A Smart Move or a Security Risk?

[rodskee]

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

[Hazink]

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?

I read that in a bitcoin ATM, it has the option to deposit your normal fiat currency and also has a scanner that can be used to scan your QR code of the wallet where you want to send the bitcoin you want to purchase with those cash, and some have the option to include your mobile number and complete the transaction. I'm not sure if you can use your regular bank card like a normal ATM allows you to unless each of those machines has the way they operate differently.

[Trout Mask]

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.

[Wind_FURY]

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.

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.

[YUriy1991]

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.

[fikrett]

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 

[BenCodie]

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.

[NewRanger]

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.

[SFR10]

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.
...
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.

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!

[moneystery]

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.

[lizarder]

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.

That is a fairly important part because it is quite unfortunate if in the end the assets we have can be lost due to errors in making security steps and most people will make much greater protection regarding the level of asset security. Revealing the ownership of bitcoins that we have to other people also has no benefit because it will not increase the bitcoins so that hiding involvement in the investment journey that we do is much better and we can also avoid the risk of bitcoin theft through extortion by irresponsible people.

For me personally, this is a fairly important measure in an effort to protect the assets we own because we never know what evil intentions people will have, so the anonymous nature of our involvement in Bitcoin is much more profitable than sharing it on social media or even in real life.

[thefreethinker]

That's entirely a smart idea, the company will benefit hugely from this move since Bitcoin keeps penetrating deeper into mainstream by the day. My only worry about Bitcoin ATMs is their costs of utilisation, their fees is way higher than what an average enthusiasts will be willing to pay, thus making it attractive only to a selected group of deep pockets.

[DubemIfedigbo001]

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, I think Bitcoin is not mandatory for payment at their stores and there are still other means of payment available there, the only incorporated another payment option which is by Bitcoin, the fees are high, so I believe it's only someone making a relatively bulky purchase that would use it.

Is not even economical to use when you have little purchases, so if anybody does not feel secured or comfortable or feel that it's not economical using it considering the quantity of retail commodity purchased , they can go for other options available that's cheaper and less risky.

The technological advancement is a good one.

[hero_the_bossman]

Well, I think Bitcoin is not mandatory for payment at their stores and there are still other means of payment available there, the only incorporated another payment option which is by Bitcoin, the fees are high, so I believe it's only someone making a relatively bulky purchase that would use it.

Is not even economical to use when you have little purchases, so if anybody does not feel secured or comfortable or feel that it's not economical using it considering the quantity of retail commodity purchased , they can go for other options available that's cheaper and less risky.

The technological advancement is a good one.

It's just another alternative, which is great.
Bitcoin is all about being an alternative, a better one, in areas needed for many out there.
 

[EarnOnVictor]

The biggest benefit is that it will increase their revenue.

Yes of course, but not in sales, it's a separate revenue increase that will only increase with the subsidiary of their BTC's ATM as the operator.

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

Every online operator dealing with money and other valuable assets needs strong security. And again, as a company, physical security is also important even if they do not deal with Bitcoin ATMs. This calls for tight security and effective surveillance and also provides emergency service for their customers in case they are followed home for their Bitcoin. Though the latter is not so rampant, we should think less of the risk and maintain a low balance in the wallet from which we make the ATM withdrawal.

[RagnarTheThunderer]

i understand why costco wants to install bitcoin ATMs but i'm not sure if the risks outweigh the benefits. Btc transactions are irreversible and that makes these machines a prime target for scams and theft. i'd feel safer if they had private booths, enhanced security or even digital only transactions inside the store instead of standalone ATMs. Without clear safety measures, this could attract the wrong kind of attention. I'd want more details before calling this a smart move.

[woez]

For me personally, this is a fairly important measure in an effort to protect the assets we own because we never know what evil intentions people will have, so the anonymous nature of our involvement in Bitcoin is much more profitable than sharing it on social media or even in real life.

I strongly agree if there is news that continues to report the fatal consequences received by BTC users if they show off too much. that will be a powerful medicine to maintain the ego so that the point of conscious effort to maintain this very expensive asset is born, how can 1 BTC be robbed for 2 months without doing anything unless someone buys an asset that has a high value, buy a car or something else if it is only daily use, I think it is more than enough.

[ancafe]

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.

There is always a positive and negative value to something that is created but how can a person or group minimize the risk. Building a bitcoin ATM in the business that we run requires a lot of capital so that it is impossible for most people and even the cost of maintaining the machine or other needs will also require quite a lot of money. Talking about security really depends on the level of preparation we have but because bitcoin ATMs are not yet common, it will pose a much greater risk.

Smart business steps must also be accompanied by opportunities and maybe for the country you mentioned has good potential but not necessarily in other countries will experience the same thing. Not to mention talking about crime so that it can affect the level of security in building an ATM for bitcoin itself.

[Velemir Sava]

i consider risk

If we capital is large if the capital is small I think it doesn't really count. Why are many careful in trading if we look at the answer because the capital entered to buy and invest in crypto is large and the first step they apply is a realistic profit only not greedy like ordinary speculative traders.

[fikrett]

i consider risk

If we capital is large if the capital is small I think it doesn't really count. Why are many careful in trading if we look at the answer because the capital entered to buy and invest in crypto is large and the first step they apply is a realistic profit only not greedy like ordinary speculative traders.

And we don't trade here - we invest 
Two different things, in fact.