They need to choose good time in a day to use Bitcoin ATM like during day hours and avoid night hours. Additionally they must check location of a Bitcoin ATM, see whether it is safe or looks dangerous with high potential physical attacks. If a Bitcoin ATM location is unsafe, choose another one nearly it.
In my country, most fiat ATM machines are being disabled from making cash withdrawals as soon as it's around 8-10pm due to security reasons since some customers don't care about the time and hour that it could be used to be on the safer side, unless for areas with tight security; such measures could also be followed to reduce the risk careless customers might endanger themselves when they want to use it late at night, and secondly, areas where such machines should be mounted should be in secured areas where the carefulness comes in while the customer leaves the place; they should be watchful of being followed by strangers. 
Topic: A Smart Move or a Security Risk? - page 2. (Read 675 times)
Because a higher probability of crime happens if the ATM is located in a bad area of a city/town with more criminals than average. It absolutely will NOT matter whether the ATM uses Bitcoin or fiat.
Checking it's safety and criminal conditions in that location, if you feel unsafe, choose another Bitcoin ATM that is installed in a safer location to use. Be careful and it can help you avoid Bitcoin physical attacks.Criminals might follow people that use FIAT ATM’s too. That’s not a reason to dislike bitcoin ATM’s imo. Do we stop using physical bank branches or ATM’s because of this? Of course no. While we need to have some environmental awareness to avoid dangerous people, securing he streets is police’s responsibility.
We don’t need to live in fear just because there are criminals out there. Criminals should fear honest people. Be brave but that doesn’t mean you should act dumb. If a gun is pointed at you, give him your wallet.
They need to choose good time in a day to use Bitcoin ATM like during day hours and avoid night hours. Additionally they must check location of a Bitcoin ATM, see whether it is safe or looks dangerous with high potential physical attacks. If a Bitcoin ATM location is unsafe, choose another one nearly it. We don’t need to live in fear just because there are criminals out there. Criminals should fear honest people. Be brave but that doesn’t mean you should act dumb. If a gun is pointed at you, give him your wallet.
Everyone who is able to maintain the Bitcoin they already have as an investment asset, I think will remain safe for themselves, especially if the person never shows off the amount of Bitcoin they already have on social media because it is more like no one needs to do it. And in this case I also see a pretty good suggestion from you that when someone has become a Bitcoin investor, it is important for him to stay calm and not have to invite or tell what he has been doing all this time including to people who work in government agencies.
But if we are in a country that has legalized Bitcoin investment, I think it doesn't need to be a secret anymore because almost everyone will know that currently there are many people who like Bitcoin and make it a future investment. But on the one hand, staying quiet and not having to make a fuss is much better than trying to get people's attention to what we have been doing all this time.
That is why running an investment must be quite careful and there is no need to brag to other people about our involvement in Bitcoin because what will happen is that we will experience problems regarding the level of security we have. Another problem will arise when people find out that we have a number of bitcoins stored and exposing our bitcoin ownership to others will cause people to dare to ask for a loan from us. It would be better to be anonymous so that we can get a much more guaranteed level of security and perhaps what needs to be considered is only the pattern or method of storing bitcoins in a much safer place.But if we are in a country that has legalized Bitcoin investment, I think it doesn't need to be a secret anymore because almost everyone will know that currently there are many people who like Bitcoin and make it a future investment. But on the one hand, staying quiet and not having to make a fuss is much better than trying to get people's attention to what we have been doing all this time.
There is no benefit in exposing our bitcoin ownership to others, even though we are in a country that legalizes bitcoin investment. Anonymous is what we expect so that involvement in bitcoin investment does not need to be known by others and investment can be carried out independently when someone wants to keep their involvement secret, this is what makes something unique about investing in bitcoin and crypto.
...
That applies if your country does not accept bitcoin so that the government tries to do something that does not have a positive impact, but for countries that allow bitcoin as an investment step, this is not a problem because the government cannot regulate the process of our involvement in bitcoin and we can also be anonymous so that the level of security can be more guaranteed. The risk is very comparable to our ability to protect and maybe we need to be aware of negative things about involvement in bitcoin.So it is recommended that when involved in investment you do not need to tell everyone or even on social media because investment in bitcoin can be run independently without anyone knowing so that the risk to your journey in bitcoin is not that great. Sometimes people are more arrogant because they show off their bitcoin ownership to anyone so that the level of security will certainly be quite risky and they don't realize it.
