There Are Now Over 3,000 Bitcoin ATMs Throughout the World

Omar Faridi
  • Coin ATM Radar shows over 3,000 Bitcoin ATMs have been installed worldwide.
  •  Europe and the United States remain the most popular places for Bitcoin ATMs

Coin ATM Radar shows that there are currently 3,028 Bitcoin ATMs operating in 68 different countries throughout the world. More than half of these Bitcoin ATMs, often referred to as BTMs, can be found in the United States.

Data also shows that these “cash for crypto” processors are quite popular in Chicago and New York. Europe seems to be catching up to the US, with Austria reportedly having more Bitcoin ATMs than most other European countries

Meanwhile, Malta, an archipelago in the central Mediterranean through which most cryptocurrency trading volume moves through, is home to three BTMs. Although this might not seem like a lot, Malta is ahead of larger European nations like France.

High Usage Fees

Using BTMs incurs an 8 percent fee, which alone can turn away potential users. However, users of these physical devices can easily buy cryptocurrencies in exchange for fiat currency. The purchased crypto can then be securely sent to a user’s hardware or online wallet.

Usually, BTMs go through an exchange service to process transactions, rather than working with traditional financial institutions. In addition to buying crypto from a Bitcoin kiosk, users can exchange their digital money for local fiat currency. While Bitcoin (BTC) remains the most popular crypto among users, Litecoin (LTC) and Ethereum (ETH) transactions are also supported by a number of these machines.

Different Types of Bitcoin ATMs

The manufacturing of Bitcoin ATMs is an evolving industry within the crypto ecosystem. There are several companies competing with each other to manufacture these machines. The competition saw them create a variety of BTM models.

Most of the clients these companies have are still US-based. General Bytes, a Prague-based BTM manufacturer, sends some of its Bitcoin ATMs to markets outside the US. In general, different Bitcoin ATM models offer the same basic functionalities, with some cryptocurrencies like Monero, Dash, and Dogecoin being supported by some machines.

The best way to find a Bitcoin ATM is simply by visiting CoinATMRadar.com. The website features a built-in Google Maps widget, which shows relevant Bitcoin ATMs based on a user’s geographic location.

 

Featured image by David Marsh, Flickr, CC by 2.0

2 Canadians Sentenced to Jail for Allegedly Stealing 23 BTC via a Twitter Scam

Francisco Memoria

Two Canadian nationals have been sentenced to two years in jail in the United States over a bitcoin scam run via the microblogging platform Twitter.

The alleged scammers, Karanjit Singh Khatkar, and Jagroop Singh Khatka, were sentenced to 24 months in federal prison with three years of supervised release for conspiring to commit wire fraud and money laundering.

A press release published by the U.S. Department of Justice Attorney's Office details that the case was investigated by the FBI, and saw the Canadian duo trick victims into believing they were speaking with customer service representatives of crypto exchange HitBTC via the Twitter account “HitBTCAssist.”

Using the account, they tricked a victim into handing over 23.2 BTC, at press time worth $118,600, from a wallet on the cryptocurrency exchange, to one belonging to Karanjit Kahtkar on Kraken. The victim also revealed sensitive information regarding his account, CoinDesk reports.

Shortly after the 23.2 BTC were sent over, the duo split the funds and sold the cryptocurrency. The proceeds were then used on a lavish lifestyle that included trips to casinos and luxury cars. Last month, both pleaded guilty to the charges, and were ordered to pay a total of $184,500 in restitution.

Crypto scammers have been known to use their stolen funds to buy luxury cars, as last year an alleged SIM swapper used stolen BTC to buy a McLaren.

Featured image via Unsplash.