Bitcoin (BTC) is a global phenomenon. Since 2009, this blockchain behemoth has only grown, much to crypto naysayers' disappointment. From pizza purchases to Wall Street, it’s gone from novel tech to mass adoption.
Along the way, BTC’s rise has opened the door for a massive industry pushing the boundaries of financial technology.
But there’s one player that deserves special mention: Bitcoin ATMs.
These cash-to-coin machines are more than just a way to purchase BTC; they’re the starting point for many users' crypto journeys. Today, we’ll explore Bitcoin ATM (BTM) history and take a look at how the industry has evolved.
The first BTM made its debut in Vancouver, Canada, in 2013* (as mentioned on cointelegraph.com).
Back then, it was more novelty than convenience. This sole machine, cemented in a local coffee shop, was a first mover. While it only served a small community, it made a mark — one that would start a multi-billion dollar industry.
BTMs bridged the gap between the digital and physical, offering a user-friendly interface for crypto enthusiasts and novices alike.
You see, buying BTC wasn’t as easy as it is today all those years ago.
To make a purchase, you had to jump through some pretty complicated hoops. For most people, buying BTC was simply out of reach. But BTMs changed that.
To make a purchase, you just needed a few things:
BTMs made the purchasing process simple. And, in less than a decade, the number of BTMs went from single digits to almost 40,000* (data from coinatmradar.com).
While the first BTM found a home in Canada, it wasn’t long before other countries started hosting these convenient BTC machines.
Nowadays, you can find BTMs in various locations, spanning the whole world:
There are even BTMs located in exotic and hard-to-reach destinations like Antarctica or at a Mount Everest base camp.
But, for most people, their local BTM sits in a convenience store, cafe, or other nearby location. Not only does this make BTC buying easy, but it makes the entire crypto ecosystem accessible no matter where you’re located.
As more and more BTMs dot the world, the industry has also seen some massive growth.
What was a novelty in 2013 is now big business, with several popular BTM operators active today. In fact, the entire global BTM industry has an estimated market size of $1.4 billion* (information from researchnester.com).
That number is only expected to grow.
By 2037, the BTM industry is expected to be valued at over $452 billion (data also from researchnester.com).
That means more BTMs and more convenient ways to buy BTC with cash.
So, where does Bitcoin Depot fit into the BTM's history?
Bitcoin Depot, founded in 2016, was born with a simple mission: bring Bitcoin to the masses.
We’re not trying to create complex processes with burdensome requirements, far from it. Even in those early days, back when BTM numbers were just a few hundred, we strived to create the easiest, most convenient buying process for our customers.
No matter who you are or your level of crypto know-how, you could make a seamless transaction with cash.
We were also the first BTM operator to go public* (from nasdaq.com). This not only solidified our position as an industry leader but also showed the world the legitimacy of the growing BTM industry.
It’s been quite the journey from our humble beginnings, but we’re proud of how far we’ve come and what lies ahead.
BTMs may only be a small part of the greater crypto ecosystem, but that doesn’t mean they haven't made a huge impact.
Their major contribution to the community is how easy they’ve made the BTC buying process. As we mentioned earlier, you don’t need to be a tech wiz to make a purchase. More importantly, though, you don’t need a bank account.
For those without access to banking institutions, this is a pretty big deal.
BTC and crypto, in general, are built on a philosophy of equality and financial freedom. While crypto exchanges are great, they don’t exactly align with this ethos. Why should you not have access to the future of finance if you happen to not have a bank account?
Whether it’s for sending payments for remittance or simply for investing, BTMs open up new opportunities for everyone.
So, that’s Bitcoin BTM history.
From those early days when BTC was just getting started to today when crypto is a massive multi-trillion dollar investment class, BTMs have been there, helping users buy BTC with cash.
Here at Bitcoin Depot, we’re proud of the industry and our massive growth. But it’s only the beginning. We have a lot in front of us.
Currently, we operate the largest network of BTMs in the U.S., Canada, and Puerto Rico, with over 8,400 locations (as of January 2024). We also offer other services, like BDCheckout™, our in-person cash buying experience, and our buy online service.
No matter how you want to make a purchase, we have you covered.
Want to know where your local Bitcoin Depot location is? Use our locator tool to find your nearest BTM today.
*The information provided above is for informational purposes only. The inclusion of any particular 3rd party site does not imply an endorsement, sponsorship, or partnership between Bitcoin Depot and the 3rd parties listed above. While Bitcoin Depot endeavors to ensure the accuracy and relevance of the information provided, we do not guarantee the reliability of any 3rd party’s information.
Note: This blog was updated on 1/8/25, original post date: 2/23/24