Image showing 11% shrinkage in installed Bitcoin ATMs for the new year, as part of the web 3.0 space.
New year rings in with 11% shrinkage in installed Bitcoin ATMs

Bitcoin ATMs Drop in 2023

The amount of installed Bitcoin ATMs in the world decreased by 11.1% in 2023, which is in contrast to the 10-year trend of growth at the start of each year.

Coin ATM Radar reported that the total number of crypto ATMs in the world on January 1, 2024 was 33,628, compared to the 37,827 that were recorded on January 1, 2023. Although there were both increases and decreases in the total number of Bitcoin ATMs over the course of 2023, the net total decreased by the end of the year.

Since Coin ATM Radar began tracking crypto ATMs in October 2013, the number of installed crypto ATMs has steadily risen until it reached an all-time high of 39,376 in August 2022. However, the numbers have declined since then, particularly throughout 2023. The biggest drop in crypto ATMs in 2023 was in the United States, with a 15.4% decrease from 32,672 to 27,631. The US still has the most crypto ATMs in the world, comprising 82% of the global total.

Web 3.0 Development and Expansion

Australia, Canada, Spain and Poland have seen a steady growth in the number of crypto ATMs. According to Coin ATM Radar, BitAccess, one of the main crypto ATM manufacturers, has seen a decline of 26% from 9,160 in August 2022 to 6,774 on Jan. 1, 2024.

However, General Bytes and Genesis Coin, two other major manufacturers, have continued to increase the number of Bitcoin ATMs in the year. Bitcoin Depot, another major player in the web 3.0 space, became a publicly listed company on the Nasdaq on July 3 and recently expanded to its 28th state in the country. It also reported a revenue of $179.5 million in Q3 2023, a 3% year-on-year increase.

Web 3.0 development has been on the rise since it started in the early 2000s. It has revolutionized the way people interact with the internet, providing users with a more secure, efficient and transparent experience. It has also enabled the use of cryptocurrencies, such as Bitcoin and Ethereum, as well as other digital assets. Web 3.0 has become a major player in the space, with its main features being decentralization, scalability and interoperability.

Coin ATM Radar’s data suggests that there are 498 crypto ATM operators spread across 71 countries, with Bitcoin (BTC) being the most popular cryptocurrency supported by these ATMs. Other digital assets such as Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC) are also available to purchase from crypto ATMs.

As the Web 3.0 space and its main features become more and more popular, it is important to know when it started and what tools are being used. The Web 3.0 start date is still under debate, but it is believed to have begun around the same time as the rise of cryptocurrencies, which are now a major part of the Web 3.0 space. The list of Web 3.0 cryptocurrencies includes Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC), among others, and the purpose of the tools being used is to facilitate the development of decentralized applications.

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