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比特幣櫃員機(BTM)是提供加密貨幣兌換服務的自助終端,在疫情期間人氣飆升。然而,人們擔心它們在黑人和拉丁裔居民佔多數的地區比例過高,每筆交易收取高達 22% 的費用。批評者認為,BTM 通常由 Bitcoin Depot 等公司經營,代表了一種掠奪性包容性形式,以高成本服務針對經濟脆弱的社區。該行業對提供便利性和可及性的關注引發了人們對其可能導致金融不平等的質疑,並強調了對其做法進行審查的必要性。
Digital Asset Predation: The Troubling Rise of Bitcoin Teller Machines
數位資產掠奪:比特幣櫃員機令人不安的崛起
As digital assets regain prominence following a period of market decline, experts sound an alarm over the predatory financial practices embedded within the industry's most tangible manifestation: Bitcoin teller machines (BTMs).
隨著數位資產在經歷一段時間的市場下滑後重新佔據主導地位,專家們對該行業最明顯的表現形式——比特幣櫃員機(BTM)中嵌入的掠奪性金融行為發出了警報。
Found in high-traffic locations such as gas stations, convenience stores, and liquor stores, BTMs offer physical access to cryptocurrency conversions. The industry witnessed a surge during the pandemic, with the number of installed units nationwide skyrocketing by more than five-fold over four years, reaching approximately 31,100 as of 2023, according to Coin ATM Radar.
BTM 存在於加油站、便利商店和酒類商店等人流量大的地點,提供加密貨幣兌換的實體存取。根據 Coin ATM Radar 的數據,該行業在疫情期間出現了激增,全國範圍內的安裝數量在四年內猛增了五倍多,截至 2023 年達到約 31,100 台。
However, a closer examination reveals a concerning pattern: BTMs are disproportionately located in areas with predominantly Black and Latino residents. Furthermore, transaction fees are exorbitantly high, reaching as much as 22% per transaction.
然而,更仔細的檢查揭示了一個令人擔憂的模式:BTM 不成比例地分佈在以黑人和拉丁裔居民為主的地區。此外,交易費用極高,每筆交易高達 22%。
Bitcoin Depot, the largest U.S. operator with over 7,300 BTMs, levies some of the industry's heftiest fees while promoting financial inclusion, a concept that emphasizes accessibility to banking and financial services regardless of socioeconomic status. According to the company's investor presentation in November 2023, over 80% of Bitcoin Depot's customers earn less than $80,000 annually.
Bitcoin Depot 是美國最大的營運商,擁有超過 7,300 個 BTM,在促進金融包容性的同時,徵收一些業內最高的費用,這一概念強調無論社會經濟地位如何,都可以享受銀行和金融服務。根據該公司 2023 年 11 月的投資者介紹,Bitcoin Depot 超過 80% 的客戶年收入低於 8 萬美元。
"It appears to be a positive development, but there are significant downsides," cautions Franklin Noll, lead payments specialist at the Federal Reserve Bank of Kansas City. "It's like payday lenders offering 'instant cash for your paycheck' at a steep fee of 25% or 30%."
堪薩斯城聯邦儲備銀行首席支付專家富蘭克林·諾爾警告說:“這似乎是一個積極的進展,但也存在重大缺點。” “這就像發薪日貸款機構以 25% 或 30% 的高額費用提供‘即時現金支付你的薪水’。”
A Bloomberg analysis of Bitcoin Depot locations and U.S. Census Bureau data reveals a correlation between states with higher proportions of Black and Latino populations and increased concentrations of the company's BTMs, particularly in Southern states such as Georgia and Texas.
彭博社對比特幣倉庫地點和美國人口普查局數據的分析顯示,黑人和拉丁裔人口比例較高的州與該公司BTM 集中度增加之間存在相關性,特別是在喬治亞州和德克薩斯州等南部各州。
Despite these observations, Brandon Mintz, President and CEO of Bitcoin Depot, dismisses any suggestion that the company deliberately targets underserved communities for BTM placement. "We have never based our site selection on any form of racial profiling," Mintz told Bloomberg News. "Our focus is on selecting areas with low competition and sufficient population density to support a profitable ATM operation."
