to get your money. Once the ATM has withdrawn your cash, the transaction is complete.
In the case of a Bitcoin ATM, instead of logging into your account and performing transactions with a bank card, this works by depositing cash and providing a wallet/wallet address to receive the purchased cryptos.
Technically, Bitcoin ATMs connect users to a crypto exchange (exchange house), which is just the intermediary that allows you to place an order to buy or sell crypto.
Normally, most bitcoin cashiers ask the user for personal data such as a bitcoin account, which you have to register on the touch screen of the cashier, providing an email, a user name and an official ID number. ID card or passport.
Once the data has been entered, the account is registered and a receipt is printed with a QR code, in which the account data can be found digitally.
It is possible to buy Bitcoin or other types of crypto-currencies (the offer depends on the brand of the ATM) in cash, at an exchange rate that depends on the exchange behind the ATM.
So, to buy crypto currencies you need to follow a few steps:
- Deposit the amount of euros you want to spend on cryptomonies in the bitcoin ATM;
- Confirm the address of the receiving wallet, along with the amount to be purchased;
- Once the details are confirmed, the Bitcoin (or other crypts) is transferred to the address provided.
How many Bitcoin ATMs are there in the world, and are the United States in the lead?
The Bitcoin industry is still relatively young. In early 2016, there were only about 500 ATMs in the world.
The graph shows the distribution of the crypto-machines installed in several countries and continents.
However, the number of Bitcoin ATMs worldwide has increased by 90% since January 2017.
Since then, the number of Bitcoin ATMs has only been increasing.
There were 1,099 Bitcoin ATMs installed between 2017 and 2018, reaching a total of 2,063 worldwide in January 2018. Thus, the upward trend continued to lead to 4,102 ATMs in January 2019, an increase of almost 100% in one year.
The year 2020 started with 6,352 Bitcoin ATMs worldwide, however, in recent months we have seen an unprecedented increase. In the first six months of this year alone, 1,713 Bitcoin ATMs were installed worldwide, the vast majority in North America!
So, since the first Bitcoin ATM was installed in 2013, more than 8,000 machines have been installed in more than 75 countries. As just mentioned, if we categorize Bitcoin ATMs geographically, the United States is the leader with an 83.1 percent market share.
Graph showing the growth of Bitcoin ATM installations since 2013.
Europe was the second leading region in the world with 1,147 Bitcoin ATMs, representing a 14.2% share of the total number.
While Asia ranked third with 123 ATMs and a market share of 1.5%.
As for the Bitcoin ATM manufacturers, Genesis Coin is the market leader with a 34.2% market share. While General Bytes has a 30.9% market share and 2,489 ATMs operating worldwide.
It is worth mentioning that the main producers are General Bytes, Genesis Coin, Lamassu, Covault, Bitaccess, Coinme.
How many Bitcoin ATMs are there in Spain?
According to statistics from the international reference portal for this sector, Coin ATM Radar, there are 110 Bitcoin ATMs in Spain. Their concentration is mainly represented by the big cities. In fact, we find 22 in Barcelona and 15 in Madrid, while 13 are in Malaga and 11 in Palma de Mallorca.
Although 110 Bitcoin ATMs may seem like a few, this number puts Spain in a privileged position over many other European nations.
In fact, Spain is currently ranked fifth in the world, preceded by:
- United States (9,046)
- Canadá (921)
- United Kingdom (290)
- Austria (150)
The European country that currently has the fewest Bitcoin ATMs is Norway.
Bitcoin ATMs that defend customer privacy
Beyond the numbers, the interest of crypto coin lovers shows that the Bitcoin cashier is one of the most useful and fast methods of buying and selling crypto coins.
Obviously, those users who prefer anonymity are a little reluctant to buy crypto at an ATM that requires a series of identification data.
This is why many seek alternatives that guarantee the characteristics of: privacy, speed, low commissions, cash payment method.
Well, if you didn’t already know, this alternative already exists!
We’re talking about Bitnovo ATMs that allow you to buy more than 20 different crypto currencies in cash, in a fast, safe and private way.
This is how the Bitnovo ATM works:
- Find the nearest Bitcoin ATM in the Bitnovo application or on the web;
- In the cashier, indicate the amount you want to buy in euros;
- Once the operation is confirmed, insert the cash in the ATM;
- The Bitcoin ATM will issue a receipt indicating a PIN number;
- Access the Bitnovo website or application in the section: Redeem Coupons;
- On the page, choose the type of crypt-currency you want to receive in your virtual wallet;
- Indicate the wallet/wallet number and the pin you find in the purchase receipt issued by the ATM;
- Once you have entered the required data, the amount of cryptomoney purchased will be sent directly to your wallet, once the operation is confirmed in the blockchain.
See how easy it is?
As you’ve seen, Bitnovo’s Bitcoin ATMs guarantee privacy and allow for an easy, fast and secure purchase of cryptomonies and some of the lowest commissions in the market.
Of course, if there aren’t any Bitnovo Bitcoin ATMs available in your region yet, did you know there are other ways to buy Bitcoin cash as well?
Of course, there are! Thanks to Bitnovo, you’ll be able to buy bitcoin anonymously and in cash at partner outlets.
You’ll only have to search on the web or on the map of the application for the nearest point of sale where you can buy a Bitnovo cryptcoin coupon that you can then redeem on the application or web page, as explained above.
If, on the other hand, you are an entrepreneur and want to earn and expand the options for growing your business, getting new customers and new opportunities, don’t wait any longer and contact us to find out how to use a Bitcoin ATM in your store.