Dear ABC news team. We have feedback to your article “What are the dozens of cryptocurrency ATMs around the Canberra region for and who is using them” By Charlotte Gore
- You portray Bitcoin as a crypto currency with no intrinsic value while it clearly has an intrinsic value as storer of value due to its fixed supply kept secure and decentralized. It is not currency but digital gold, more secure than physical gold, more tradeable, more mobile. A value absent in the Australian dollar which very officially has no intrinsic value other than allowing government to devalue it by printing more, robbing the Australian people blind in the process while pretending that inflation is a law of nature and not greedy politicians at the printing press. Not something that can happen with your bitcoin holdings.
- You portray Bitcoin as an easy avenue for money laundering compared to the fiat system. Due to the public nature of the blockchain, the opposite is true. You cannot hide your Bitcoin movements from the public and if you wish to participate in illegal laundering, the better way to go would be to use AUD. Any crypto transactions you make, the Australian government is 100% informed, especially by way of the use of the on ramp platform and exchanges which engage in full KYC and report back to your government on every move you make.
Bitcoin and crypto needs to see an increase in regulation if for no other reason then to support its growth by providing a stable environemnt for investors, but it is clearly the tradfi institutions that entertain a wild west scenario not crytpo which potentially has the ability to return the monetary system into the hands of ordinary Australians, removing it from the banksters.
The bitcon revolution is a revolution of self custody and self determination over the government controlled FIAT based slavery system keeping you poor and dependent while your AUD devalues faster than your super grows.
Happy 2025 – and don’t forget to buy some bitcoin! We hope the ABC team will invest some time into educating their writers on the reality of Bitcoin.
The growing presence of Bitcoin Teller Machines (BTMs) is marking a significant shift in how individuals engage with cryptocurrency. Initially seen as niche financial tools, BTMs now serve as practical access points to the digital currency world, especially for those outside the traditional banking system. With their user-friendly interfaces, Bitcoin ATMs provide an easy method for purchasing, selling, and converting Bitcoin into fiat currency or vice versa, making digital currency more accessible to the mainstream.
The Rise of Bitcoin ATMs
Bitcoin ATMs, or BTMs, have been steadily increasing in number globally. As of 2025, there are over 40,000 Bitcoin ATMs installed worldwide, with the vast majority concentrated in North America and Europe. These machines are designed to allow users to buy and sell Bitcoin in exchange for traditional currency such as the US Dollar, Euro, or Australian Dollar, and sometimes even perform transactions in less conventional digital currencies.
What makes Bitcoin ATMs appealing is their simplicity. Most machines are touch-screen enabled, allowing users to quickly purchase or sell Bitcoin with cash, debit, or credit cards. Bitcoin transactions can be completed in minutes, and users can receive a printed receipt with a QR code to scan into their cryptocurrency wallet, further simplifying the process. This user-centric approach has attracted many individuals who prefer cash transactions over digital exchanges and may not have extensive knowledge of cryptocurrency exchanges.
What Bitcoin ATMs Offer
Bitcoin ATMs typically provide two primary functions: purchasing Bitcoin with fiat money or selling Bitcoin for cash. The transaction process is straightforward: you scan the wallet QR code, insert fiat money or swipe a card, and receive the equivalent amount of Bitcoin in your digital wallet. Alternatively, when selling Bitcoin, users input their wallet address, and once the Bitcoin is confirmed, they can receive cash or funds transferred to their bank account or debit card.
One notable feature of Bitcoin ATMs is their limited selection of supported cryptocurrencies. While Bitcoin is the dominant offering, many ATMs also allow for the exchange of altcoins such as Ethereum, Litecoin, and Bitcoin Cash. The diversity of coins available varies by machine and location. However, Bitcoin remains the most commonly offered cryptocurrency, mainly due to its widespread recognition and market dominance.
The Role of Bitcoin ATMs in Financial Inclusion
Bitcoin ATMs play an important role in promoting financial inclusion, especially for individuals who are underserved or excluded from traditional banking systems. Many people across the globe lack access to banks, either due to geographic limitations, a lack of banking infrastructure, or personal reasons such as credit issues. For these individuals, Bitcoin ATMs present a way to engage with a global financial system that does not require access to a traditional bank account.
In addition to providing an alternative to banks, Bitcoin ATMs also enable faster and cheaper cross-border remittances. Traditional methods of sending money internationally, like wire transfers, often come with high fees and delays. By using Bitcoin, individuals can send and receive funds almost instantaneously with minimal fees, bypassing the need for third-party financial institutions. This makes Bitcoin an attractive option for people living in countries where remittance fees from traditional methods can be burdensome.
The Appeal to Crypto Enthusiasts
For cryptocurrency enthusiasts and investors, Bitcoin ATMs provide a convenient way to access their holdings and liquidate assets. They are an attractive option for people who want to avoid the complexities of using centralized exchanges. The ability to withdraw cash from a Bitcoin ATM is particularly appealing for individuals who want to use their cryptocurrency assets in the real world.
Bitcoin ATMs also cater to individuals looking for privacy. While cryptocurrency transactions are not completely anonymous, the use of BTMs can provide a greater sense of anonymity compared to online exchanges, where personal identification verification is often required. While many machines still require basic identification to make large transactions, smaller transactions can often be completed without the need for personal verification, depending on local regulations.
Security Concerns and Regulation
Despite their convenience, Bitcoin ATMs are not without security concerns. The public nature of Bitcoin’s blockchain makes it easy to trace transactions, but Bitcoin ATMs have become a target for scammers and fraudsters. Some Bitcoin ATMs have been used to facilitate fraudulent schemes, where scammers trick individuals into using BTMs to transfer Bitcoin to addresses under their control. As a result, caution is essential when using these machines.
Regulation is another crucial area where Bitcoin ATMs face scrutiny. Some countries have stricter rules on cryptocurrency transactions, including Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations. The lack of uniform regulation worldwide complicates matters, making it challenging for Bitcoin ATM operators to ensure full compliance with local laws. Some jurisdictions require machines to be registered and monitored by financial authorities, while others have less oversight. This regulatory disparity can create confusion for both users and operators.
The Future of Bitcoin ATMs
Looking ahead, Bitcoin ATMs are likely to become even more widespread as cryptocurrency adoption continues to grow. As the market matures, it is expected that Bitcoin ATMs will offer an expanded range of services beyond simple buy and sell transactions. Future developments may include integration with other digital currencies, as well as additional financial services like loans or debit card withdrawals.
The trend toward decentralization in the financial world could see Bitcoin ATMs playing an even more prominent role in challenging the traditional banking system. By providing users with greater autonomy over their finances and the ability to conduct transactions outside the centralized financial system, Bitcoin ATMs are helping to drive the adoption of blockchain technology and decentralize financial transactions.
Conclusion
Bitcoin ATMs are contributing to a global shift toward decentralized finance by offering a convenient and accessible way for individuals to buy, sell, and exchange Bitcoin and other cryptocurrencies. With increasing adoption, these machines are facilitating greater financial inclusion and providing users with an alternative to traditional banking systems. While there are challenges, including security concerns and regulatory uncertainties, the role of Bitcoin ATMs in reshaping global finance cannot be overlooked. As the industry evolves, these machines may become even more integral to the adoption of cryptocurrency and the future of digital finance.