Coinhub places Bitcoin ATMs in stores
Bitcoin ATM operator Coinhub has partnered with more than 1,000 gas stations and store owners to place Bitcoin ATMs on their premises.
Through these strategic partnerships, individuals will be able to buy and sell cryptocurrencies with cash, while shop owners can receive monthly rent payments from Coinhub. Store owners who want to host a bitcoin ATM can get in touch with Coinhub by filling out a form on Coinhub’s website. The partnerships come in the context of Coinhub’s expansion efforts, and the goal is to work with store owners and gas stations to place Bitcoin ATMs in easily accessible locations across the country.
Since Bitcoin ATMs allow users to buy cryptocurrencies with cash, they represent a viable alternative to online crypto purchases that require bank accounts or credit cards. To complete the transaction, users can follow the step-by-step instructions displayed on the screen. The ATMs were designed to be user-friendly and easy to use even by those new to crypto. Since these ATMs are located in high-traffic locations across the country, customers can buy and sell Bitcoin at any time of the day.
More information on Bitcoin ATMs
According to bankrate.com, Bitcoin ATMs, sometimes referred to as BTMs, are kiosks where customers can buy and sometimes also sell Bitcoin. Although there are several providers of these types of kiosks in the United States, they all have one thing in common: users can buy Bitcoin by exchanging traditional currency for it.
These ATMs can also be used to send bitcoin to another person. For example, instead of entering their crypto wallet address, users can enter the wallet address of a person they want to transfer the bitcoin to. In some cases, users may be required to provide a photo or scan of their ID to complete a transaction.
Some of the main advantages of Bitcoin ATMs include ease of access, privacy and the ability to sell cryptocurrency. The disadvantages involve high transaction fees, as these can vary between 5% and 20%. Also, Bitcoin ATMs usually only allow users to exchange money for bitcoin without providing support for any other type of cryptocurrency.
Finally, Bitcoin ATMs are sometimes targeted by fraudsters and scammers. In November 2022, the FBI warned the public about fraudulent schemes involving cryptocurrency ATMs and Quick Response (QR) codes to facilitate payment. The FBI has seen an increase in scammers asking victims to use physical cryptocurrency ATMs and digital QR codes to complete payment transactions.
