A Smart Move or a Security Risk? - page 3.

Zigabel

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

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.

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

https://www.instagram.com/vvoyagevirtual/p/DFrK4mpRI3x/

Do you think that this is a smart move or security concern?

This is a very brilliant idea to further increase the payment channels available in the store but then it comes with its own advantages and disadvantages which has been stated, one of the things I will suggest is that the store should adopt a security measure that can help them keep all of that in check because they are definitely going to need it, definitely for the store and then the customers, if it be possible they could make a way for which customers who wants to use that method of payment could without having to be scared security wise.

YUriy1991

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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.

davis196

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Quote

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

Let's be honest here. Bitcoin would never dominate over fiat, when it comes to everyday purchases. There's no point being delusional and thinking that BTC will ever dethrone the fiat currencies in the retail market. The people, who are running Costco have other goals. Maybe they want to gather some BTC before Trump announces the "strategic BTC reserve" and pump the BTC price.
Bitcoin ATMs were a dumb idea years ago and I still think that they are a dumb idea. Just use BTC on your PC and smartphone, you don't need any ATMs.

fikrett

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Quote from: ? on February 07, 2025, 02:15:50 AM

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.

It's not that high if you are not loud about your holdings in real life and social media too.
Wink

?

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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.

BenCodie

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Quote from: Darker45 on February 06, 2025, 10:56:05 PM

Quote from: BenCodie on February 06, 2025, 01:28:02 PM

Quote from: Darker45 on February 05, 2025, 09:14:50 PM

~snip~

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.

How can a robber do so anonymously? There's a significant difference between robbery and theft or stealing. In criminal law, robbery is a more serious crime than theft. If somebody follows a person from the Bitcoin ATM and robs him/her of Bitcoin, it has to be done physically and forcibly. It isn't like when somebody steals from a Bitcoin wallet. Theft can be done anonymously and from far away.

Cash is more anonymous than Bitcoin. If a criminal robs somebody coming from a fiat ATM, why would he/she be incriminating himself/herself by transferring the balance to his/her name? The robber takes cash, cold cash.

You are missing the point.

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. However, if someone is using a Bitcoin ATM, it's not just the cash that is on the table, it's whatever is also in their Bitcoin stash, making the risk and reward higher for someone who is willing to go that length to commit such a crime.

TLDR:
- A bank ATM transaction is limited to the cash that comes out of the ATM.
- A Bitcoin ATM transaction is open to both the cash being stolen, and the Bitcoin as well.

There are stories of kidnappings and muggings happening from Bitcoin ATM transactions where the focus is more so the Bitcoin than it is the cash. It definitely has happened before.

Darker45

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Quote from: BenCodie on February 06, 2025, 01:28:02 PM

Quote from: Darker45 on February 05, 2025, 09:14:50 PM

~snip~

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.

How can a robber do so anonymously? There's a significant difference between robbery and theft or stealing. In criminal law, robbery is a more serious crime than theft. If somebody follows a person from the Bitcoin ATM and robs him/her of Bitcoin, it has to be done physically and forcibly. It isn't like when somebody steals from a Bitcoin wallet. Theft can be done anonymously and from far away.

Cash is more anonymous than Bitcoin. If a criminal robs somebody coming from a fiat ATM, why would he/she be incriminating himself/herself by transferring the balance to his/her name? The robber takes cash, cold cash.

BenCodie

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You're right to post this...there are countless stories of people being mugged right after they visit a Bitcoin ATM. That, and the exorbitant fees (as others have stated) that they charge are why I'm not supportive of them. Trump is supporting the ATM operations to be scaled across America (probably because his finger is in the pie) though what I think he should be doing instead is embracing protected and escrowed peer to peer transactions instead.

Quote from: Apocollapse on February 05, 2025, 11:15:03 PM

Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs.

There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

What's the difference to fiat ATM? I've heard criminals steal fiat ATM when the employees want to refill the money.

And what's the difference between someone who withdraw money from fiat ATM or banks? Huh

Don't be too paranoid with the security risk, if you drive using car or motorcycle, you already risk of getting robbed because criminals can block your way and force you to give them your car/motorcycle.

