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

Dutch Court Orders Facebook to Remove Fraudulent Crypto Advertisements

  • Dutch court rules that Facebook must remove fraudulent advertisements using the likeness of celebrities to promote crypto scams.
  • Billionaire John De Mol previously sued Facebook over adverts using his image to promote bitcoin. 

A Dutch court has ordered social media platform Facebook to remove fraudulent advertisements that use the images of celebrities to promote crypto-related scams. 

According to a report by Reuters on Nov. 11, Facebook will have to take responsibility for the plethora of scam advertisements that are misrepresenting celebrities and other well-known figures to push crypto-related investments.

The ruling follows a high-profile lawsuit between Dutch billionaire John De Mol, who sued Facebook after the company failed to remove advertisements using his image to defraud investors in cryptocurrency scams. De Mol said after three months of negotiations it was “impossible” to come to an agreement with Facebook over the fake adverts. 

In September, it was reported that fraudulent Telegram advertisements were appearing on Russian Facebook, using CEO and founder Pavel Durov’s image to sell a scam investment into TON. New Zealand TV personality Duncan Garner also complained about the social media platform hosting ads using his image to sell bitcoin and exotic cars. 

The court’s summary judgement said that Facebook can no longer take a neutral stance towards the adverts, 

Facebook’s arguments that it is just a neutral funnel for information and therefore cannot be obligated to act, is not acceptable...The company plays too active a role with respect to advertisements, which form its primary business model to argue that.

Facebook must pull the fraudulent ads or face fines of up to 1.1 million euros ($1.2 million).

Featured Image Credit: Photo via Pixabay.com