儘管有這些觀察結果,Bitcoin Depot 總裁兼執行長 Brandon Mintz 駁斥了任何關於該公司故意針對服務不足的社區進行 BTM 安置的建議。明茨告訴彭博新聞社:“我們從來沒有根據任何形式的種族定性來選擇網站。” “我們的重點是選擇競爭程度較低且人口密度足夠的地區,以支持 ATM 業務的盈利。”
BTM placement generally requires the cooperation of local store owners. Some machines are deployed at major gas stations and convenience store chains like Circle K, Cumberland Farms, and Jacksons Food Stores. In exchange for floor space, store owners may receive a small commission from the machine operator. Alternatively, they might rent the machine out to the operator.
BTM投放一般需要當地店主的配合。一些機器部署在主要加油站和連鎖便利商店,如 Circle K、Cumberland Farms 和 Jacksons Food Stores。作為佔地面積的交換,店主可以從機器操作員那裡獲得少量佣金。或者,他們也可以將機器出租給操作員。
Inquiries at stores across multiple states, including California, Indiana, New Jersey, and Maryland, yielded limited knowledge about the BTMs. When questioned about the duration of BTM installation, daily usage, and transaction fees, employees often deferred questions to store owners who were either unavailable or had minimal understanding of the device's operation.
在對加州、印第安納州、新澤西州和馬裡蘭州等多個州的商店進行詢問後,我們對 BTM 的了解有限。當被問及 BTM 安裝的持續時間、每日使用情況和交易費用時,員工通常會將問題推遲到商店老闆那裡,因為他們要么無法聯繫到設備的操作,要么對設備的操作了解甚少。
One restaurant owner in Essex, Maryland, who declined to be named, revealed that Bitcoin Depot pays $145 monthly for the kiosk installed a month prior. Another store owner in New Jersey, identified only as Jai, disclosed a monthly payment of $200 for the kiosk, also operated by Bitcoin Depot.
馬裡蘭州埃塞克斯市一位不願透露姓名的餐廳老闆透露,Bitcoin Depot 每月為一個月前安裝的自助服務終端支付 145 美元的費用。新澤西州的另一位店主 Jai 透露,每月為該售貨亭支付 200 美元,該售貨亭也由 Bitcoin Depot 營運。
A Bitcoin Depot spokesperson advised store owners to direct kiosk users with service requests to the company's customer service department.
Bitcoin Depot 發言人建議店主將有服務請求的自助服務終端用戶引導至該公司的客戶服務部門。
Fees at BTMs vary across operators, often incorporating a flat transaction charge and a percentage-based fee proportional to the transaction's size. Some researchers have labeled this fee structure as "predatory inclusion," where businesses provide access to a service at an exorbitant and sometimes concealed cost.
BTM 的費用因營運商而異,通常包含固定交易費用和與交易規模成比例的基於百分比的費用。一些研究人員將這種收費結構稱為“掠奪性包容”,即企業以高昂且有時是隱性成本提供服務。
In Alabama, the concentration of Black and Latino residents within a one-mile radius of Bitcoin Depot BTMs exceeds the statewide average by 20 percentage points, according to a Bloomberg analysis of location data and the 2022 American Consumer Survey. In Dallas, BTMs are consistently located in neighborhoods with the highest percentages of Black and Latino residents. Similar patterns emerge in Northeastern states like Connecticut and New Jersey, while the West and Midwest exhibit less pronounced correlations.
根據彭博社對位置資料的分析和 2022 年美國消費者調查,在阿拉巴馬州,比特幣倉庫 BTM 一英里半徑內的黑人和拉丁裔居民的集中度比全州平均高出 20 個百分點。在達拉斯,BTM 始終位於黑人和拉丁裔居民比例最高的社區。康乃狄克州和新澤西州等東北部州也出現了類似的模式,而西部和中西部的相關性則不太明顯。
Bitcoin Depot's filings indicate that "demographic data" is a factor in selecting new machine locations. However, Mintz clarifies that this data refers solely to "population and population density."
Bitcoin Depot 的文件表明,「人口統計」是選擇新機器位置的因素。然而,明茨澄清說,這些數據僅指「人口和人口密度」。
Advocates of cryptocurrency often present it as a means of reaching unbanked individuals who lack access to traditional bank accounts. In 2022, this population accounted for 6% of U.S. adults, according to the Federal Reserve. Black and Hispanic individuals were more likely to be unbanked than their White counterparts.
