Bank ATM vs. Bitcoin ATM – The historical perspective

Currently, there about 280 Bitcoin ATMs worldwide. This number was reached in less than a year. Some Bitcoin enthusiasts compare Bitcoin ATMs with bank ATMs but forget to mention that there are more than 2 million of them available worldwide. It took 40 years to arrive at this impressive number. Rome was not built in a day.

Digital money is a very new concept that appeared 5 years ago. Bitcoin ATMs started to spring up like mushrooms less than a year ago. Nevertheless, Bitcoin ATMs have a hard time to gain acceptance. Becoming widely accepted takes time. In this respect, Bitcoin ATMs and standard ATMs share the same fate.

The first patent for a standard ATM was filed in 1960, and the first experimental ATM was installed in 1961. However, back then it was removed after 6 months due to lack of demand. The model was called “Bankograph”. It was called “an automated envelope deposit machine” accepting coins, cash and checks. Thus, it did not have cash dispensing features to begin with.

History teaches us a lesson here. Today, 60% of Bitcoin ATMs do not payout cash. Only 40% are two-way but this number is growing.

There were many parallel efforts in different countries to develop bank ATMs. Here is an introduction video from Australia in 1969: 

Source: CoinATMRadar Bitcoin ATM Blog

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