– Kansas City houses more than 100 high-fee cryptocurrency ATMs.
– These ATMs are predominantly located in low-income neighborhoods.
– Cryptocurrency ATMs may pose financial risks due to their high transaction fees.
The Crypto Craze in Kansas City
When Professor Jocelyn Evans was en route to deliver a lecture on financial literacy at Sumner Academy in Kansas City, Kansas, she least expected her source material to present itself at a local gas station. However, that’s precisely what happened when she stumbled upon an ATM flashing “BITCOIN” on the screen.
What pricked her curiosity was not the ATM’s mere presence, but its location: a low-income neighborhood. Upon digging deeper, she discovered that this was not a solitary case. Kansas City, she found, houses over 100 such machines, disproportionately stationed in disadvantaged sectors.
A High Stakes Game of Digital Transaction
These high-fee cryptocurrency ATMs may be perceived as a financial opportunity bridging the wealth gap. Nevertheless, Evans suggests that this could be a risky venture. The allure of digital currencies like Bitcoin, propelled by their hefty market value, may overshadow their high transaction fees.
It also raises questions on whether those frequenting these crypto ATMs are oblivious to these surcharges or are aware yet feel compelled by lack of alternatives. With store staffers themselves confessing unfamiliarity with these machines, education on the intricacies and risks of cryptocurrency transactions takes the foreground.
The Breezy Take
Kansas City’s crypto craze highlights the need for stringent financial literacy, especially in disadvantaged demographics. As cryptocurrencies inch towards mainstream financial sectors, their omnipresence raises important questions about consumer awareness and financial safety. While crypto might be viewed as the currency of the future, high transaction fees can pose significant financial setbacks, especially to low-income individuals. The crypto ATMs’ strategic placement in low-income neighborhoods underscores the urgency of providing comprehensive financial education to potential users.
Original article: https://missouriindependent.com/2023/08/17/kansas-city-has-over-100-high-fee-crypto-atms-mostly-in-low-income-neighborhoods/
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