Economy & Politics

BlockchainBitcoin ATMs in Germany: Who uses the machines?

Bitcoin machines sometimes have their own branches, as in this example in Bremen from the Polish company ShitcoinsFinance Forward

It has been seven years since the first ATM for the cryptocurrency Bitcoin was set up. In a café in Vancouver, Canada, crypto disciples were able to buy and sell their Bitcoins for the first time not only on the Internet, but also in the physical world. On the first day there were already 81 transactions with a total value of $ 10,000.

At the time, a Bitcoin was worth just under $ 200 and gained massively in popularity in the following years. Just recently, the cryptocurrency reported new records: At the beginning of January, a Bitcoin cost more than $ 30,000 for the first time.

However, the upswing for Bitcoin ATMs is not directly related to the value or popularity of the cryptocurrency. After the price collapsed in 2017, the industry really took off. Most of the machines have been added in the past 24 months.

But the business model is controversial because the devices are seen as a gateway for money laundering. Only last year did a provider in Germany have to dismantle its machines again. Now, with Spot9, a Berlin fintech recently set up a new one. So far, one question has remained open: Who uses the Bitcoin ATMs anyway?

Read the full story today on Finance Forward, the finance portal of Personal-Financial.com and OMR. You can register for the daily newsletter here.

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