US ‘bitcoin ATM’ industry growing despite risks, research finds

Remittances are big driver of bitcoin-to-cash ATMs, but industry is predatory, paper warns

Kansas City Federal Reserve
The Federal Reserve Bank of Kansas City
David R. Frazier Photolibrary, Inc. / Alamy Stock Photo

The US has a cash-to-bitcoin ATM industry that meets consumer demand despite major risks, says a paper published by the Federal Reserve Bank of Kansas City.

The paper’s author, Franklin Noll, presents a detailed analysis of cash-to-bitcoin ATMs, also known as BTMs. They can send funds to a digital wallet or create a paper receipt with the cryptographic information for withdrawing money using a QR code.

The most popular use for BTMs is sending remittances, the paper finds. The cost of sending a

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