Everyone who is able to maintain the Bitcoin they already have as an investment asset, I think will remain safe for themselves, especially if the person never shows off the amount of Bitcoin they already have on social media because it is more like no one needs to do it. And in this case I also see a pretty good suggestion from you that when someone has become a Bitcoin investor, it is important for him to stay calm and not have to invite or tell what he has been doing all this time including to people who work in government agencies.
But if we are in a country that has legalized Bitcoin investment, I think it doesn't need to be a secret anymore because almost everyone will know that currently there are many people who like Bitcoin and make it a future investment. But on the one hand, staying quiet and not having to make a fuss is much better than trying to get people's attention to what we have been doing all this time.
A lot of BTC holders has being harassed on the street and even in there homes by criminals,who forced them to transfer all there coins,on this case BTC ATM is a no go area it's very risky.
$5 wrench attacks have been happening a little more often, but we cannot say that it has happened to 'a lot' of bitcoiners, and even if we should protect ourselves from such attacks, but that is not enough reason not to have BTC atm's. Criminals attack people everyday and steal fiat and other valuables from them, it is not just BTC that can be stolen, should we stop fiat atm's because of that.Plus, it is not a security risk for Costco neither, they have security all the time as well, it is not really that complicated for them to just also take a look at the ATM as well, just have an eye on it, like they have eye on every other product they have. They use security cameras as well. So basically both the user and Costco isn't doing something they weren't doing before.
Criminals might follow people that use FIAT ATM’s too. That’s not a reason to dislike bitcoin ATM’s imo. Do we stop using physical bank branches or ATM’s because of this? Of course no. While we need to have some environmental awareness to avoid dangerous people, securing he streets is police’s responsibility.
We don’t need to live in fear just because there are criminals out there. Criminals should fear honest people. Be brave but that doesn’t mean you should act dumb. If a gun is pointed at you, give him your wallet.
We don’t need to live in fear just because there are criminals out there. Criminals should fear honest people. Be brave but that doesn’t mean you should act dumb. If a gun is pointed at you, give him your wallet.
That's what I posted too. Everyone should understand that crime doesn't happen simply because the ATM is a Bitcoin one instead of a fiat one. Because a higher probability of crime happens if the ATM is located in a bad area of a city/town with more criminals than average. It absolutely will NOT matter whether the ATM uses Bitcoin or fiat.
¯\_(ツ)_/¯
You're afraid of criminals stealing bitcoin ATMs, but not normal ATMs? I've seen a lot of bitcoin ATMs placed in shopping galleries and there's literally no security risk of them being stolen as these places have cameras everywhere, are pretty packed whole day and at night everything is locked and guarded. The risk of criminals targeting a bitcoin ATM are similar to them targeting a traditional ATM and those that are being stolen are almost always units situated in secluded locations, where you can tie a rope around them and use a car to rip it out of its stand.
Just like fiat ATMs, I think the existence of bitcoin ATMs will also have risks. Robbers of some sort will find a way to rob their victims of their bitcoins, so the demand for increased personal and money security will definitely be higher. Nothing is risk-free, even if it's not about bitcoin.
Bitcoin ATMs should be seen as a step to make it easier for users to carry out transactions with bitcoin, but the security risks must be borne by themselves. There are many cases where someone leaves the bank and then has their money confiscated when they return home, this can also happen to bitcoin ATM users. So the existence of bitcoin ATMs certainly raises concerns, so anyone who uses them must remain vigilant.
Bitcoin ATMs should be seen as a step to make it easier for users to carry out transactions with bitcoin, but the security risks must be borne by themselves. There are many cases where someone leaves the bank and then has their money confiscated when they return home, this can also happen to bitcoin ATM users. So the existence of bitcoin ATMs certainly raises concerns, so anyone who uses them must remain vigilant.
This is a 50/50 scenario, first between fiat and bitcoin which of the two are you likely to get mugged for..certainly (cash) fiat **its technically untraceable ** but with Bitcoin ATMs 🏧 this could make you a target as criminals work will be made easy unlike random try your lucks if a user has Bitcoins or not.
