Topic: A Smart Move or a Security Risk? (Read 675 times)
Having bitcoin atms in every costco branch is a forward thinking move that aligns with the growing adoption of cryptocurrency. While it can bring in more revenue and attract bitcoin users, security should be a top priority. Implementing surveillance, secure atm placements and customer awareness programs can help minimize risks. Many retailers have already adopted bitcoin atms successfully with the right precautions. If costco follows best practices, this could be a win win for both the company and customers
when now people can buy bitcoin through their devices easily, but there are some people who waste time to buy through atm machines with more expensive prices than they should. i don't know if this is an improvement in buying bitcoin or a setback. but i personally even if there will be a bitcoin atm around me, i will not want to buy from there, besides the fees are more expensive, there are security issues that make me more worried that there will be criminals who might follow me.
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.
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Do you think that this is a smart move or security concern?
It's worth noting that every single time that we step out of the house, there's a risk that something bad could happen, so it doesn't matter if we use various kinds of ATMs or not... Concerning the security risks of using BTMs in Costco stores, if it isn't placed near the entrance or outside the store, it can minimize its risk [assuming that there are adequate security measures to protect its users] and for those who are planning to use BTMs, it'd be better to go in groups or at least carry a registered firearm....
Do you think that this is a smart move or security concern?
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.
BTMs can be one-way or two-way and the LibertyX one allows its users to "sell their Bitcoin for cash".It is a smart move as option on the phase that it would reduce reduce transaction fees and maximizes usability to faster transaction processes
I'm not sure why you think it can reduce transaction fees, but it's worth noting that, almost all BTMs charge ridiculous fees! 
I disagree with your logic - people go out and buy expensive things with traceable money. Virtually no one in this day and age uses cash and if they do hold cash, it is unlikely that it's much. When someone uses a bitcoin ATM, it's confirmed that the person has bitcoin, and that the wallet they're using might have more value than the cash being withdrawn. Not sure why you aren't able to comprehend that point, especially given that a google search can prove that this logic has clearly been applied from multiple events in history.
Very logical. Let's say the rest after the withdrawal is only 1 BTC, if someone has bad intentions after being monitored, it can be fatal for the owner, especially if the ATM informs the remaining funds in our account balance like other fiat ATMs. Because the ones queuing behind could be several people.
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.It does not take a computer science degree to kidnap someone, beat them until they unlock their phone/access their wallet, and then send the bitcoins to a bitcoin address. This has happened countless times before, and in some cases it has happened right after someone has used a Bitcoin ATM. I'm not sure why you think it takes any form of knowledge to be able to do that.
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.
I disagree with your logic - people go out and buy expensive things with traceable money. Virtually no one in this day and age uses cash and if they do hold cash, it is unlikely that it's much. When someone uses a bitcoin ATM, it's confirmed that the person has bitcoin, and that the wallet they're using might have more value than the cash being withdrawn. Not sure why you aren't able to comprehend that point, especially given that a google search can prove that this logic has clearly been applied from multiple events in history.
Bitcoin ATMs have higher rates in general, especially if we compare it against the largest Bitcoin exchanges which have very large amounts of liquidity and volume.
That true, Many cuts occur if we use it I think it's better to just do it manually. For a fast liquid process of course but the value we receive will not be the same as the value we want and the cuts still apply indiscriminately.
Yep. And it's not that hard to avoid these cuts, so the choice is obvious
Bitcoin ATMs have higher rates in general, especially if we compare it against the largest Bitcoin exchanges which have very large amounts of liquidity and volume.
That true, Many cuts occur if we use it I think it's better to just do it manually. For a fast liquid process of course but the value we receive will not be the same as the value we want and the cuts still apply indiscriminately.
I'm seeing more and more BTC ATMs pop up in my area.
The idea of exchanging fiat for BTC at little outposts makes me so happy.
The idea of exchanging fiat for BTC at little outposts makes me so happy.
But the Bitcoin-to-fiat exchange rate might not make you very happy. Haha.
