Bitcoin Center: NYC’s Bitcoin ATM
Bitcoin Center Wall St – Exist No More!
The Bitcoin Center NYC on 40 Board Street, blocks from Wall Street, has ceased its operations. It was one of the best ways to buy Bitcoin in person, if not the best way from what I can tell in New York. The rent was probably too much for it afford given the location was in Wall Street Manhattan. Also it occupied a lot of space, further driving up the rent expense for the operators of the center. It is a shame that it has come to an end, as it was a wonderful way to network with the Bitcoin innovators, see seminars, and trade Bitcoin.
What is the NYC Bitcoin Center?
The Bitcoin Center NYC was the first public place dedicated to informing the public, opening with a New Year’s Eve party on December 31, 2013. With BitLicense coming into effect on August 8, 2015, the state of Bitcoin was forever changed in New York state. Although we’re unclear of exactly when the Bitcoin Center moved to 25 Cleveland Place, this Facebook event occurred on September 28, 2015. we’re sure that BitLicense had something to do with it.
What Happened at the Bitcoin Center NYC?
It would seem that the Bitcoin Center was not in compliance with BitLicense due to tight regulations on record keeping for all Bitcoin transactions. People were buying and selling Bitcoin left and right all night at the center. It was one of the main draws of going there.
Although we’re unclear of exactly when the Bitcoin Center moved to 25 Cleveland Place, we’re sure that BitLicense had something to do with it.
During the week people would gather together at what they called Satoshi square in the center and buyers and sellers would get together to trade Bitcoins. The markup or discount you’d get was partially influenced by your negotiation skill and part market demand. It was a fun safe place for traders to get together to make deals. Gone are those days. The Bitcoin Center or what’s left of it has moved from Wall Street to SoHo.
Bitcoin Center Relocates
The new Bitcoin Center is located at 25 Cleveland Place, located in Manhattan’s trendy SoHo neighborhood. You can easily walk there from the F, M, J, Z, 6, N, and R Subway stations. It is not the only place in greater New York with a storefront Bitcoin ATM but it is one of the few. The store is small and also sells apparel, I would call it skateboarder type clothes and gear.
Bitcoin in NYC is Changing
The new Bitcoin Center has a different charm, nonetheless. But it does not encompass the vitality and klout Bitcoin’s community once had in NYC. During our recent visit, an empty BTM and uninterested sales clerk greeted us amongst skateboards and sneakers.
It could be a good place to re-up on Bitcoin, but if I remember correct the markup on the ATM was something like 10%. Not worth buying with a 10% fee. A few percentage points markup is reasonable. A 10% fee to purchase is just egregious. Just think if you buy with such a high markup the price of Bitcoin has to move up by 10% just for you to break even. Cryptocurrencies are volatile and inherently risky enough without having to add more difficulty to it. There are better ways to buy with smaller markups. This can’t be our main method to Buy and sell Bitcoins.