Review: belonged to the Bitcoin formula vending machines

In October 2013, the world’s first Bitcoin ATM was installed at the Waves Coffeehouse in Vancouver, Canada. It was also the beginning of a battles between Bitcoin ATM manufacturers for the market dominance of a new industry.

Now only 13 months later the number of Bitcoin formula ATMs and vending machine manufacturers has almost exploded

Vending machines worth several million euros have already been installed and more and more competitors are entering the market. The following map shows how many machines have already been installed in Europe alone. The largest growth in 2014 was recorded in North America. Europe, on the other hand, accounts for about 31% of the cake, whereas Asia has proved to be a big laggard with 19% in July. Asia also lost 6% points, as of today. ATM 1 business locations have proven to be the most popular location for Bitcoin formula vending machines worldwide. Coffee shops and restaurants are also well ahead here. Here is the detailed review about the Bitcoin formula.

ATM 3At the beginning of the vending machine era, there were two dominant Bitcoin vending machine manufacturers: Lamassu, the lightweight Bitcoin vending machine, and Robocoin, the supplier of free-standing 2-way vending machines. Today, there are already a large number of vending machine manufacturers on the market who all try to distinguish themselves from each other in some way and to stand out with new functions.

Lamassu dominated the market with a third market share for a long time. However, this is slowly changing and the manufacturer lost 6% points within only half a year.

Robocoin, on the other hand, lost 3% points between July and December

Bitaccess (14% market share) and Skyhook (18% market share) in particular were able to catch up and gain market share. Skyhook’s low-cost and open-source models seem to have quickly gained popularity with growth of 11%.

ATM 4With a look at the growth of Bitcoin vending machines, we can also observe various trends. The initial market dominance of Lamassu vending machines is beginning to weaken. Lamassu has to watch out for Skyhook. Skyhook’s growth does not seem to be slowing down at the moment.

Robocoin has been struggling for months with stagnating growth; despite new software, angry customers are complaining about defective vending machines and late deliveries.

BitAccess seems to have developed a good growth model and is also slowly but surely climbing to the top of the charts. This month, the vending machine manufacturer could even displace Robocoin from third place.

ATM 5The battle for the market dominance of the Bitcoin vending machine manufacturers does not seem to be over yet. But one thing seems to be certain, the Bitcoin vending machines or Bitcoin ATMs seem to be gaining popularity and are gradually spreading all over the world.