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Bitcoin ATM's popping up in Acadiana

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Posted at 5:14 AM, Mar 10, 2021

As people look for new ways to bank, cryptocurrency, or digital money, is gaining popularity.

Bitcoin, a type of cryptocurrency, is especially taking off. And here in Acadiana, it is becoming more accessible via ATM's.

For Devin Gautreaux, a cryptocurrency investor and enthusiast, seeing his first Bitcoin ATM was a pretty big deal.

"I was very intrigued. The fact that I could draw my money, I could buy it right there, I liked that concept," he said.

The concept of the Bitcoin ATM is unlike your traditional machine. Investors put money in, but nothing physically comes out. The ATM instead is used to purchase units of cryptocurrency, like Bitcoin, in an nontraditional way.

"The easiest way to obtain bitcoin is to buy it during online currency exchanges. you can also purchase bitcoin through paypal, through the cash app," said Gautreaux. "So some of these mainstream apps have been adding it to the platform so it's relatively easy to do with the click of a button."

The draw of the ATM is it's the first way to buy Bitcoin without accessing the internet on a device like a phone or computer. The downside of the machine was quickly discovered when Gautreaux made his first transaction.

"The fees are very large, approximately 17%, so I did not receive in my bitcoin wallet the amount I purchased."

This was his experience at the On The Run on College and Johnston in Lafayette.

There are different brands of cryptocurrency ATM's across the area, but know that you must already have a Bitcoin wallet online to be able to purchase more of the cryptocurrency.