Quote from: avikz on February 05, 2025, 11:12:40 PM

I guess that risk goes for every ATM, and not just for Bitcoin ATM. Costco is surely bullish about the future of Bitcoin in US, especially after the strong push by the president in all his pre-election speeches.

I hope we will see a greater amount of Bitcoin adoption in US. Costco is just doing their part to contribute to the ecosystem. Risk is always there but until and unless that risk is overpowering the benefits, there's no need to sleep over it.

Quote from: Darker45 on February 05, 2025, 09:14:50 PM

Our worries might be a little misplaced. Everything that involves money is a security concern. It doesn't matter whether you're coming from a fiat ATM or a Bitcoin ATM or a physical bank or a remittance center. As a matter of fact, a robber is better off following somebody coming from a fiat ATM or a bank because it's certain that the money is there. All he/she just has to do is to point the knife and he/she gets the money right away. Whereas, the one coming from a Bitcoin ATM isn't carrying actual coins with him/her. The robber might have to torture him/her first. That's an additional hassle.

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.

Cryptomultiplier

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

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.

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

https://www.instagram.com/vvoyagevirtual/p/DFrK4mpRI3x/

Do you think that this is a smart move or security concern?

It's a smart move already by Costco, and what I must reiterate is that, there isn't any business that doesn't have risk. The issue is how to manage the risk associated with the introduction of Bitcoin ATM machines and credit/debit cards of clients so as to ensure theft proof or hack proof.
I think also that the Bitcoin ATMs will only be allowed in a more developed city that has heightened security presence and cameras, not just because Costco wants it, but it's because the city does need it.

mindrust

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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.

Zoomic

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I am just imagining a situation where there are bitcoin ATMs all over the country in shops and business places where people can easily pay for goods they bought or services they enjoyed. By this time, scammers who are always ahead of their games will device a new means of scamming bitcoiners through the Automated Teller Machines. All they need do is to get the wallet details of the victim from the compromised ATM and rip the victims of their hard earned money. I don't even see how a bitcoin ATM is adviceable for those who have hardware or cold wallets.

I don't wish to use a bitcoin ATM or carry out any random transaction that would expose my wallet to risks. The introduction of bitcoin ATMs is a smart but very risky move for both the business person and the customers.

Jawhead999

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Quote from: pawanjain on February 06, 2025, 09:49:17 AM

I wonder what's the benefit for thieves stealing bitcoin ATMs to be specific ?
Won't it be the same for them to steal a bank ATM, although bank ATMs might be more secure than bitcoin ATM ?
After all, they just have to destroy the ATM and take the cash within it, isn't it ?

Yeah you're correct, in the end, the criminals can only take the cash. If the criminals are stupid enough, they destroy "buy only" Bitcoin ATM, so the criminals might not get anything even if they've destroy the machine.

The @OP think people who use Bitcoin ATM will be targeted by the criminals, but if there are many people use it, I don't think people would be targeted.

Not to mention people who use Bitcoin ATM mostly trade small amount, they just want the quick trade.

Proty

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

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.

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

https://www.instagram.com/vvoyagevirtual/p/DFrK4mpRI3x/

Do you think that this is a smart move or security concern?

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.

pawanjain

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

I wonder what's the benefit for thieves stealing bitcoin ATMs to be specific ?
Won't it be the same for them to steal a bank ATM, although bank ATMs might be more secure than bitcoin ATM ?
After all, they just have to destroy the ATM and take the cash within it, isn't it ?

lizarder

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

If this is the case then it is not much different to the gold ATMs that Saudi Arabia has or the fiat currency ATMs that banks generally use and the potential for theft is also quite high without a good security system in place. Anyone who plans to install an ATM in their store will definitely need to have their security system upgraded and there are now many ways to monitor for security issues one of which is through CCTV.

The level of crime and theft is generally what happened before and not only in the real world because online systems are much easier, but when someone can take security measures it will be much better and perhaps preparing these measures will be the key to how to minimize the risk.

