Bitcoin ATMs have risen in the past few years as more people have become aware of cryptocurrency and its potential benefits. According to CryptoMonday.de, Los Angeles is the city with the most Bitcoin ATMs in the world, with 1991 ATMs.
CEO of CryptoMonday.de spoke on the data and said,
CryptoMonday CEO Jonathan MerryBitcoin ATMs are easy to use and don’t require any technical expertise. They are becoming increasingly popular as people look for alternative ways to invest their money. This is a strong signal that digital currency is becoming mainstream. However, we would like to warn people that there are some fraudsters who are using Bitcoin ATMs to scam unsuspecting users on online trading platforms.
In the US alone, there are 34,419 locations with Bitcoin ATMs. The country is leading in terms of Bitcoin ATM installation. The trend is also replicated in other countries where Bitcoin ATMs are becoming popular. For instance, Canada has 2574 locations with Bitcoin ATMs that facilitate crypto transactions, while Spain has 256.
Bitcoin ATMs – Ups and Downs
Bitcoin ATMs are a good entry point into the crypto market for users who are not tech-savvy. Besides, most Bitcoin ATMs do not keep users‘ KYC information, bank details, or private keys. Therefore, it’s unlikely to harvest personal information. Bitcoin ATMs do not come at the expense of a reduced level of security.
Unlike bitcoin exchanges, Bitcoin ATMs are instant trading. Clients have their transactions executed and verified instantly. The instant transactions save time and are reliable.
Users must reveal sensitive financial information on crypto exchanges to buy and sell bitcoin. However, bitcoin ATMs allow clients to buy and trade Bitcoin with minimal personal data.
On the other hand, there are some apparent drawbacks. Bitcoin ATMs impose high fees, ranging from 7% to 20%. Besides, there are lower limits on the total amount one can buy than crypto exchanges. Additionally, very little to no customer service is offered, which is problematic if something goes wrong.
Be Wary of Bitcoin ATM Scams
Bitcoin ATM scams have increased as scammers seek to exploit unsuspecting users. In most cases, these ATMs are located in high-traffic areas such as airports and shopping malls.
Some scammers have even created fake Bitcoin ATMs that look exactly like the real ones. When users attempt to transact, they are redirected to a phony website that looks like a real trading platform. The user’s credentials are then harvested, and they end up losing their money.
Despite the risks, Bitcoin ATMs are becoming increasingly popular as more people look for alternative ways to invest their money. With proper caution, Bitcoin ATMs can be a safe and convenient way to buy and sell Bitcoin.