On the smart side, technology aids efficiency and better record keeping unlike physical receipts that can get lost or fade away and make it difficult to show proof of payment incase you need to return an item etc
On the smart side, technology aids efficiency and better record keeping unlike physical receipts that can get lost or fade away and make it difficult to show proof of payment incase you need to return an item etc
Currently, there's no Bitcoin ATM in my country but if and only if this happens for sure most of the ATMs will go under in large-scale establishments which is partnered to them it seems a few specific places because imagine the price and the uniqueness of this ATM, also I guess personally it's quite not safe to have this in public places because imagine the people around you are watching to check if you have a crypto in your phone and they can use that easily to make a withdrawal. Just wondering whats their security measure with this and if this also cater with the current market fees or they have a specific fees because also they are partnered wondering the fees comparison on it.
I certainly agree that putting bitcoin ATM machines in public places won't be safe for all its users, even the owner itself. Once you withdraw on that machine, bad people will start eyeing on you on how to steal your bitcoins that you keep hodling on your phone. Scams have been rampant online, so expect that offline scams will also be rampant most especially that they have seen it in their two eyes their future victims. If you aren't careful of your bitcoin, you will definitely lost it all later on.
A lot of BTC holders has being harassed on the street and even in there homes by criminals,who forced them to transfer all there coins,on this case BTC ATM is a no go area it's very risky.
$5 wrench attacks have been happening a little more often, but we cannot say that it has happened to 'a lot' of bitcoiners, and even if we should protect ourselves from such attacks, but that is not enough reason not to have BTC atm's. Criminals attack people everyday and steal fiat and other valuables from them, it is not just BTC that can be stolen, should we stop fiat atm's because of that. A lot of BTC holders has being harassed on the street and even in there homes by criminals,who forced them to transfer all there coins,on this case BTC ATM is a no go area it's very risky.
Well It may be advisable for easy purchase of goods,but the risk of loosing out is really high.
That applies if your country does not accept bitcoin so that the government tries to do something that does not have a positive impact, but for countries that allow bitcoin as an investment step, this is not a problem because the government cannot regulate the process of our involvement in bitcoin and we can also be anonymous so that the level of security can be more guaranteed. The risk is very comparable to our ability to protect and maybe we need to be aware of negative things about involvement in bitcoin.Well It may be advisable for easy purchase of goods,but the risk of loosing out is really high.
So it is recommended that when involved in investment you do not need to tell everyone or even on social media because investment in bitcoin can be run independently without anyone knowing so that the risk to your journey in bitcoin is not that great. Sometimes people are more arrogant because they show off their bitcoin ownership to anyone so that the level of security will certainly be quite risky and they don't realize it.
Currently, there's no Bitcoin ATM in my country but if and only if this happens for sure most of the ATMs will go under in large-scale establishments which is partnered to them it seems a few specific places because imagine the price and the uniqueness of this ATM, also I guess personally it's quite not safe to have this in public places because imagine the people around you are watching to check if you have a crypto in your phone and they can use that easily to make a withdrawal. Just wondering whats their security measure with this and if this also cater with the current market fees or they have a specific fees because also they are partnered wondering the fees comparison on it.
The Bitcoin ATM will also serve as the exchange, which eliminates the need for customers to exchange their coins to fiat first before using it to purchase whatever they want, but for the Bitcoin ATM to do that, they will definitely charge fees, which is common in every business. In terms of hacking the ATM and customers funds being affected, I think the ATM owners will be the ones at greater risk in such an incident because the hacker will target the system, and customers only go there to make use of the machine. I don't think their data will in any way be saved in the machine for the hacker to steal their funds from there.
It is less similar to a traditional exchange, but you of course can buy and sell your bitcoin through Bitcoin ATMs.I say it is less likely an exchange if you are strictly, because you purchase bitcoin through the Bitcoin ATM operator, and sell your bitcoin to Bitcoin ATM operator, that's all. You can not buy and sell your bitcoin with any other Bitcoin user or trader, if you don't consider Bitcoin ATM operator as either an investor or a trader. They as Bitcoin ATM operators get money from Bitcoin ATM fees that are very high and expensive for Bitcoin ATM users.
Well bitcoin ATM machine is really a good idea because even without your exchange you can have access to your bitcoin via the machine and also its comfortablity in terms of buying and selling bitcoin will be much easier for users however there are a lot of risk associated with the ATM machine such as hacking of the machine which may leads to customers losing their money. So for me this calls for security concerns because they to have assured there customers of how safe or the measures they have put in place to safeguard their bitcoin while making use of the ATM machine. And also if the machine is making use of ATM card, is also another big risk because the card can be hack or when misplace which can leads to one losing all his bitcoin in a blink of an eye.
