Category Archives: Bitcoin ATM

Bitcoin ATM Market Dynamics July 2017

During July 2017 bitcoin price fluctuated a lot. In the beginning of the month it fell to less than $2000 per BTC, but then quickly gained back and month closed at roughly $2700 per BTC, which was higher than the price of end of June 2017.

BTC price July 2017

Bitcoin ATM new locations also increased drastically over July 2017:

Period Start: 1331, Period End: 1402
Open: 112, Closed: 41, Net Growth: +71 (+5.3%)

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Bitcoin ATM Market Dynamics June 2017

During June 2017 bitcoin price stabilized at the $2500 levels. At the end of June price was $2432, which is approximately the same as it was at closing of May 2017.

Bitcoin price June 2017

While price of bitcoin stayed at highest level over history, installation of bitcoin ATMs also reached new highs during June 2017:

Period Start: 1233, Period End: 1324
Open: 120, Closed: 29, Net Growth: +91 (+7.4%)

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Investing in bitcoin via bitcoin machines (part 2)

In the previous post we discussed why bitcoin ATMs might be useful for investing in bitcoin and also what are the characteristics of bitcoin that make it valuable. In this post we look at potential reasons why bitcoin price might increase in the future and also what kind of investing strategy can be chosen.

Bitcoin investment strategy

Why bitcoin price might increase

There are many factors why bitcoin price is undervalued today:

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How to invest in bitcoin using ATMs (part 1)

With quick expansion of bitcoin machines locations, they become more and more available to general public. One of the bitcoin ATM use-cases is investing in bitcoin.

George Osborne uses bitcoin ATM
George Osborne uses bitcoin ATM when the BTC price was about $580 (Aug 2014)

In this part we discuss advantages of bitcoin ATMs and also reasons why bitcoin has value and worth investment.

Advantages of bitcoin machines

The clear advantage of using a bitcoin ATM vs. online exchanges is verification time (exchanges usually take longer, when you register for the first time). Another advantage of bitcoin machines is ability to purchase BTC much more easily and quickly as you deal with cash exchanged to bitcoins (immediately), comparing to sending a wire transfer to exchange first and then waiting for it to get received and credited to your exchange account before you can trade.

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How to Buy Bitcoins from ATM to Mobile Bitcoin Wallet

One of the most confusing parts of buying bitcoins from ATM is understanding how the coins get transferred to your control. This is especially confusing for new users and first-time buyers.

This post will aim to help make this process more clear for you before you make your way to a bitcoin ATM.

In most cases, ATMs ask you to scan a QR code of a Bitcoin address. This is where the bitcoins will be delivered to after you deposit cash. So, all you really need to do is figure out how to access the receive screen of your wallet that shows a Bitcoin address and corresponding QR code. We’ll show you how to do this using 2 iOS wallets and 2 Android wallet as examples. Even if the wallet you use isn’t featured in this post, know that the process will be very similar.

Mobile Wallets for iOS

Breadwallet

breadwallet

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Bitcoin ATM Market Dynamics May 2017

May 2017 was a great month for all cryptocurrencies growth. Bitcoin also grew substantially in price ($2400 at the end of May).

Bitcoin price May 2017

This has driven a lot of new demand and new users to cryptocurrency world. New traffic to existing bitcoin ATMs incentivized new installations. Here is the stats for May 2017:

Period Start: 1158, Period End: 1236
Open: 95, Closed: 17, Net Growth: +78 (+6.7%)

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Los Angeles Bitcoin ATM Network

Los Angeles is a conglomerate of various bitcoin ATMs, which are operated by plenty of different operators. If you are in any district of the city, it is likely there will be a bitcoin ATM nearby.

Find all bitcoin ATM locations in Los Angeles.

Bitcoin ATM in Los Angeles

Los Angeles currently has 80 bitcoin ATMs installed. After NY with 86 machines, LA is the second largest conglomerate with respect to number of installed bitcoin machines.

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Bitcoin ATM Market Dynamics April 2017

During April 2017 bitcoin continued to increase in price, and reached ATH ~$1400 by the end of the month.

Bitcoin price April 2017
Blockchain.info Bitcoin price chart

Such price increase definitely led to hype in bitcoin demand. As bitcoin ATMs are one of the easiest ways to purchase bitcoins, usage of bitcoin machines also reportedly increased. To some extent it led to growth of number of bitcoin ATMs installed. The following statistics illustrate changed bitcoin machines number during April 2017:

Period Start: 1113, Period End: 1156
Open: 63, Closed: 20, Net Growth: +43 (+3.9%)

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Bitcoin ATM market concentration

Bitcoin ATM industry is relatively new, however, it develops very dynamically. There are many new players entering the market, at the same time there is definitely a trend of some major participants increasing their machine networks size. In this article we evaluate how high is the concentration in bitcoin ATM industry w.r.t. manufacturers and operators. For assessment we look at top 3 countries with highest number of bitcoin ATMs installed: United States of America, Canada and United Kingdom.

Concentration indexes

For the purpose of this article three types of indexes are used:

  • Concentration ratio 3 (CR3) – market share controlled by top 3 manufacturers or operators;
  • Concentration ratio 5 (CR5) – market share controlled by top 5 manufacturers or operators;
  • Herfindahl index – is a concentration index, which is calculated as a sum of squared market shares, and gives more weight to the situation with dominance of a single or small group of companies.

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