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bitcoin ATMs
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- 1Bitcoin ATMs in liquor stores draining savings, columnist warns▼Picture someone, maybe your mom, standing in a liquor store feeding one $50 or $100 bill after another into a bitcoin ATM. Dollar after dollar gone. See link below ⬇️ 📸 Susan Tompor, Detroit Free Press
A Detroit Free Press column by personal finance writer Susan Tompor is drawing attention to bitcoin ATMs located in liquor stores and convenience shops, where people feed in $50 and $100 bills at a time. The piece highlights the steep fees and irreversibility of these machines, which are frequently used by scammers directing victims to deposit cash as bitcoin. Readers are sharing warnings about family members losing money this way.
- 2Michigan debates banning bitcoin ATMs amid fraud losses▼Why some say Michigan should ban bitcoin ATMs as victims lose millions
Calls are growing in Michigan for a ban on bitcoin ATMs, with critics pointing to residents losing millions of dollars to scams that direct victims to withdraw cash and feed it into the machines. Detroit Free Press reporting has fuelled debate over whether regulators should restrict or outlaw the kiosks, which fraudsters exploit because transactions are irreversible and hard to trace.