When you think of buying or selling cryptocurrency, maybe you think of high-tech trading floors. Maybe you think of state-of-the-art apps.
What you probably don’t think of is an ATM in a gas-station convenience store or payday-loan shop.
Increasingly, however, that’s how many working-class people are encountering crypto.
And consumer advocates say this may not be a good thing.
“These ATMs are being put in places where retail consumers who don’t have a lot of information about investing, but are excited about cryptocurrency and want to get involved, are most likely to find them,” says Mark Hays, senior policy analyst for the advocacy group Americans for Financial Reform.
There are roughly 2,000 crypto ATMs in Los Angeles, mostly dealing in Bitcoin. They allow people to exchange dollars for digital currency – for a roughly 15% fee.
It’s not that there’s anything wrong with investing in Bitcoin or any other cryptocurrency. It’s just that it’s risky. Very risky.
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