Birmingham has become the latest city in the U.K. to receive its first Bitcoin ATM, which is quickly becoming an area that is embracing the digital currency.
BCB ATM, which is one of the U.K.'s fastest growing operators of Bitcoin ATM's, has installed the new machine at Lifestyle Store on Flaxley Road Stechford. The independently owned operator has already supplied nine Bitcoin ATM's to convenience stores almost all in London, but has plans to extend their units across the country.
Landry Ntahe, BCB ATM head of operations, said that the machines receive frequent use between 30 to 40 times per day. He adds that around 25 percent of people utilizing the machines are new customers, so retailers can expect an increase in the number of people using them.
We are really pleased to install our first Bitcoin ATM in Birminham, especially as it's a region where we've seen more and more people using Bitcoins.
Recently, the value of Bitcoin has increased as demand for the digital currency grows. This can be seen from heightened interest from Japanese and Chinese investors who have joined the Bitcoin race as both countries become more embracive of the technology.
Ntahe explains that with further demand comes increased growth, which can be seen in the U.K.
Within the last year we have seen a rapid growth in the use of our machines and high demand for placements of Bitcoin ATM's within the U.K., this tells us the adoption rate for using Bitcoin is increasing and where there is more demand, the value will increase.
Compared to the industry standard fee of 7.5 percent, BCB ATM charge 5 percent on transactions.
Bitcoin ATM's Around the World
According to Coin ATM Radar, there are 1,230 Bitcoin ATM's located in 57 countries.
Of those, the U.S. accounts for the most with 825 machines and/or tellers in the country. In the U.K., there are 68 with the majority of them found within the popular M25, which loops around London and Greater London. Last year, Edinburgh received its first Bitcoin ATM, which was provided by Alphavend.
With nearly 2.30 Bitcoin ATM's installed each day around the world, it's clear that with the rise in demand for the digital currency, so to does the demand for the machines increase.
Featured image from Shutterstock.