Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Data reveals El Salvador as third in global Bitcoin ATM installations

CryptocurrencySep 18, 2021 04:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Data reveals El Salvador as third in global Bitcoin ATM installations

According to data from Coin ATM Radar, El Salvador now has the third-largest network of crypto ATMs after the United States and Canada.

The Central American nation accounts for 70% of all crypto ATMs in South America. El Salvador is also ahead of the United Kingdom in its crypto ATM count after deploying 205 crypto ATMs to facilitate local Bitcoin transactions.

In comparison with Statista data from August 16, it is quite obvious that El Salvador successfully installed 201 ATMs within a month. Before this, the country ranked 43rd on the crypto ATM list, with only four functional crypto ATMs.

Recall that President Nayib Bukele previously said that Bitcoin’s adoption would be supported by a network of 200 ATMs and 50 branches. The Salvadoran government collaborated with an in-house cryptocurrency wallet provider (Chivo) to power the BTC wallets and ATM usage in the country.

The rise in El Salvador’s ATM installation drive complements the recent presidential order mandating all businesses to accept payments in Bitcoin. However, the merchants retain the option to convert Bitcoin payments to USD before withdrawing their earnings.

On a global scale, crypto ATM installations are at an all-time high with 27,664 active machines, and 2,790 new machines being added in September. An average of 63.7 Bitcoin ATMs gets installed globally every day even as other jurisdictions are yet to decide on Bitcoin’s use case as a mainstream asset.

In terms of market share, Genesis coin is the leading crypto ATM manufacturer with a market share of 40.7%. General Bytes and BitAccess control 22.7% and 12.7% of the market, respectively.

Meanwhile, El Salvador’s recently pass Bitcoin Law has met some resistance from local citizens. This led to the burning of a Chivo-supported Bitcoin machine a few days ago. The protesters highlighted concerns of uncertainty, price fluctuation, and lack of exposure to the crypto market.

El Salvador currently uses both Bitcoin and the U.S. dollar as legal tender. The Chivo kiosk is the government’s first attempt to create an infrastructure for BTC and U.S. dollar conversions.

Continue reading on BTC Peers

Data reveals El Salvador as third in global Bitcoin ATM installations
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email