ding to a press release, Bitcoin Depot’s machine count has increased more than three times in the last six months. This expansion was driven by a desire for Bitcoin from many communities across North America, particularly the unbanked. Bitcoin ATMs allow physical transactions with cash, without the need for a bank account –. However, they can also be very expensive.
According to the release, Brandon Mintz, President and CEO of Bitcoin Depot stated that ‘It’s clear the crypto market has captured mainstream attention, and the demand for cryptocurrency from consumers and retailers continues to grow. This gives us greater opportunities to expose Bitcoin Depot ATMs for individuals who are looking for convenient access to cryptocurrency and alternative financial services.
Bitcoin Magazine reported in July the dramatic rise in U.S. bitcoin ATM kiosks. This was a sign of a growing retail investor demand for convenience. According to How many Bitcoin ATMs, since then the number of machines on American soil has increased by more than 11%.
Due to the rising popularity of bitcoin and the assurances that it can provide regular people when central bank monetary policy erodes their purchasing power, kiosks have been popping up at gas stations, grocery stores, and other locations.
Convenience store chain Circle K also partnered with Bitcoin Depot in July to bring bitcoin ATMs into its stores across the U.S.A. and Canada. The franchise already had over 700 machines.
“We are thrilled to reach a new and significant milestone with 5,000+ cryptocurrency ATMs, on the heels Bitcoin Depot’s 5-year anniversary and a long-term partner with Circle K,” Mintz said.
The convenience of buying bitcoin via ATMs comes with additional costs, such as high fees and know-your-customer procedures. For every transaction at an ATM, some operators charge up to 30% in fees. For smaller purchases, you can verify your phone number or submit an ID for larger transactions.