Bitcoin ATMs have higher rates in general, especially if we compare it against the largest Bitcoin exchanges which have very large amounts of liquidity and volume.
That's probably a protection mechanism from volatile price fluctuations in the market for Bitcoin.
I'm seeing more and more BTC ATMs pop up in my area.
The idea of exchanging fiat for BTC at little outposts makes me so happy.
The idea of exchanging fiat for BTC at little outposts makes me so happy.
Bitcoin ATM is not like the regular Banks Atm where funds are kept on the back the machine, the only thing needed is the private key and I'm sure they wouldn't include it for security reasons. The ATM Manchines will only be operational in a way where master public key will be used like the way webs used Bitcoin to receive funds and provide services for people.
What do you mean? I thought Bitcoin ATMs were similar to regular bank ATMs, where you can deposit and withdraw cash. Are you saying thats not the case with Bitcoin ATMs?
What do you mean? I thought Bitcoin ATMs were similar to regular bank ATMs, where you can deposit and withdraw cash. Are you saying thats not the case with Bitcoin ATMs?
it is the same except i do not think you have to log in to your digital wallet like how you would log in to your bank account to be able to withdraw or deposit which makes it very convenient most likely the only thing that would be exposed from you is your address but the money that will be vulnerable is the one from the company we still have to be careful though because there could be lurking people with ill intentions around the machines
Bitcoin ATM is not like the regular Banks Atm where funds are kept on the back the machine, the only thing needed is the private key and I'm sure they wouldn't include it for security reasons. The ATM Manchines will only be operational in a way where master public key will be used like the way webs used Bitcoin to receive funds and provide services for people.
What do you mean? I thought Bitcoin ATMs were similar to regular bank ATMs, where you can deposit and withdraw cash. Are you saying thats not the case with Bitcoin ATMs?
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?
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?
I don't know how ATM works for Bitcoin, specifically the ATM for buying and selling Bitcoin but one thing is I know is that there are technological advancement in everything we use. If the shop is accepting Bitcoin and not selling Bitcoin, I think machine can be easy to operate and even if it's open publicly, the owner doesn't have to worry about the stealing of funds, a master public key is enough to generate billions of wallet address for people send Bitcoin into and there is no need to worry about anything since the onwer of the shop hold the private keys.
Bitcoin ATM is not like the regular Banks Atm where funds are kept on the back the machine, the only thing needed is the private key and I'm sure they wouldn't include it for security reasons. The ATM Manchines will only be operational in a way where master public key will be used like the way webs used Bitcoin to receive funds and provide services for people.
I sorta feel like it's a personal decision to make,having a Bitcoin ATM can be beneficial and risky too.For some reasons, having a Bitcoin ATM can also serve as a big risk,as in security risk.Whereby such ATM's can be vulnerable to theft and funds vandalization.
Bitcoin's ATM's are not easily issued to customers and even maintained unlike Fiat ATM's,considering the intermediaries involved, wanting a Bitcoin ATM vary vastly from Fiat ATM's ranging from location, ATM's charging fees and verification.
They're used almost for the same purposes but there's an insignificant differenciation in their adoption and usage.
With Bitcoin ATMs, two biggest things you have to accept.Bitcoin's ATM's are not easily issued to customers and even maintained unlike Fiat ATM's,considering the intermediaries involved, wanting a Bitcoin ATM vary vastly from Fiat ATM's ranging from location, ATM's charging fees and verification.
They're used almost for the same purposes but there's an insignificant differenciation in their adoption and usage.
KYC.
Expensive fee.
If you are ok with KYC and expensive fee, you can use Bitcoin ATM, and even you don't care about KYC, the expensive fee is very big challenge. No one are happy to overpay fee at very expensive rate when you can have much cheaper fees from other options. Bitcoin ATMs won't refund you, so if you are not aware about expensive fee, when you pay it, you are done and lost it forever.
Bitcoin ATM Deposit Exchange Rate shocks
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?
