It would be a bit counter productive to steal from the customers of the ATM's. If it ever comes out into the public, that the private key was compromised on the ATM side, the company would be ruined. And believe me, the effort to get these ATM's in the field, and running, will be enough motivation to keep them honest.
BUT you get dishonest employees and it could be hacked, so it's better to get the coins to a safe cold storage, too eliminate the human factor in this scenario.
Topic: Bitcoin bought at ATM = Cold storage? - page 2. (Read 1976 times)
Thank you guys, you're the best!
Your private key may have been online. Since the ATM is not yours, you cannot guarantee that they would not record the private key. Since they need internet connection to send bitcoins, they might create the key online too. The machine might be infected with malware and your private key might be stolen.
Even though the manufacturers claimed they won't keep the private keys, I wouldn't trust that completely and so I would suggest you to transfer the bitcoin to your new cold wallet / paper wallet.
It depends on where the bitcoins are.
Cold storage means that the private key is stored somewhere that is not connected to the internet. It could be on a piece of paper, on a USB stick in a vault, or carved in stone.
The security depends on who has the private key and how accessible it is.
Cold storage means that the private key is stored somewhere that is not connected to the internet. It could be on a piece of paper, on a USB stick in a vault, or carved in stone.
The security depends on who has the private key and how accessible it is.
Is bitcoin bought through an atm considered cold storage?
I cannot find an answer on how secure it is.
Thank you
I cannot find an answer on how secure it is.
Thank you
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