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The Controversial Business of Cash-to-Crypto Bitcoin ATMs

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Abstract

Bitcoin ATMs, standalone machines that convert cash to cryptocurrency, are a relatively new and less examined part of the cryptocurrency world. This controversial industry has garnered criticism in the press as well as the U.S. government for its association with illegal or financially predatory practices. However, despite the recent downturn in cryptocurrency prices, some U.S. consumers are still using Bitcoin ATMs, suggesting the industry meets a demand from consumers who want an alternative to crypto exchanges.

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  • Franklin Noll, 2023. "The Controversial Business of Cash-to-Crypto Bitcoin ATMs," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-7, August.
    • Handle: RePEc:fip:fedkpb:101734
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