A Smart Move or a Security Risk?

[Alphakilo]

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?

[Orpichukwu]

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?

[Mpamaegbu]

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.

[suzanne5223]

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.

[Botnake]

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.

[Darker45]

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.

[SilverCryptoBullet]

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.

[Dave1]

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.

[avikz]

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.

[Apocollapse]

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?

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.

[X-ray]

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.

[rodskee]

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

[Wind_FURY]

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.

[EluguHcman]

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.

[Richbased]

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 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.

[betswift]

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 

[Lucius]

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.

[lizarder]

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.

[pawanjain]

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 ?

[Proty]

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.