Australia currently boasts 1,359 Bitcoin ATMs, which accounts for around 3.5% of the total cryptocurrency ATMs found worldwide.
Over the last two years, the number of these machines has been steadily climbing each month, bringing the country closer to Europe’s figures.
Data from Coin ATM Radar highlights that for an impressive 29 consecutive months, Australia has seen a consistent and uninterrupted rise in its Bitcoin ATM count.
Australia’s Growing Market
Although Australia’s share may seem small, it ranks third globally in terms of the total number of Bitcoin ATMs.
Europe, with 1,660 ATMs, is within reach, suggesting that Australia is on the verge of catching up.
If this trend persists, Australia could soon establish itself as the third largest network of Bitcoin ATMs, following only the United States and Canada.
The United States remains the clear leader in the Bitcoin ATM market, even while navigating complex regulatory challenges surrounding cryptocurrency.
As of late December 2023, the U.S. is home to an astonishing 31,516 Bitcoin ATMs, representing 81.3% of all such machines globally.
Canada holds the second spot with 3,027 ATMs, making up about 7.8% of the market.
Together, North America claims over 90% of the world’s Bitcoin ATMs, while Europe and Oceania contribute nearly 4% each, and Asia lags significantly behind at just 0.9%.
Globally, the total number of Bitcoin ATMs stands at 38,753.
Rising Concerns Over Fraud
With the expansion of Bitcoin ATMs comes a troubling rise in fraudulent activities linked to these machines.
The U.S. Federal Trade Commission (FTC) recently issued a cautionary statement about a surge in scams utilizing Bitcoin ATMs.
Criminals are exploiting the speed and anonymity that cryptocurrencies offer, resulting in losses exceeding $110 million from ATM scams reported in 2023 alone.
As awareness of these scams increases, U.S. lawmakers have reached out to prominent operators of cryptocurrency ATMs, urging them to implement protective measures.
The goal is to combat fraud, particularly incidents that disproportionately target vulnerable seniors.
In this evolving landscape, both the rise of Bitcoin ATMs and the threats they pose are redefining the dynamics of cryptocurrency usage.
Source: Cointelegraph