加密貨幣的倡導者經常將其視為接觸無法使用傳統銀行帳戶的無銀行帳戶個人的一種手段。根據聯準會的數據,到 2022 年,這一人群將占美國成年人的 6%。黑人和西班牙裔人比白人更有可能沒有銀行帳戶。
However, a paper published by the Brookings Institution in October 2022 suggests that the narrative of crypto serving the underbanked and bridging racial wealth gaps through investment is often misleading. "Until more evidence is available on the technology's effectiveness and adequate consumer protections are established, policymakers should be skeptical of claims that crypto will promote financial inclusion," wrote Tonantzin Carmona, Brookings Metro fellow.
然而,布魯金斯學會 2022 年 10 月發表的一篇論文表明,加密貨幣為銀行服務不足的人群提供服務並透過投資彌合種族貧富差距的說法往往具有誤導性。布魯金斯學會研究員Tonantzin Carmona 寫道:「在有更多證據證明該技術的有效性並建立足夠的消費者保護之前,政策制定者應該對加密貨幣將促進金融包容性的說法持懷疑態度。 」
According to Dr. Jocelyn Evans, the Henry W. Bloch endowed professor of finance and an associate dean at the University of Missouri-Kansas City, BTM industry practices bear striking similarities to predatory financial services such as payday lending and subprime loans that disproportionately target Black communities.
密蘇里大學堪薩斯城分校金融學教授兼副院長Jocelyn Evans 博士表示,BTM 行業的做法與掠奪性金融服務(例如發薪日貸款和次級貸款)有著驚人的相似之處,這些服務不成比例地針對黑人社區。
"I fail to see how this benefits the underserved community when the costs are so excessive, the conversion back to cash is complex, and the likelihood of losing money is almost certain," said Evans, whose upcoming research report found "a pattern of ethnic targeting" in the placement of BTMs in Kansas City. The report examined all BTMs in the city, not solely those operated by Bitcoin Depot.
埃文斯說:「當成本如此高昂、轉換回現金非常複雜、而且幾乎肯定會賠錢的可能性時,我看不出這對服務不足的社區有何好處。」他即將發表的研究報告發現「一種種族模式」堪薩斯城 BTM 部署中的目標」。該報告檢查了該市的所有 BTM,而不僅僅是 Bitcoin Depot 運營的 BTM。
Opaque Transaction Fees
不透明的交易費用
Store employees expressed a general lack of knowledge regarding BTM fees. John Carlo Giovanni, a manager at Buy Rite Liquors in Ventnor City, New Jersey, recalled a machine technician offering to demonstrate the device's operation, but only after a minimum $20 deposit. (The Buy Rite BTM allows purchases ranging from $20 to $25,000.) The manager at Marrazzo's Market in Ewing Township, New Jersey, admitted to being unaware of the store's BTM transaction fees.
商店員工表示普遍缺乏對 BTM 費用的了解。新澤西州文特諾市Buy Rite Liquors 的經理約翰·卡洛·喬瓦尼(John Carlo Giovanni) 回憶說,一名機器技術人員主動提出要演示該設備的操作,但前提是必須支付至少20 美元的押金。 (Buy Rite BTM 允許購買的金額從 20 美元到 25,000 美元不等。)新澤西州尤因鎮 Marrazzo's Market 的經理承認不知道該商店的 BTM 交易費用。
Access to fee details on Bitcoin Depot ATMs requires initiating a transaction. Typically, customers receive a notification of applicable rates before confirming their purchase, according to the company.
要訪問 Bitcoin Depot ATM 上的費用詳細信息,需要啟動交易。該公司表示,通常情況下,客戶在確認購買之前會收到適用費率的通知。
Mintz, Bitcoin Depot's CEO, disclosed that the company generally retains a "low twenties" percentage of each transaction as its fee but declined to provide specific boundaries. "It's not fixed; it depends on market conditions and our expenses," Mintz said. The company also imposes a flat $3 fee on all transactions and became the first in the industry to go public through a special purpose acquisition company merger last year, with shares priced at $10 each.
