What are Bitcoin ATMs? They exchange crypto for cash, but Americans lose millions in scams – The Columbus Dispatch
Bitcoin, the digital currency and virtual payment system, has grown increasingly popular in recent years. The top cryptocurrency token holders have made billions of dollars off the digital asset.
Getting into the crypto space can be simple or complicated, and creating your own coin is possible, but not everything has to be performed digitally. Physical tools like cryptocurrency ATMs are within reach nationwide.
Here’s what to know about Bitcoin ATMs and how to locate them in Ohio.
Like traditional ATMs, Bitcoin ATMs are kiosks that allow you to purchase or sell crypto by using cash or your own credit/debit card. Also known as BTMs, you can cash out your Bitcoin at a Bitcoin ATM, according to the personal finance website Bankrate.
Unlike traditional banking methods, however, cash withdrawals are made through a QR code that the machine provides. You then send your Bitcoin via the QR code before receiving your cash minutes after.
Bitcoin is a type of digital currency that can be bought, sold, and mined. It acts as a form of payment that’s not governed by a single entity, according to Investopedia. It’s run on the Blockchain, a record-keeping system of computers that tracks crypto transactions.
Bitcoin has a limited supply, and because it’s a decentralized system, it’s not issued by central banks or authorities, USA TODAY reports. While known for its price volatility, some investors have become rich by investing in the coin at the right time.
Planning to use a Bitcoin ATM? The rise of BTMs doesn’t come without risk, as Bitcoin ATM fraud is on the rise.
The Federal Trade Commission found that during the first six months of 2024 alone, consumers lost around $65 million to Bitcoin ATM kiosks; older adults over 60 were the most vulnerable. Scammers will impersonate a government official, tech support, or business and urge victims to remove cash out of their bank accounts and instead deposit it into a Bitcoin ATM for added “protection.”
The FTC notes that the scammers will give victims a QR code. Once scanned at the machine, their cash is deposited straight into the scammers’ crypto account. The agency also cautions against clicking on suspicious links, responding to unexpected calls or messages, or swiftly moving funds if rushed.
“Don’t believe anyone who says you need to use a Bitcoin ATM, buy gift cards, or move money to protect it or fix a problem. Real businesses and government agencies will never do that – and anyone who asks is a scammer,” the FTC writes.
According to AARP, there are more than 49,000 crypto ATMs in the U.S., with over 100 Bitcoin ATMs in Ohio, including several kiosks located in Cincinnati, Cleveland, Columbus, and Akron.
Coin ATM Radar displays an interactive map of nearby locations and operators throughout Ohio and the country.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Getting into the crypto space can be simple or complicated, and creating your own coin is possible, but not everything has to be performed digitally. Physical tools like cryptocurrency ATMs are within reach nationwide.
Here’s what to know about Bitcoin ATMs and how to locate them in Ohio.
Like traditional ATMs, Bitcoin ATMs are kiosks that allow you to purchase or sell crypto by using cash or your own credit/debit card. Also known as BTMs, you can cash out your Bitcoin at a Bitcoin ATM, according to the personal finance website Bankrate.
Unlike traditional banking methods, however, cash withdrawals are made through a QR code that the machine provides. You then send your Bitcoin via the QR code before receiving your cash minutes after.
Bitcoin is a type of digital currency that can be bought, sold, and mined. It acts as a form of payment that’s not governed by a single entity, according to Investopedia. It’s run on the Blockchain, a record-keeping system of computers that tracks crypto transactions.
Bitcoin has a limited supply, and because it’s a decentralized system, it’s not issued by central banks or authorities, USA TODAY reports. While known for its price volatility, some investors have become rich by investing in the coin at the right time.
Planning to use a Bitcoin ATM? The rise of BTMs doesn’t come without risk, as Bitcoin ATM fraud is on the rise.
The Federal Trade Commission found that during the first six months of 2024 alone, consumers lost around $65 million to Bitcoin ATM kiosks; older adults over 60 were the most vulnerable. Scammers will impersonate a government official, tech support, or business and urge victims to remove cash out of their bank accounts and instead deposit it into a Bitcoin ATM for added “protection.”
The FTC notes that the scammers will give victims a QR code. Once scanned at the machine, their cash is deposited straight into the scammers’ crypto account. The agency also cautions against clicking on suspicious links, responding to unexpected calls or messages, or swiftly moving funds if rushed.
“Don’t believe anyone who says you need to use a Bitcoin ATM, buy gift cards, or move money to protect it or fix a problem. Real businesses and government agencies will never do that – and anyone who asks is a scammer,” the FTC writes.
According to AARP, there are more than 49,000 crypto ATMs in the U.S., with over 100 Bitcoin ATMs in Ohio, including several kiosks located in Cincinnati, Cleveland, Columbus, and Akron.
Coin ATM Radar displays an interactive map of nearby locations and operators throughout Ohio and the country.
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
