Have you seen the new Bit-coin machines around town?

Lost as to what Bitcoin even is?

You’re not alone.

Bitcoin is a cryptocurrency.

Cryptocurrency is essentially digital cash. It allows you to make a purchase from an individual or merchant electronically.

What makes it different is it’s not linked to a bank account or credit card. You don’t involve a financial institution at all.

Bitcoin can be exchanged for traditional currency. The IRS regards Bitcoin and other cryptocurrencies as property.

As of this article, 1 Bit-coin is worth $9,974.35. You can see the value of Bit-coin in real-time by visiting www.coindesk.com/price/bitcoin . To get an idea of how often Bitcoin fluctuates, the value of Bitcoin Feb. 12 was $10,342.

What’s the point?

Bitcoin is often chosen by investors because purchases made at a lower rate can be turned into profit if Bitcoin value rises.

Unfortunately, if the value of Bitcoin drops, so does your investment.

The US Securities and Exchange Commission warns cryptocurrency investments may have heightened fraud risk. The Wall Street Journal reported Feb. 8 that cryptocurrency scams made over $4 billion in 2019.

The SEC warns that Bitcoin isn’t insured and has no government regulations. They also cite its history of volatility as a concern. They say there are security factors at play with any digital currency.

In 2014 a Bitcoin exchange in Japan called Mt Gox went bankrupt. This was after 850,000 bitcoins belonging to investors were stolen. Their value at the time was more than $450 million, according to Bloomberg News.

DigitalMint cryptocurrency provider has partnered with SC-based vending company CalTel Inc. to launch 6 Bit-coin ATMs in South Carolina.

There are now 2 bitcoin AT-Ms in Lexington County. They are at the Kwik Way at 4374 Augusta Rd. in Lexington, and the Kwik Way at 6230 Bush River Rd., Columbia.

The Bitcoin ATMs allow customers to purchase Bit-coin using US currency – up to $20,000 per day.

To use the ATM:

• You’ll need a valid photo ID, a cell phone with text message capabilities, and a Bitcoin wallet. There are mobile, desktop, web and hardware wallets to choose from at https://bit-coin.org/en/choose-your-wallet?step=1 .

• Set a pin number when you set up your account. Make sure you save that somewhere secure.

• Deposit cash into the ATM, and your purchased Bitcoin(s) get added to the wallet of your choice. Your cryptocurrency goes into your Bitcoin wallet rather than a bank account. You’ll get a receipt for your transaction.

To spend your cryptocurrency, you can visit a merchant who accepts Bitcoin, the P2P method.

Some businesses like Amazon-owned Whole Foods, Nordstrom, Starbucks, and some Etsy vendors currently accept bitcoin as payment.

You can use a cryptocurrency exchange like Bit-stamp to turn Bitcoin back into dollars.

Each cryptocurrency exchange has its own specific rules and fees. Review their terms of service and rules carefully.

“Our expansion of Bitcoin kiosks will open the door for more consumers to purchase cryptocurrency safely and efficiently,” said Larry Scott, Founder of CalTel Inc.

For information about DigitalMint and to see where else their ATMs are located, visit www.digitalmint.io .

For information about investment from the SEC, visit www.investor.gov .