A Smart Move or a Security Risk? - page 4.

rodskee

full member

Activity: 2576

Merit: 205

🌀 Cosmic Casino

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

X-ray

hero member

Activity: 3136

Merit: 538

Leading Crypto Sports Betting & Casino Platform

that concern about security is probably already in their calculation, I mean, you got same security concern with traditional ATM and those banks aren't losing money, why should bitcoin ATM suddenly losing money just doesn't make sense. if any, it just make bitcoin more accessible than ever to the general population.
I think it's a win for costco to provide bitcoin atm in their store branch, no need to overthink about it.

Apocollapse

hero member

Activity: 1246

Merit: 818

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.

avikz

legendary

Activity: 3080

Merit: 1500

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.

Dave1

hero member

Activity: 1568

Merit: 568

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.

To be fair, there will always be risk as far as ATM goes, we have seen criminals targeting it.

Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target.

So what do you expect from Bitcoin ATM? Sooner or later this crime is bound to happen. Will Costco put a security 24x7? I doubt that because that will be another overhead cost for them.

SilverCryptoBullet

full member

Activity: 97

Merit: 43

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.

It's responsibility of those business companies to secure their stores, and treasury in Bitcoin ATMs, cryptocurrency ATMs, whatever relate to money.

With their customers, Bitcoin and cryptocurrency users, they have other concerns. Bitcoin and cryptocurrency ATMs have big disadvantages like very expensive fee, and KYC. As I know, recent years, KYC has become more popular with Bitcoin and cryptocurrency ATMs. Together with a biggest disadvantage, very expensive fee for buying and selling.

Bitcoin ATM: Definition, Fees, and Locations with fees vary from 4% to 25% of your transaction value. You can see 25% is very high fee.

Darker45

legendary

Activity: 2576

Merit: 1860

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.

Botnake

hero member

Activity: 2856

Merit: 667

Bitcoin ATMs could be a smart move for the owner of the business, but for us users, it’s depriving us from staying anonymous and that’s where security risk becomes a big concern. No matter how guarded you are when you are in the ATM machine, that won’t work when you’re outside the ATM booth. Also, there are ATMs that do not receive regular software updates, so that would lead us to being harm and may cause us to eventually lost our hard-earned bitcoins.

suzanne5223

hero member

Activity: 2786

Merit: 657

Want top-notch marketing for your project, Hire me

For the company that installed the Bitcoin ATM, it is a smart move, but for Bitcoiners that will use the ATM, it could be a security risk based on the previous accident that happened to Bitcoin ATM users which one was identified last year as the security defects tracking the CVE-2024-0175, CVE-2024-0176, and CVE-2024-0177 which occurred to Douro Bitcoin ATM users.
Aside from the high fees and possible physical attack on the ATM user since they are technically doxxed, many Bitcoin ATMs still have security issues.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

With the stories flying everywhere of how some crypto hodlers have been harassed, traced to their homes and forced to transfer out coins to their abductors, kidnapped and mutilated in some cases, I won't be lending my support for a Bitcoin ATM. It will expose hodlers to further security risk. Stalkers and robbers will mark out innocent folks hodling Bitcoin once they're seen at any of the ATMs doing their stuff.

It's not a good idea for me. It poses security risk.

Orpichukwu

sr. member

Activity: 728

Merit: 415

Bitcoin ATMs are known for their high prices, like they sell far above what Bitcoin is being sold for in the open market, so if they can pull that up by implementing that in all their stores, then it's obvious that profit is what they will make exactly.

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?

Alphakilo

sr. member

Activity: 616

Merit: 281

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?

Topic: A Smart Move or a Security Risk? - page 4. (Read 675 times)