A Look at London’s Bitcoin ATM Scene

The United Kingdom is the third largest country with respect to the number of installed bitcoin ATMs, following after the U.S. and Canada, which are significantly larger both geographically and population-wise.

The United Kingdom is a home for 60 bitcoin ATMs at the time of writing.

The vast majority of the U.K.’s bitcoin machines — 45 bitcoin ATMs in total — are located in London, a global epicenter for multi-culturalism. These ATMs are represented by a various ATM producers, with leading General Bytes (64%), but also Lamassu (22%) and BitAccess (11%). The main operators in London are Satoshi Point (42%), BCB ATM (16%), Bitins (13%) and Landmark Coins (11%), which combined represent more than 80% of all bitcoin machines in London.

You can find a map with London bitcoin ATM locations below in this post.

Bitcoin ATM London

Bitcoin ATM locations in London are very dispersed with some machines placed in the city center (districts like Soho, Fitzrovia), and plenty machines are  scattered around the city and in suburbs.

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Bitcoin ATM Liquidity Providers

In this post we look at how operators can organize supply of bitcoin ATMs with liquidity. For simplicity purpose only buy bitcoin transactions (sell bitcoins to customers) are considered.

When running a bitcoin machine every operator needs to provide it with liquidity. Usually this is done via using own capital (fiat and BTC) in order to fund hot wallet (from where bitcoins are sent to customers) or additionally holding some liquidity on bitcoin exchange (fiat currency liquidity), which is converted to BTC when transaction happens to lock exchange rate and laterto replenish hot wallet for future transactions. You can read more details about it in Running bitcoin ATM from own hot wallet or Operating bitcoin ATM via exchange.

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1000 Bitcoin ATMs

While bitcoin price fluctuates around $1000, on 16th February total number of bitcoin ATMs installed in the world reached 1000 locations.

1000 bitcoin ATMs

This is perfectly in line with our rough prediction made more than two years ago based on comparison of traditional bank ATMs growth in its infancy with bitcoin ATMs growth.

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Bitcoin ATMs 2016 recap, trends for 2017

Another year has finished. Now it has been a little more than 3 years since first permanent bitcoin ATM installation in Vancouver. What has year 2016 year brought to bitcoin ATM industry, what has changed, what are the latest trends…

Geography

Bitcoin ATMs are installed around the world, however, most of them have high geographic concentration. The following chart illustrates bitcoin ATM installations split by continents for the last 3 years (year end is taken as a data point for each year):

Bitcoin ATMs by Continent

Latest data can be found on the charts page.

As it is seen North America was always dominating the market with 51% share in the end of 2014, and it grew constantly over years and reached 73% in the end of 2016.

Due to expansion of Canadian and mostly US market, Europe has lost 9% share over the same period and is at 20% of world installations currently. All the rest continents have very insignificant number of bitcoin ATM locations with a total of ~6%. In 2014 their share was ~20%.

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Bitcoin ATM fees: 2016 revision

There is a steady increasing number of bitcoin ATMs on the map. However, many people complain that fees to use these machines are still high, although these complaints might not be that prominent as they were at the start of first bitcoin ATMs launch times. Users finally realize that running a bitcoin ATM is not that easy and there are many costs associated with it.

Bitcoin ATM fees were already analysed in our blog back in 2014. This article is supposed to look at what are the latest figures across the industry as of the end 2016.

There are two ways of collecting fee size on the site:

  1. First is based on the manually defined values. This is normally used for bitcoin ATMs, which don’t support passing online information over API. Most prominent example is Lamassu with currently 185 installed and operational bitcoin ATMs across the world.
  2. Another way to collect data is via online feeds. There are several bitcoin ATM providers, which support online reporting of information similar to the one used at actual machines. These are: Genesis Coin, General Bytes, and Bitaccess. In case of Genesis Coin and General Bytes machines, online price is taken and converted to fee size based on Bitcoin Average rate. This allows to make all fee size comparable. In case of Bitaccess fees are reported directly.

Since April 2015 we collect daily information about fee size. There were some algorithm adjustments to calculation and storing procedure over time, but generally fees are comparable historically.

General

Current worldwide average bitcoin ATM fee is 8.4% for buying bitcoins from machines, and 5.4% for selling bitcoins for cash.

Bitcoin ATM fees

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Using a BitAccess bitcoin ATM at Rocket Fizz in Las Vegas

This is the last (tenth) review from our bitcoin ATM use series. Hope our reviewers enjoyed HW.1 hardware wallets from Ledger and readers enjoyed reading experience of real people using bitcoin ATMs at different locations.

For the full list of bitcoin ATM usage reviews please check this post.

The following review is provided to us by the user with a nickname NoNSeNsii from Las Vegas. Bitcoin machine that was reviewed is located at Rocket Fizz.

Bitcoin ATM Rocket Fizz Las Vegas

The bitcoin ATM was wonderfully convenient and easy to use. I started out walking up to it and noticing how strange and minimalistic it seemed. As I touched the screen to activate the process it gave basic questions and requests. It asked for my phone number. Then requested that I verify the front and back of my ID. Then it asked that I take a picture in front of the webcam in order to verify and authenticate. After verifying everything, it asked me to wait a moment as it verified. I then waited about 10 minutes. And I received a text message to go back to the ATM.

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General Bytes introduced a new bitcoin ATM model – BATMThree XXL+

Bitcoin ATM manufacturer GENERAL BYTES announced availability of their BATMThree XXL+ model.

The XXL+ is the latest model based on the GENERAL BYTES BATMThree Bitcoin ATM platform and as the name suggests its also currently the largest ATM in the BATM range of cryptocurrency ATM’s.

BATMThree XXL+ General bytes bitcoin ATM

What makes the XXL+ model special is the huge banknote capacity and the fact that it is specially equipped for servicing by armored money transport services, providing Bitcoin ATM operators with more freedom of choice in how to organize their day-to-day business.

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Revenue and costs of running a bitcoin ATM

Bitcoin ATM industry is growing fast. There are several new bitcoin machine installations worldwide daily. Existing bitcoin ATM operators increase number of machines in their networks, as well as new operators join the market. Even on the production side, there are new manufacturers developing their products and coming to the market with new bitcoin machine models targeting different segments and niches, e.g. recently were added BitTeller, Bitlox, BitConcept on our site.

Running a bitcoin ATM is an interesting business opportunity in the new era of digital currencies, however, sometimes the lack of information keeps people away as they don’t know where to start, or get any practical estimations of how much you can earn with a bitcoin ATM. In order to increase transparency Coin ATM Radar conducted a survey with a number of bitcoin ATM operators to find out what are current metrics of an average bitcoin ATM business.

Revenue and costs of bitcoin ATM

Before going any deeper we recommend to read:

Now back to survey. It was sent to 24 operators in total, 11 responded either in full or skipping some questions due to not wanting sharing info, although it was mentioned that none of info will be associated in any form to the company or person responding. Even limited info we received gives a good estimation of level of costs and earnings one should expect.

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