More than 3,600 Bitcoin ATMs went down, largest monthly decline
The global adoption of Bitcoin and other cryptocurrencies has been on the rise. It is with more individuals and businesses embracing digital currencies. However, physical ATMs dedicated to fiat-crypto conversations are experiencing a decline. On March 2023, more than 3,600 Bitcoin ATMs went down to record the largest monthly decline. It’s bringing the total number of crypto ATMs to 33727.
Crypto ATM Installations: A Decade-long Trend Reversing
Crypto ATM installations have steadily increased for over a decade since the launch of the first Bitcoin ATM in October 2013. However, recent data from Coin ATM Radar shows that the trend is reversing. Net crypto ATM installations declined for four months between September 2022 and March 2023.
The Month with the Largest Decline in Crypto ATMs
On March 2023, more than 3,600 Bitcoin ATMs went offline to record the largest monthly decline. The number of Bitcoin machines installed over time reveals the sudden drop in the total number of crypto ATMs. This decline is significant, especially considering that the highest number of ATMs installed in a month was in 2020, which occurred in January 2021.
Crypto ATM Leaders and Recent Security Incidents
General Bytes, Bit Access, and Genesis Coin are market leaders in manufacturing crypto ATMs. However, General Bytes recently experienced a security incident in March that resulted in its customers ‘hot wallets being accessed. It was leading to the loss of customer funds.
In response, General Bytes promised to reimburse the losses. It takes immediate steps to prevent further unauthorized access to its systems. The company is working tirelessly to protect its customers.
The BRIGHT Side: April Records an Increase in Crypto ATM Installations
The decline in crypto ATMs may seem worrying. Because more than 3,600 Bitcoin ATMs went down to record the largest monthly decline.
Although the recent increase in crypto ATM installations in April 2023 is a positive sign. April broke the three-month-long downtrend, recording 37 crypto ATM installations on April 1.
While it remains to be seen if this trend will continue, the increase in crypto ATM installations is a step in the right direction.
Conclusion
The decline in crypto ATMs is a concern, especially given the growing adoption of Bitcoin and other cryptocurrencies. However, the recent increase in crypto ATM installations in April 2023 is a positive sign.
It is crucial to ensure security measures are in place to protect customers ‘funds and stop unauthorized access to crypto ATMs.
As the crypto industry continues to progress, it is essential to monitor the trend and adapt accordingly to ensure the growth and success of the industry.