Bitcoin ATMs Pass 1,000 Mark With 53 Openings In March Worldwide

The Bitcoin ATM scene continues its steaming expansion with 53 new machines opening in March, according to data from Coin ATM Radar.

The site, which logs official launches of ATMs worldwide, registered even more in February, with 86 serving users in an industry only just beginning to find its audience.

There are now almost 1,100 machines in total, not including those which may exist but which have not made it to listings.

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An example of such machines was those appearing in Russia in February and March, which have since been formally recognized. As a country, however, Russia still lacks machines, the two latest additions both being in the city of St. Petersburg.

Worldwide, meanwhile, signs of a cementing ecosystem are becoming clear.

Three major manufacturers - Genesis Coin, Lamassu and General Bytes - are creating a slow monopoly on new machines installed. At the same time, independent manufacturers are reducing in number.

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As a method of buying and selling Bitcoin, however, ATMs still lack the appeal of online methods and point-of-sale payment options such as BitPay.

Fees are likely to be a major factor in slowing growth, with rates of 8-10 percent per transaction not uncommon.