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Have you ever heard of a cryptocurrency (crypto) ATM before? Do you know what crypto ATMs are used for, how they work, or where they’re located? If you answered “No” to any of these questions, you're not alone! Most Floridians are unfamiliar with these machines – which is why scammers are exploiting crypto ATMs to steal millions of dollars from Floridians every year.
AARP Florida is committed to educating and protecting residents from cryptocurrency fraud. Learn more about our legislative efforts — as well as helpful resources — that aim to defend you from fraudsters.
In the News
As scammers increasingly use crypto ATMs to defraud older adults, AARP is pushing for daily transaction limits and other regulations.
AARP Florida and the Florida Department of Law Enforcement (FDLE) urge Floridians to beware of cryptocurrency ATM payment scams.
The "ABCs" of "BTMs"
You may see a lot of different terms floating around in relation to cryptocurrency. Don't worry, we're here to help!
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Crypto (cryptocurrency) is a type of digital asset or “virtual currency” that is not backed by any government or centralized bank.
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Bitcoin is one of the most recognized kinds of crypto and sometimes gets used interchangeably with the term “crypto”. (Like when someone asks for a “Kleenex” instead of a tissue.)
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ATM vs. BTM – Crypto ATMs are referred to by many as Bitcoin ATMs (BTMs). No matter what you call them, these machines do not operate like traditional ATMs. ATMs allow customers to deposit and withdraw money directly to and from their bank accounts. BTMs, on the other hand, provide an in-person method for customers to buy and sell different types of cryptocurrencies (like Bitcoin), similar to a stock exchange.
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A virtual wallet or Bitcoin wallet is the virtual address where crypto is sent and stored once its purchased. Customers are then only able to send (spend) funds from their virtual wallets using a private key (a unique code that proves your ownership of the cryptocurrency).
About AARP Florida
Contact information and more from your state office. Learn what we are doing to champion social change and help you live your best life.