The country has 1,359 machines on its Bitcoin ATM network, data from Coin ATM Radar shows, growing uninterrupted from month to month for 29 consecutive months. This places Australia as the third largest Bitcoin ATM market in the world, with 3.5 percent of its 38,753 world crypto ATMs.
Australia’s sustained expansion is particularly noteworthy, just as the nation edges closer to surpassing the count of Europe’s Bitcoin ATM systems at until now 1,660. If this threshold is hit, then Australia will be home to the third largest crypto ATM network worldwide, behind the US, Canada and Australia.
Bitcoin Leads United States Market
Despite all this, the United States continues to lead the pack with 31,516 Bitcoin ATMs, a whopping 81.3 per cent of the world’s market. Rounding out the crude steel production in the top 10 are Canada with 3,027 machines, 7.8%, and France with 2,586 machines, 6.7%, respectively.
Together, the crypto ATM market is in the hands of North America with well over 90% of all installations being cemented here. The total is divided more or less equally between Europe and Oceania, each with 4%, and Asia of 0.9%.
Rapid proliferation of Bitcoin ATMs does not eliminate the fear of fraud. More than $110 million in 2023 lost to scam brought up by the U.S. Federal Trade Commission (FTC) ‘s Bitcoin ATM scams. The agency’s August advisory warned that scammers take advantage of the anonymity and the speed of crypto transactions to defraud users.
Following the incidents, U.S. lawmakers have been asking the leaders of the largest BTC ATM operators to add such measures protecting vulnerable groups, namely the elderly, from cons.
The growth of Australia’s ATM network reflects a broader trend, but also illustrates that despite rapid cryptocurrency adoption potential issues around emerging risks call for greater security and regulation.
