The Value of Bitcoin ATMs

The Value of Bitcoin ATMs

Brandon Mintz is the founder of Bitcoin Depot. Bitcoin Depot was established in 2016 and has developed into a nationwide Bitcoin ATM company with 100+ locations.

Mintz begins his presentation by explaining the basics for the Blockchain technology, bitcoin, and other altcoins. Mintz introduces Satoshi Nakamoto and his vision of the future which featured a peer-to-peer digital currency and how blockchain is achieving that today.

Mintz then jumps into the rise of Bitcoin ATMs. He begins by listing off some Pros and Cons.

 

PROs:

  • Most convenient
  • No bank, card, or financial account info required
  • Use any wallet
  • Call/SMS/Email Customer Support

 

CONs:

  • Higher fees (as compared to online money transfer)
  • Cash only

 

Mintz shares some quick statistics about the bitcoin ATM industry. There are 2125 BTMs worldwide (over 75% of those machines are located within the US). There are 4 new BTMs that are added to the global market every day. 70% of the BTMs are only one way machines (buy only).

Mintz advises users to use two-factor authentication and use secure wallets to make sure that a user’s cryptocurrency assets remain safe from potential hackers.