Daily What?! Bitcoin ATMs Pop-Up in NYC Accepting Cash Deposits

We have a history of reporting on fun ATMs, from the Gold ATM on 57th Street, the Cupcake ATM from Sprinkles, and even some for bike parts. Yesterday, the CEO of Sketchfab, a platform for 3D models based in New York City, showed us the latest Bitcoin ATM he came across at The Yard in Williamsburg, a co-working space. There are now at least three Bitcoin ATMs in New York City, with the first at Flat 128 in Greenwich Village and at Bitcoin retailer, Coin Cafe on Nassau Avenue in Greenpoint which has it in an old-fashioned phone booth.

So how does a Bitcoin ATM work? In essence, you’re inserting cash to be converted into Bitcoin. You can’t take out Bitcoins (obviously since they’re virtual) and you can’t take out cash either. According to The New York Times, Bitcoin enthusiasts admit that the ATMs are more of a marketing gimmick, used to raise the profile of Bitcoin. For now, there’s a mutually beneficial relationship between Bitcoin and the stores they sit in–foot traffic has been increasing for these spots, which range from a boutique like Flat 128 to a start-up work space. The website Coin ATM Radar keeps track of the 200+ Bitcoin ATMs around the world, but hasn’t gotten wind of the latest one in The Yard yet.

Denoyel also shared with us a 3D model should you want to print your own imaginary Bitcoin:

Get in touch with the author @untappedmich. See more quirky NYC facts and discoveries in our “Daily What?!” series. Submit your own via Twitter with the hashtag #DailyWhat.