Lucius

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I have a potential solution to the security problem when it comes to ATMs - why not enable the possibility of buying/selling cryptocurrencies at every ATM? Of course, banks would have to agree to that, but that way no one would know that someone had bought/sold BTC.

Of course there are arguments for and against cryptocurrency ATMs, but as others have already mentioned, it's not just the security risk, but also the fact that this way of buying/selling has the highest fees - because if people complain that paying 1-2% is too much for them, I wonder how they would react if they had to pay 10% or more.

I read a few years ago that such a device can pay for itself in as little as three months if it is placed in the right place and promoted well. This is of course true for countries where people know what BTC is, and considering that about 90% of all such devices are located in the US and Canada, it is more than obvious that this business has been flourishing there for years.

betswift

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Quote from: avikz on February 05, 2025, 11:12:40 PM

I guess that risk goes for every ATM, and not just for Bitcoin ATM. Costco is surely bullish about the future of Bitcoin in US, especially after the strong push by the president in all his pre-election speeches.

I hope we will see a greater amount of Bitcoin adoption in US. Costco is just doing their part to contribute to the ecosystem. Risk is always there but until and unless that risk is overpowering the benefits, there's no need to sleep over it.

I think the states where the talk about the reserves is the loudest would implement the same ways we see here.
Surely, it will have a bit of risks which were already mentioned by others, however - they are everywhere, and with time, they would be mitigated, just like it always was Wink

Richbased

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Bitcoin ATM is also a kind of creating awareness for bitcoin but the security threats it poses is higher than the benefits it presents. If bitcoin ATM should be used then it has to be installed in private and secret places with security personnel who will monitor the activity of people who are making use of the ATM. But sincerely, i don't even see the need for bitcoin ATM because this is a digital currency we are talking about here, it's not like Fiats that are in cash so why should there be ATM for something that we can't withdraw in physical form other than to just send transactions.

Quote from: rodskee on February 05, 2025, 11:48:31 PM

Quote from: Orpichukwu on February 05, 2025, 05:15:07 PM

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?

well if the bitcoin atm allows withdrawal of fiat from the machine then surely there would be money stored in it

i heard that some atms will flash a qr code where you can send your bitcoins to and efficiently convert it into fiat in which will be withdrew immediately through the machine you do not need to log your wallet in the machine to sell the bitcoin so it is quite safe but again scammers and hackers are very smart so we can never be too confident about security

In that case it should be called bitcoin/fiat ATM then because i wonder how Fiats will be stored in an ATM meant for bitcoin transactions it doesn't make any sense to me. Bitcoin is in digital form therefore even though ATMs are provided for it do not mean that it will include bitcoin to Fiats transactions, it should be strictly for bitcoins operations.

EluguHcman

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

Do you think that this is a smart move or security concern?

It is a smart move as option on the phase that it would reduce reduce transaction fees and maximizes usability to faster transaction processes and so also it would be much an attractive avenue to expand the Bitcoin community users with new adoptors.

Although, there are tense of security risks involved because thefts would always keep eyes at the spot heartedly believing anyone sighted at uses of the ATM is a Bitcoin owner which can lead to double crossing the ATM user in or outside the installed ATM.

Therein are potential to attract physical attacks to steal their fund.
It is dynamically risky in the sense that the ATM can be tampered and manipulate it software security programs in compromise of it previous users privacies and gains access in attempts of stealing their funds.

Wind_FURY

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Quote from: Alphakilo on February 05, 2025, 05:06:11 PM

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.

However, there is a downside. They will need more security. We have heard stories of criminals stealing Bitcoin ATMs. There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.

https://www.instagram.com/vvoyagevirtual/p/DFrK4mpRI3x/

Do you think that this is a smart move or security concern?

Mere FUD. Because, what's actually the difference between a Bitcoin ATM and a fiat ATM? Plus the same criminals can follow a person to steal the fiat in his/her pocket too.

It would also be harder for the criminal to get someone's Bitcoin too because that might require torture. WHICH will make him/her another kind of criminal that would probably put him in for a longer amount of time in prison.

Topic: A Smart Move or a Security Risk? - page 3. (Read 675 times)