数字资产掠夺：比特币柜员机带来令人不安的风险

比特币柜员机（BTM）是提供加密货币兑换服务的自助终端，在疫情期间人气飙升。然而，人们担心它们在黑人和拉丁裔居民占多数的地区比例过高，每笔交易收取高达 22% 的费用。批评者认为，BTM 通常由 Bitcoin Depot 等公司运营，代表了一种掠夺性包容性形式，以高成本服务针对经济脆弱的社区。该行业对提供便利性和可及性的关注引发了人们对其可能导致金融不平等的质疑，并强调了对其做法进行审查的必要性。

Digital Asset Predation: The Troubling Rise of Bitcoin Teller Machines

数字资产掠夺：比特币柜员机令人不安的崛起

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).

随着数字资产在经历一段时间的市场下滑后重新占据主导地位，专家们对该行业最明显的表现形式——比特币柜员机（BTM）中嵌入的掠夺性金融行为发出了警报。

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 存在于加油站、便利店和酒类商店等人流量大的地点，提供加密货币兑换的物理访问。根据 Coin ATM Radar 的数据，该行业在疫情期间出现了激增，全国范围内的安装数量在四年内猛增了五倍多，截至 2023 年达到约 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，更仔细的检查揭示了一个令人担忧的模式：BTM 不成比例地分布在以黑人和拉丁裔居民为主的地区。此外，交易费用极高，每笔交易高达 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 是美国最大的运营商，拥有超过 7,300 个 BTM，在促进金融包容性的同时，征收一些业内最高的费用，这一概念强调无论社会经济地位如何，都可以享受银行和金融服务。根据该公司 2023 年 11 月的投资者介绍，Bitcoin Depot 超过 80% 的客户年收入低于 80,000 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%."

堪萨斯城联邦储备银行首席支付专家富兰克林·诺尔警告说：“这似乎是一个积极的进展，但也存在重大缺点。” “这就像发薪日贷款机构以 25% 或 30% 的高额费用提供‘即时现金支付你的薪水’。”

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.

彭博社对比特币仓库地点和美国人口普查局数据的分析显示，黑人和拉丁裔人口比例较高的州与该公司 BTM 集中度增加之间存在相关性，特别是在乔治亚州和德克萨斯州等南部各州。

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."

尽管有这些观察结果，Bitcoin Depot 总裁兼首席执行官 Brandon Mintz 驳斥了任何关于该公司故意针对服务不足的社区进行 BTM 安置的建议。明茨告诉彭博新闻社：“我们从来没有根据任何形式的种族定性来选择网站。” “我们的重点是选择竞争程度较低且人口密度足够的地区，以支持 ATM 业务的盈利。”

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投放一般需要当地店主的配合。一些机器部署在主要加油站和连锁便利店，如 Circle K、Cumberland Farms 和 Jacksons Food Stores。作为占地面积的交换，店主可以从机器操作员那里获得少量佣金。或者，他们也可以将机器出租给操作员。

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.

对加州、印第安纳州、新泽西州和马里兰州等多个州的商店进行询问后，我们对 BTM 的了解有限。当被问及 BTM 安装的持续时间、每日使用情况和交易费用时，员工通常会将问题推迟到商店老板那里，因为他们要么无法联系到设备的操作，要么对设备的操作了解甚少。

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.

马里兰州埃塞克斯市一位不愿透露姓名的餐馆老板透露，Bitcoin Depot 每月为一个月前安装的自助服务终端支付 145 美元的费用。新泽西州的另一位店主 Jai 透露，每月为该售货亭支付 200 美元，该售货亭也由 Bitcoin Depot 运营。

A Bitcoin Depot spokesperson advised store owners to direct kiosk users with service requests to the company's customer service department.

Bitcoin Depot 发言人建议店主将有服务请求的自助服务终端用户引导至该公司的客户服务部门。

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 的费用因运营商而异，通常包含固定交易费用和与交易规模成比例的基于百分比的费用。一些研究人员将这种收费结构称为“掠夺性包容”，即企业以高昂且有时是隐性成本提供服务。

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.

根据彭博社对位置数据的分析和 2022 年美国消费者调查，在阿拉巴马州，比特币仓库 BTM 一英里半径内的黑人和拉丁裔居民的集中度比全州平均水平高出 20 个百分点。在达拉斯，BTM 始终位于黑人和拉丁裔居民比例最高的社区。康涅狄格州和新泽西州等东北部州也出现了类似的模式，而西部和中西部的相关性则不太明显。

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，“人口统计数据”是选择新机器位置的一个因素。然而，明茨澄清说，这些数据仅指“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.

