Bitcoin ATMs, or BTMs, exploded in popularity between 2020 and mid-2022, at the height of the crypto craze. At their peak, BTMs totaled 34,000 across the U.S., according to Coin ATM Radar. More and more people are using bitcoin ATMs to send money at lightning speed. A study from Bitcoin Depot, the company with the largest share of BTMs across the U.S., found that two-thirds of their customers use the machines for remittances and online purchases. But these machines have also gained a reputation as a vehicle for crime. Scammers can send their victims to these kiosks to take advantage of the faster transaction speeds.
Watch the video to learn more about what’s driving the BTM boom, why these machines attract crime, and how prosecutors fight back.
00:00 — Introduction
00:46 — Explosive growth
03:20 — Criminal exploits
08:58 — Buying the competition
Produced and Edited by: Kaan Oguz
Managing Producer: Jordan Smith
Supervising Producer: Jeff Morganteen
Graphics by: Christina Locopo
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Why Bitcoin ATMs Are Taking Over Malls And Gas Stations Across The U.S.