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.
Chapters:
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
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
#CNBC
Why Bitcoin ATMs Are Taking Over Malls And Gas Stations Across The U.S.
19 Comments
Convenient for Indian Scammers to extract wealth from the US to themselves
Biggest Ponzi scheme ever
There's a Crypto ATM at the local grocery store that I frequent. I've never used it, and I've never seen anybody use it. But out of curiosity, when going through the self checkout at that same grocery store, I checked to see if there's any way to pay with crypto at checkout, and there is not. But I have seen many videos on the channel Catfished where victims of romance scams very often testify of being convinced by the scammer to go to a Crypto ATM as a way to send Bitcoin to the scammer.
😎
Poi$on
Seriously you're uploading 10 min commercials now?? Disliked
A machine that charges you money and gives you fake 0's and 1's of an imaginary currency in return. Absolutely brilliant how they manage to scam idiots.
Look what happen to FTX.
the scams continue
Fees are way too high
It looks like Bitcoin is not the miracle coin that everyone is promoting.
But there stock is trash.
Sponsored by who? 😂
PONZI ARAB CCP
Pass
Sponsored by crypto 🤔
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
an exchange that fast is going to function more like traditional finance than the decentralized paradigm that bitcoin is known for. the bad actors are in the exchanges e.g. sam bankman-fried
Scammers and money launderers are the ones that would sponsor and support these machines.