Bitcoin ATMs: Here's what to know about Bitcoin ATMs and how to find them in Ohio

Bitcoin, the digital currency and virtual payment system, has grown increasingly popular in recent years.

Bitcoin, the digital currency and virtual payment system, has grown increasingly popular in recent years. The top cryptocurrency token holders have made billions of dollars off of the digital asset.

Getting into the crypto space can be simple or complicated, and creating your own coin is possible, but not everything has to be performed digitally. Physical tools like cryptocurrency ATMs are within reach nationwide.

Here's what to know about Bitcoin ATMs and how to locate them in Ohio.

What is a Bitcoin ATM? Here's how it's different from banking ATMs

Like traditional ATMs, Bitcoin ATMs are kiosks that allow you to purchase or sell crypto by using cash or your own credit/debit card. Also known as BTMs, you can cash out your Bitcoin at a Bitcoin ATM, according to the personal finance website Bankrate.

Unlike traditional banking methods, however, cash withdrawals are made through a QR code that the machine provides. You then send your Bitcoin via the QR code before receiving your cash minutes after.

What is Bitcoin and why is it so popular?

Bitcoin is a type of digital currency that can be bought, sold, and mined. It acts as a form of payment that's not governed by a single entity, according to Investopedia. It's run on the Blockchain, a record-keeping system of computers that tracks crypto transactions.

Bitcoin has a limited supply, and because it's a decentralized system, it's not issued by central banks or authorities, USA TODAY reports. While known for its price volatility, some investors have become rich by investing in the coin at the right time.

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

Planning to use a Bitcoin ATM? The rise of BTMs doesn't come without risk, as Bitcoin ATM fraud is on the rise.

The Federal Trade Commission found that during the first six months of 2024 alone, consumers lost around $65 million to Bitcoin ATM kiosks; older adults over 60 were the most vulnerable. Scammers will impersonate a government official, tech support, or business and urge victims to remove cash out of their bank accounts and instead deposit it into a Bitcoin ATM for added "protection."

The FTC notes that the scammers will give victims a QR code. Once scanned at the machine, their cash is deposited straight into the scammers’ crypto account. The agency also cautions against clicking on suspicious links, responding to unexpected calls or messages, or swiftly moving funds if rushed.

"Don’t believe anyone who says you need to use a Bitcoin ATM, buy gift cards, or move money to protect it or fix a problem. Real businesses and government agencies will never do that – and anyone who asks is a scammer," the FTC writes.

How many Bitcoin ATMs are out there? How to find them in Ohio

According to AARP, there are more than 49,000 crypto ATMs in the U.S., with over 100 Bitcoin ATMs in Ohio, including several kiosks located in Cincinnati, Cleveland, Columbus, and Akron.

Coin ATM Radar displays an interactive map of nearby locations and operators throughout Ohio and the country.