Trump signs order establishing strategic Bitcoin reserve
President Trump signed an order on Thursday to establish a federal Strategic Bitcoin Reserve, marking a new federal endorsement of cryptocurrency, especially Bitcoin.
Scripps News
Bitcoin, the digital currency and online payment solution, has seen a surge in popularity in recent years. Top holders of the cryptocurrency have accumulated billions in wealth thanks to this digital asset.
Venturing into the cryptocurrency world can range from simple to complex. While it’s possible to create your own coin, not everything needs to be digital; cryptocurrency ATMs are readily available across the country.
Here’s what you need to know about Bitcoin ATMs and how to find them in Ohio.
What is a Bitcoin ATM? How is it different from traditional banking ATMs?
Similar to standard ATMs, Bitcoin ATMs are kiosks where users can buy or sell cryptocurrencies using cash or credit/debit cards. Also referred to as BTMs, these machines allow you to cash out your Bitcoin, according to the personal finance site Bankrate.
However, unlike traditional banking systems, cash withdrawals at Bitcoin ATMs occur through a QR code provided by the machine. You scan the QR code to send your Bitcoin before receiving cash within minutes.
What is Bitcoin and why is it gaining popularity?
Bitcoin is a form of digital currency that can be traded, purchased, and mined. It serves as a payment method that is not controlled by any single entity, as explained by Investopedia. Bitcoin operates on the Blockchain, a decentralized technology that tracks cryptocurrency transactions.
Bitcoin has a finite supply, and since it operates as a decentralized system, it is not regulated by central banks or authorities, according to USA TODAY. Despite its price volatility, many investors have achieved significant wealth by strategically investing in Bitcoin.
Are Bitcoin ATMs safe? Reports show over $60 million lost in BTM scams last year
The Federal Trade Commission (FTC) reported that in just the first half of 2024, consumers lost approximately $65 million to scams involving Bitcoin ATM kiosks, with older adults above 60 being the most susceptible. Scammers often impersonate government officials, tech support, or businesses, persuading victims to withdraw cash from their bank accounts and deposit it into a Bitcoin ATM for “safekeeping.”
The FTC cautions that scammers often provide victims with a QR code. If the QR code is scanned at the machine, the victim’s cash is immediately sent to the scammer’s crypto account. Additionally, the agency warns against clicking on suspicious links, responding to unexpected calls or messages, or moving funds hastily when pressured.
“Do not trust anyone who insists that you must use a Bitcoin ATM, buy gift cards, or transfer money to protect or resolve an issue. Legitimate businesses and government bodies will never make such requests — anyone who does is a fraud,” the FTC advises.
How many Bitcoin ATMs exist? Locate them in Ohio
According to AARP, there are over 49,000 cryptocurrency ATMs across the United States, with more than 100 Bitcoin ATMs located in Ohio, including various kiosks in cities such as Cincinnati, Cleveland, Columbus, and Akron.
To find nearby Bitcoin ATMs, you can use Coin ATM Radar, which features an interactive map of locations and operators throughout Ohio and nationwide.
