When Bitcoin officially launched in January 2009 it had already been introduced in a white paper written by an author going by the pseudonym Satoshi Nakamoto. According to the Bitcoin website, “Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.”
The Bitcoin supply has maxed out at 21 million – that’s all that will ever be in existence. The relative rarity of this has made Bitcoin more and more valuable over the years. When Bitcoin was launched, its value was barely above $0. As of this writing, the value of Bitcoin is roughly $44,000, a marked increase.
With the increase in the crypto-currency’s popularity, so comes demand. Over the past few years, Bitcoin ATMs have increasingly been installed in businesses worldwide. According to Coin ATM Radar, there are currently over 34,000 crypto-currency ATMs around the world. Bitcoin is the most popular of these crypto-currencies, and the United States holds the record for most Bitcoin ATMs, coming in at almost 31,000 Bitcoin ATM locations.
California appears to have the most Bitcoin ATMs, with Los Angeles topping the chart, according to a February 2021 chart by Statista. The remaining top 10 Bitcoin ATM cities in the country include: Chicago, Houston, Atlanta, Dallas, Miami, Detroit, Orlando, Boston, and Newark.
Retailers that are considering adding a cash ATM to their business to drive foot traffic and increase sales might be wise to also consider adding a Bitcoin ATM. With the added value of Bitcoin ATM fees and increased store patronage, retailers may find that they can add a tidy sum to their monthly bottom line.