In a recent Twitter post, Dogecoin Co-Creator Billy Markus, who also goes by the pseudonym Shibetoshi Nakamoto, voiced his dissatisfaction with Bitcoin automated teller machines (ATMs), categorizing them as rip-offs. His comment was prompted by a user’s tweet describing their first-time experience using such an ATM.
Significantly, the user shared a photograph of a store’s sign proclaiming “Bitcoin ATM Inside,” marking their first encounter with a Bitcoin ATM. In response to this post, Markus curtly commented, “They’re ripoffs.” The user humorously added, “It didn’t work, lol,” suggesting that their attempt to use the Bitcoin ATM had been unsuccessful.
The proliferation of Bitcoin ATMs in the market followed the remarkable surge in the token’s value. As more businesses and individuals embrace digital assets, the number of Bitcoin ATMs has surged. Notably, CoinATM radar data reveals that there are approximately 27,394 Bitcoin ATMs in the United States, and this number continues to grow at a rate of 3.7 new installations daily.
Bitcoin ATMs serve as a means for people to convert traditional fiat currencies into Bitcoin and vice versa. While ATMs have the potential to boost adoption in the cryptocurrency realm, Markus’ remarks indicate that the technology is still far from flawless.
However, the challenges associated with these machines extend beyond their functionality. In a previous incident from March, Bitcoin ATM manufacturer General Bytes fell victim to an exploit. Hackers reportedly gained access to sensitive information from the manufacturer, including passwords, private keys, and funds.
Meanwhile, in a separate tweet, Markus expressed his wish for Bitcoin’s price to skyrocket to one trillion dollars. He stated that such a price surge would substantially increase the value of the 0.01 Bitcoin he currently holds.
Data from CoinMarketCap illustrates that Bitcoin’s upward trajectory has continued into this week. At the time of writing, the cryptocurrency had gained 0.73% in the past 24 hours, with a notable 11.56% increase on the weekly price chart.