The cryptocurrency ATM market is expected to grow to nearly $145 million by 2023, as it’s forecasted to have a compound annual growth rate (CAGR) of 54.7% for the next five years., according to a report published by ResearchandMarkets.
The market’s forecasted growth is notable as it’s currently at $16.3 million. According to Coin ATM Radar, there are currently 3,687 Bitcoin ATMs in 74 countries, up from 3,000 in May of this year.
ResearchandMarkets’ report determined that two-way ATMs – which let users both buy and sell cryptocurrencies using fiat – will grow at a higher CAGR than one-way ATMs thanks to their dual functionality.
Available data, however, shows one-way ATMs are dominating the market, as nearly 62.5% of all existing crypto ATMs are one-way, while about 37.5% are two-way. Most of these machines are located in the United States, where well over 2,000 crypto ATMs are located.
The report’s authors noted that in the US, Germany, and Japan the market is growing at a rapid pace, fueled by increasing cryptocurrency adoption. By 2023, North America is still expected to be the biggest crypto ATM market. Helping the sector grow will also be the hardware in these machines.
The report further suggests regulatory uncertainty will hinder the market’s growth in some regions. A lack of awareness and understanding of how cryptocurrencies work may also be a factor restraining it.
Check this out! New installed #Trovemat #bitcoin machine at Grocery Store 24/7 in #Moscow. Operated by #JetCrypto. Supported coins: #BTC #BCH #ETH #DASH #LTC #XMRhttps://t.co/uZLODrEl2i pic.twitter.com/FbkiESP8yJ
— Coin ATM Radar (@CoinATMRadar) September 4, 2018
Earlier this year, as CryptoGlobe reported, the metro in Prague received a set of new Bitcoin ATMs which let passengers buy various cryptocurrencies, including bitcoin, litecoin, dash, and monero.
While the report doesn’t cite security as a concern, BTC ATM malware has reportedly been sold on the dark web for $25,000, according to a cybersecurity firm. The malware reportedly came with a ready-to-use card with EMV/NFC capabilities.
Cryptocurrency-related crime has seemingly been growing along with the industry. Chinese authorities have recently revealed local hackers managed to steal $87 million worth of cryptocurrency, and John McAfee’s BitFi wallet dropped its “unhackable” claim after getting hacked.
The situation saw various crypto industry participants launch a Crypto Community Watch Program to catch and “punish bad actors.” Through whistleblowers may be rewarded for information leading to the arrest of cybercriminals.