Bitcoin ATMs witness surge in installations amid crypto market meltdown
While the price of Bitcoin is falling sharply touching the $23,000 mark, as more and more investors lose trust in what’s called the ‘gold’ of the crypto market, ever since the stablecoin meltdown of early May. However, one sector has been particularly booming—Bitcoin ATMs.
Bitcoin ATMs are dispensers where users can liquidate their cryptocurrencies in fiat directly. According to a recent report by Coin ATM Radar, Bitcoin ATMs around the world have risen in recent days. Over 882 Bitcoin ATMs have already been added, in the first ten days of June alone. This comes after the Bitcoin ATM installations witnessed a steep decline throughout the year 2022, with May recording just 202 new BTC ATMs, a range last seen three years ago in 2019, as per Cointelegraph.
As per Coin ATM Radar, almost 23 Bitcoin ATMs are installed every day around the world. Earlier, in December 2021, approximately 1,970 crypto ATMs were installed globally. In these last six months, however, the number of newer machines cropping up hit a stagnant spot.
Meanwhile, in November 2021 US Federal Bureau of Investigation (FBI) issued a warning against cybercriminals that are using Bitcoin ATMs and QR codes to defraud unsuspecting individuals. The FBI in a Public Service Announcement (PSA) said that it has witnessed an increase in scammers directing victims to use physical cryptocurrency ATMs and digital QR codes to complete payment transactions.
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The agency also pointed out that the decentralised nature of cryptocurrency makes it difficult to recover the victim’s money, with much of the stolen funds being sent overseas right away instead of being tracked and verified by a bank.
In other news, Shiba Inu is now available at all Bitcoin of America ATM (BTM) locations. It should be noted Bitcoin of America also offers Litecoin, and Ethereum options. This news comes after their recent addition of Dogecoin in March of this year. It is also registered as a money services business with the United States Department of Treasury.