加密货币的倡导者经常将其视为接触无法使用传统银行账户的无银行账户个人的一种手段。根据美联储的数据，到 2022 年，这一人群将占美国成年人的 6%。黑人和西班牙裔人比白人更有可能没有银行账户。

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，布鲁金斯学会 2022 年 10 月发表的一篇论文表明，加密货币为银行服务不足的人群提供服务并通过投资弥合种族贫富差距的说法往往具有误导性。布鲁金斯学会研究员 Tonantzin Carmona 写道：“在有更多证据证明该技术的有效性并建立足够的消费者保护之前，政策制定者应该对加密货币将促进金融包容性的说法持怀疑态度。”

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.

密苏里大学堪萨斯城分校金融学教授兼副院长 Jocelyn Evans 博士表示，BTM 行业的做法与掠夺性金融服务（例如发薪日贷款和次级贷款）有着惊人的相似之处，这些服务不成比例地针对黑人社区。

"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.

埃文斯说：“当成本如此高昂、转换回现金非常复杂、而且几乎肯定会赔钱的可能性时，我看不出这对服务不足的社区有何好处。”他即将发表的研究报告发现“一种种族模式”堪萨斯城 BTM 部署中的目标”。该报告检查了该市的所有 BTM，而不仅仅是 Bitcoin Depot 运营的 BTM。

Opaque Transaction Fees

不透明的交易费用

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.

商店员工表示普遍缺乏对 BTM 费用的了解。新泽西州文特诺市 Buy Rite Liquors 的经理约翰·卡洛·乔瓦尼 (John Carlo Giovanni) 回忆说，一名机器技术人员主动提出要演示该设备的操作，但前提是必须支付至少 20 美元的押金。 （Buy Rite BTM 允许购买的金额从 20 美元到 25,000 美元不等。）新泽西州尤因镇 Marrazzo's Market 的经理承认不知道该商店的 BTM 交易费用。

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.

要访问 Bitcoin Depot ATM 上的费用详细信息，需要启动交易。该公司表示，通常情况下，客户在确认购买之前会收到适用费率的通知。

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 首席执行官 Mintz 透露，该公司通常保留每笔交易的“低二十”百分比作为费用，但拒绝提供具体界限。 “这不是固定的；这取决于市场状况和我们的费用，”明茨说。该公司还对所有交易收取 3 美元的固定费用，并于去年成为业内第一家通过特殊目的收购公司合并上市的公司，每股定价为 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."

明茨强调，运营费用严重影响费用结构，而机器的实际存在是客户的主要卖点。 “许多其他平台为比特币购买提供较低的费用，”他说。 “我们的选择更方便。”

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.

据公司代表和客户服务代理证实，Bitcoin Depot 的主要竞争对手 CoinFlip 和 Bitstop 也收取高达 22% 的交易费用，具体费用取决于地点。 CoinFlip 还对每笔交易征收 2.49 美元的“网络费”。

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.

新泽西州的杂货店经理表示，Bitcoin Depot 运营的售货亭是店主去年安装的，但后来店主去世了。尽管 BTM 产生的人流量微乎其微，但不愿透露姓名的杰夫认为没有理由将其移除，因为它占用的空间很小，而且每月从 Bitcoin Depot 获得商店津贴。另一方面，酒类商店经理估计每天约有四到五个人使用该售货亭。 “有些顾客先购买了商品，然后再使用 BTM，但也有很多顾客是特意进来并立即离开的，”他说道。

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 已提交在纽约运营的申请，预计将于 2023 年 6 月获得批准。此次扩张可能意味着在该州增加 2,500 至 3,000 个 BTM。 B Riley Securities Inc. 负责 Bitcoin Depot 业务的高级分析师 Hal Goetsch 认为，待批准的许可证可能会使该公司的业务规模增加 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.

“这可能是他们最有利可图的市场，”戈奇说，他提到了纽约的高人口密度、移民人口和国外汇款的盛行。

The New York State Department of Financial Services, which oversees the application process, declined to comment.

负责监督申请流程的纽约州金融服务部拒绝发表评论。

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.

布鲁金斯学会监管与市场中心高级研究员亚伦·克莱因 (Aaron Klein) 认为，无论运营商如何，比特币柜员机的扩张更多地是一种营销策略，而不是广泛使用的迹象。根据 Coin ATM Radar 的数据，美国绝大多数 BTM（大约 92%）不促进以加密货币出售现金。

"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."

“比特币是一种伪装成支付工具的资产，”克莱因说。 “如果你能买东西但不能卖它，那就很危险了。”