The Bitcoin ATM will also serve as the exchange, which eliminates the need for customers to exchange their coins to fiat first before using it to purchase whatever they want, but for the Bitcoin ATM to do that, they will definitely charge fees, which is common in every business. In terms of hacking the ATM and customers funds being affected, I think the ATM owners will be the ones at greater risk in such an incident because the hacker will target the system, and customers only go there to make use of the machine. I don't think their data will in any way be saved in the machine for the hacker to steal their funds from there. 
Having a Bitcoin ATM in every store branch sounds like a smart business move. It shows that the company understands Bitcoin is becoming more popular and will be used for everyday purchases, just like regular money. I am talking about Costco. The news says they are putting Bitcoin ATMs in all their stores across the USA.
The biggest benefit is that it will increase their revenue.
The biggest benefit is that it will increase their revenue.
USA has already taken the bold move to make Bitcoin a user friendly asset in the country, and this will in turn make businesses want to venture into it more in order to increase their sales and the government will also benefit in revenue generation. The market is very saturated and this are other means business can employ to also be part of this bitcoin trail.
I have not read stories of Bitcoin ATMs being hijacked. How exactly will they benefit from doing that since the machine is not like a cash ATM where things are stored inside unless they will somehow tamper with the program in order to steal from the machine without making an actual payment, or is their target the cash buyers who use it to buy bitcoin?
I don’t think anything can be stolen from the Bitcoin ATM, like stealing from someone through the Bitcoin ATM machine that have interacted with the machine before. If a case of stolen Bitcoin ATM machine is the concern, then it will only be for the purpose of selling the parts of the machine and not the people’s money that have used the machine before. Bitcoin is very decentralized and a machine like that won’t be able to even store people’s date that can be tempered with by an external body after use.
In short from me that I have never tried a Bitcoin ATM.
So I think the use of Bitcoin that has been familiar to me is very easy and safe without any complications.
If using an ATM, I feel it will invite people's suspicion when they see our activities at a place where ATMs are available.
If the benefits are more obtained by users, then it can be said that this is a smart move.
So I think the use of Bitcoin that has been familiar to me is very easy and safe without any complications.
If using an ATM, I feel it will invite people's suspicion when they see our activities at a place where ATMs are available.
If the benefits are more obtained by users, then it can be said that this is a smart move.
You're all missing a key detail. It's not really about the cash, it's about the Bitcoin. If someone knows you have Bitcoin, and they successfully rob you, they can do so anonymously. No one is ever going to go for your banking app, as what they will do? Incriminate themselves by transferring your balance to their name? Bitcoin, on the other hand, is transferred to a pseudonymous address. That's the difference between the risk of a cash ATM and a Bitcoin ATM.
You act like the criminals have computer science degree and they understand every technical thing about Bitcoin. Most criminals don't even understand that, I often hear criminals use centralized exchanges to withdraw their coins.They are using intimidation mostly, in my opinion.
Other than that, they are looking for the value at stake, not for the security of their ransack that would aquire in case of success.
But yeah, using CEXes afterward - it's a no brainer to get yourself into a discussion with authorities from said exchange.
You're all missing a key detail. It's not really about the cash, it's about the Bitcoin. If someone knows you have Bitcoin, and they successfully rob you, they can do so anonymously. No one is ever going to go for your banking app, as what they will do? Incriminate themselves by transferring your balance to their name? Bitcoin, on the other hand, is transferred to a pseudonymous address. That's the difference between the risk of a cash ATM and a Bitcoin ATM.
You act like the criminals have computer science degree and they understand every technical thing about Bitcoin. Most criminals don't even understand that, I often hear criminals use centralized exchanges to withdraw their coins.When someone goes to an ATM and gets cash, a thief is limited only to the amount of cash that comes to an ATM, which is usually too insignificant for someone to take such a large risk like committing theft.
Not really, the criminals can threaten the victims to withdraw more and asking for other valuable assets.Many people go out using/bring expensive things, they're more being target than random people who go to Bitcoin ATM.
Two sides to consider, in this case I think if you have obtained the principle permit for installing BTC ATMs and their dominant placement will be side by side with other conventional bank ATMs. To be safe from crime such as theft there is no 100 percent guarantee but if the placement is in a crowded place and also strategic maybe it can be reduced a little.
It is a double-edged sword.
Crowd can be both distracting and a way out from thieves to try something fishy due to everybody watching for your activity.
Alas, a good point about two machines being side by side of one another.
Jump to: