What Are Bitcoin ATMs? Understanding Their Differences and How to Locate Them in Ohio

Bitcoin, a digital currency and virtual payment platform, has seen a surge in popularity in recent years. Early investors in cryptocurrency have notably accrued significant wealth from this digital asset.

Diving into cryptocurrency can either be straightforward or complex. While it is feasible to create your own digital currency, not all transactions are required to be digital. Physical options like cryptocurrency ATMs are readily available across the country.

This guide provides insights into Bitcoin ATMs and how to locate them in Ohio.

What is a Bitcoin ATM? Understanding its differences from banking ATMs

Similar to conventional ATMs, Bitcoin ATMs are kiosks that enable users to buy or sell cryptocurrency using cash or their credit/debit cards. Also referred to as BTMs, these machines facilitate the process of cashing out your Bitcoin, as detailed by the personal finance platform, Bankrate.

However, unlike traditional banking systems, cash withdrawals occur through a QR code provided by the Bitcoin ATM. You simply send your Bitcoin via the QR code and receive your cash within minutes.

Understanding Bitcoin and its rising popularity

Bitcoin is a form of digital currency that can be traded, bought, or mined. It serves as a payment method that is not controlled by any single entity, as per Investopedia. It’s managed on the Blockchain, which is a decentralized ledger keeping track of cryptocurrency transactions.

Bitcoin has a capped supply, and due to its decentralized nature, it is not issued by central banks or regulatory authorities, reports USA TODAY. While it’s known for its price fluctuations, there are many investors who have amassed wealth by investing in Bitcoin at opportune moments.

Are Bitcoin ATMs secure? Americans lost over $60 million in BTM scams last year

Considering using a Bitcoin ATM? The proliferation of BTMs comes with its own set of risks, particularly as Bitcoin ATM-related scams are on the rise.

The Federal Trade Commission reported that in the first half of 2024, consumers lost approximately $65 million due to scams involving Bitcoin ATM kiosks; older adults aged 60 and above were particularly at risk. Scammers often pose as government officials or tech support, convincing victims to withdraw cash from their bank accounts and deposit it into a Bitcoin ATM under the guise of “protection.”

The FTC warns that scammers frequently provide victims with a QR code. Once this code is scanned at the Bitcoin ATM, the cash is directly transferred into the scammer’s cryptocurrency account. The agency also advises against engaging with suspicious links, answering unanticipated calls or messages, or hastily transferring funds.

“Do not trust anyone who claims that you need to use a Bitcoin ATM, purchase gift cards, or move money to safeguard your funds or resolve a problem. Legitimate businesses and governmental agencies will never require that – and anyone suggesting such actions is likely a scammer,” cautions the FTC.

How many Bitcoin ATMs currently exist? How to find 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 several kiosks in Cincinnati, Cleveland, Columbus, and Akron.

Coin ATM Radar provides an interactive map showcasing nearby locations and operators throughout Ohio and the entire country.