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 sorta feel like it's a personal decision to make,having a Bitcoin ATM can be beneficial and risky too.For some reasons, having a Bitcoin ATM can also serve as a big risk,as in security risk.Whereby such ATM's can be vulnerable to theft and funds vandalization.
Bitcoin's ATM's are not easily issued to customers and even maintained unlike Fiat ATM's,considering the intermediaries involved, wanting a Bitcoin ATM vary vastly from Fiat ATM's ranging from location, ATM's charging fees and verification.
They're used almost for the same purposes but there's an insignificant differenciation in their adoption and usage.
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.
Aside physical embarrassment on users the cyber risks of using Bitcoin ATM is high. Hackers install malwares on the machines to steal people's assets. As the number of victims increase, it'll be saddening that the company's good intentions turns out a threat on customers. I'd recommend the company to implement Bitcoin POS a type that can be convenient only in times of sale. Not to serve the entire public 24/7.
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.
Actually, if you're not from that location, it's probably better to avoid doing withdrawal from an ATM of ANY kind - which was the actual point. Because, Bitcoin or fiat, if you're walking in an area where there's a higher probability that a person will be robbed, then that person will probably be robbed.
¯\_(ツ)_/¯
It's also probably the best decision for you, and if you a family - your family, to move out of a place like that.
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.
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.
I think in terms of investing, of course we must be able to maintain the security of the assets we invest in if we still want to enjoy the results of the investment we make because without good security for the assets we invest in, it will be in vain and I strongly agree with your suggestion to choose to invest anonymously because there is no benefit to us exposing the ownership of the assets we invest in and with no one knowing that we are investing in Bitcoin, we will be able to easily store assets and no one will come to borrow from us because the investment is not visible if we do not tell others. 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.
Bitcoin ATMs: Fear or Revolution?
Every technological revolution presents two choices: fear the risks and step back, or embrace the future and become part of it.
Bitcoin ATMs are the evolution of finance. They make Bitcoin more accessible, but they also introduce new risks. If your fears control you, you will always be late.
Risk exists everywhere—fiat ATMs get robbed, credit cards get stolen. Bitcoin is different: it gives you a choice. Use it and grow stronger, or fear it and be left behind. The choice is yours.
“Those who fear change will never see the opportunities it brings.”
Ocoshy
Every technological revolution presents two choices: fear the risks and step back, or embrace the future and become part of it.
Bitcoin ATMs are the evolution of finance. They make Bitcoin more accessible, but they also introduce new risks. If your fears control you, you will always be late.
Risk exists everywhere—fiat ATMs get robbed, credit cards get stolen. Bitcoin is different: it gives you a choice. Use it and grow stronger, or fear it and be left behind. The choice is yours.
“Those who fear change will never see the opportunities it brings.”
Ocoshy
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.That's one good measure on how crypto users can avoid thieves and other bad actors in the society. Because like it or not, there will be people who will do such action especially those desperate ones.
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. 
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.
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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.
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. 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?
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.
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.
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.
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.
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.
Well It may be advisable for easy purchase of goods,but the risk of loosing out is really high.
~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.
~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'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.
And what's the difference between someone who withdraw money from fiat ATM or banks?
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.
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.
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.There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.
And what's the difference between someone who withdraw money from fiat ATM or banks?
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.
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 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.
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.
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.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?
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.
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.
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.
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.
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.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 ?
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.
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. 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?
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 ?
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.
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.
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.
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 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
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.
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.
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.
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.
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?
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.
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
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.
I think it's a win for costco to provide bitcoin atm in their store branch, no need to overthink about it.
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.There is also a risk that criminals might follow people home after using the ATM to try and steal their Bitcoin.
And what's the difference between someone who withdraw money from fiat ATM or banks?
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.
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 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.
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.
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.
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.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.
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.
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.
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.
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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.
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.
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.
It's not a good idea for me. It poses security risk.
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?
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?
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?
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?
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