Bitcoin Depot 執行長 Mintz 透露,該公司通常保留每筆交易的「低二十」百分比作為費用,但拒絕提供具體界線。 「這不是固定的;這取決於市場狀況和我們的費用,」明茨說。該公司還對所有交易收取 3 美元的固定費用,並於去年成為業內第一家透過特殊目的收購公司合併上市的公司,每股定價為 10 美元。
Mintz emphasized that operating expenses heavily influence the fee structure and that the machines' physical presence serves as a primary selling point for customers. "Numerous other platforms offer lower fees for Bitcoin purchases," he said. "Ours is a more convenient option."
明茨強調,營運費用嚴重影響費用結構,而機器的實際存在是顧客的主要賣點。 「許多其他平台為比特幣購買提供較低的費用,」他說。 “我們的選擇更方便。”
Bitcoin Depot's main competitors, CoinFlip and Bitstop, also charge transaction fees as high as 22%, varying depending on the location, as confirmed by company representatives and customer service agents. CoinFlip additionally levies a $2.49 "network fee" on every transaction.
根據該公司代表和客戶服務代理證實,Bitcoin Depot 的主要競爭對手 CoinFlip 和 Bitstop 也收取高達 22% 的交易費用,具體費用取決於地點。 CoinFlip 還對每筆交易徵收 2.49 美元的「網路費」。
The grocery store manager in New Jersey stated that the Bitcoin Depot-operated kiosk was installed last year by the store owner, who has since passed away. Despite the meager foot traffic generated by the BTM, Jeff, who withheld his last name, sees no reason to remove it due to its minimal space occupancy and the monthly stipend it earns the store from Bitcoin Depot. The liquor store manager, on the other hand, estimates that about four to five individuals use the kiosk daily. "Some customers make purchases and then use the BTM afterwards, but many come in specifically for it and leave immediately," he remarked.
新澤西州的雜貨店經理表示,Bitcoin Depot 經營的售貨亭是店主去年安裝的,但後來店主去世了。儘管 BTM 產生的人流量微乎其微,但不願透露姓名的傑夫認為沒有理由將其移除,因為它佔用的空間很小,而且每月從 Bitcoin Depot 獲得商店津貼。另一方面,酒類商店經理估計每天約有四到五個人使用該售貨亭。 「有些顧客先購買了商品,然後再使用 BTM,但也有很多顧客是特意進來並立即離開的,」他說。
Bitcoin Depot has submitted an application to operate in New York, which it anticipates will be approved by June 2023. This expansion could translate to 2,500 to 3,000 additional BTMs in the state. Hal Goetsch, a senior analyst at B Riley Securities Inc. who covers Bitcoin Depot, believes that the pending license approval could increase the company's footprint by 30%.
Bitcoin Depot 已提交在紐約運營的申請,預計將於 2023 年 6 月獲得批准。 B Riley Securities Inc. 負責 Bitcoin Depot 業務的高級分析師 Hal Goetsch 認為,待批准的許可證可能會使該公司的業務規模增加 30%。
"It could potentially be their most lucrative market," said Goetsch, citing New York's high population density, immigrant population, and prevalence of foreign remittances.
「這可能是他們最有利可圖的市場,」戈奇說,他提到了紐約的高人口密度、移民人口和國外匯款的盛行。
The New York State Department of Financial Services, which oversees the application process, declined to comment.
負責監督申請流程的紐約州金融服務部拒絕發表評論。
Aaron Klein, a senior fellow at the Brookings Institution's Center on Regulation and Markets, opines that the expansion of Bitcoin tellers, regardless of the operator, serves more as a marketing ploy than an indication of widespread usage. The vast majority of BTMs in the U.S. - approximately 92%, as per Coin ATM Radar - do not facilitate the sale of crypto for cash.
布魯金斯學會監管與市場中心高級研究員亞倫·克萊因 (Aaron Klein) 認為,無論營運商如何,比特幣櫃員機的擴張更多是一種行銷策略,而不是廣泛使用的跡象。根據 Coin ATM Radar 的數據,美國絕大多數 BTM(約 92%)並未促進以加密貨幣出售現金。
"Bitcoin is an asset that masquerades as a payment instrument," said Klein. "And it's dangerous if you can buy something but can't sell it."
「比特幣是一種偽裝成支付工具的資產,」克萊恩說。 “如果你能買東西但不能賣它,那就很危險了。”
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