A funny but educative post on X by Bitget Wallet.

[Son Of Blockchain (SOB)]

 I find this very funny but educative, according to what the topic implies. Uhmm the person controlling the Bitget wallet acc on  X sounded  like someone's who ignorant but then a message was passed indirectly.

 I've heard stories of how banks where robbed, their atm machines blown with dynamite which gave the robbers access to steal money from the vault. Can similar thing happen to the Bitcoin ATM? Maybe the cash used in buying bitcoin can be stolen from the vault but since Bitcoin is not physical like fiat no Bitcoin can be stolen from the machine cause it's stored on chain in a decentralised blockchain ledger.

 The only way Bitcoin can be stolen is if your private keys which serves as a proof of ownership can be accessed by a third party. Which is why there's a saying "not your keys not your coin". So any thief that vandalise a Bitcoin ATM machine thinking he'll steal some coin is wasting his time. More reason why Bitcoin is a better alternative and offers better security than fiat.

[Livingleged]

And this got me thinking like what does the bitcoin ATM machine normally prints? is their anything like bitcoin cash ? Of course there should be if not Whats the whole essence of of producing the Bitcoin ATM i’m just curious to knw

[Hypnotizer]

And this got me thinking like what does the bitcoin ATM machine normally prints?

Bitcoin ATM are used  to convert bitcoin to cash or to buy bitcoin with cash, so Bitcoin ATM doesn’t print anything you will either use cash to buy bitcoins or you sell your bitcoin for cash.

is their anything like bitcoin cash ? Of course there should be if not Whats the whole essence of of producing the Bitcoin ATM i’m just curious to knw

For sure there is Bitcoin Cash, it came from a Hard Fork that happened in 2017 but Bitcoin Cash is not Bitcoin, they are different coins.

And seems like you misunderstand the essence of Bitcoin ATM, Bitcoin ATM’s are just like something that helps you directly buy Bitcoin with your cash or sell your Bitcoin for cash and it was created to ease the process of spending Bitcoin.

You can read more about Bitcoin ATM here

[Tetu100]

[quote author=Son Of Blockchain (SOB)
The only way Bitcoin can be stolen is if your private keys which serves as a proof of ownership can be accessed by a third party. Which is why there's a saying "not your keys not your coin".
[/quote]
That's the more reason you got to protect it with everything you have got because the moment it is been known by anyone you are doom for life. Bitcoin is not like fiat that is more of being physical so the best you owe your self is to store on a reliable wallet that is more reliable and recommendable.

So any thief that vandalise a Bitcoin ATM machine thinking he'll steal some coin is wasting his time. More reason why Bitcoin is a better alternative and offers better security than fiat.

The surpose theif already knew is not expecting to see any physical coin there in the atm machine unless is those once that doesn't know their left from their right.

[Mhizlove]

And this got me thinking like what does the bitcoin ATM machine normally prints? is their anything like bitcoin cash ? Of course there should be if not Whats the whole essence of of producing the Bitcoin ATM i’m just curious to knw

Is good you asked this because it will enlighten those who don't have it know how the bitcoin ATM works, you see  Bitcoin ATM it don't produce any physical money or bitcoin but what is does is to print out it's receipt or a confirmation slip, while the actual bitcoin is sent directly to your wallet. You see that machine is just there to help people who do buy and sell bitcoin with ease, be it with cash or card.

Truth be told, Bitcoin don't have an actual physical form be it cash or in coin, everything is been done digitally and stored as Blockchain.

[Joy- maker]

And this got me thinking like what does the bitcoin ATM machine normally prints? is their anything like bitcoin cash ? Of course there should be if not Whats the whole essence of of producing the Bitcoin ATM i’m just curious to knw

Truth be told many people has been wondering why Bitcoin ATM machines are needed when Bitcoin itself is purely digital.  But here is what you guys should know that bitcoin ATM machines you see out there act as bridge between cash and digital money (bitcoin) So therefore bitcoin ATM machines allows users to buy bitcoin using their normal physical cash and they receive the bitcoin directly to their own wallets. User can also sell their bitcoin and withdraw cash on supported bitcoin ATM machines,  So bitcoin ATM machines don't making bitcoin physical if that is what you are thinking,  rather they make it easier for people to convert their own Cash into bitcoin and vice versa.

[Akaenyi]

The world is gradually turning digital and it is not only Bitcoin that is digital currency although it is decentralized but fiat have also gone digital. Maybe one day in the future dispensing of physical cash from the ATM will be outdated, if it happens it'll mean that what is applicable to Bitcoin ATM will also apply to fiat ATM. It is better to keep our persona details that has to do with digital currency private because you can be scammed online.

If you are using online banking you have to secure the password to your device and don't give out your details so you don't get hacked, don't call out OTP to scammers. If you are holding Bitcoin needless to say that your seed phrase is the key to unlock your wallet and gain access to your coins. If another person gains access to it they can drain all your coins and you cannot report to any banks because Bitcoin is decentralized.

[Mate2237]

Bitcoin is not like your Fiat money which is stored inside the ATM machine which can get stolen when security is bridged on the ATM. Bitcoin is only the machine only helps you to do your transactions so even if you break the machine open you can't actually find a single fraction of Bitcoin. This is one advantage that those who have Bitcoin has because when it comes to security Bitcoin is second to none.


One can only lose his or her Bitcoin due to carelessness by exposing your private keys to people.  And this is were the place of knowledge and experience comes in you have to be deliberate and take conscious efforts in protecting your Bitcoin asset as the only way to losing it is through your private keys. On no account should you trust people to be exposing your private keys because you don't know the mind of anyone around you.

[IceLincoln]

is their anything like bitcoin cash ? Of course there should be if not Whats the whole essence of of producing the Bitcoin ATM i’m just curious to knw

For sure there is Bitcoin Cash, it came from a Hard Fork that happened in 2017 but Bitcoin Cash is not Bitcoin, they are different coins.

And seems like you misunderstand the essence of Bitcoin ATM, Bitcoin ATM’s are just like something that helps you directly buy Bitcoin with your cash or sell your Bitcoin for cash and it was created to ease the process of spending Bitcoin.

You can read more about Bitcoin ATM here

I think you didn’t get his question about the Bitcoin cash, I think he was talking about physical cash, Bitcoin cash BCH is still a digital asset in as much as it’s not Bitcoin.
Bitcoin ATMs acts as an exchange, an exchange where you don’t need to download the app or software, pass through rigorous verifications and it’s physical.
The advantage it has over exchanges is that you can exchange physical cash for bitcoins but it comes with higher transaction fees than exchanges.

[coinlary]

the person controlling the Bitget wallet acc on  X sounded  like someone's who ignorant but then a message was passed indirectly.

No he isn't, your sense of humor  is just Fried  , if you had check the comment section then you would have gotten what the post intention was all about

I've heard stories of how banks where robbed, their atm machines blown with dynamite which gave the robbers access to steal money from the vault. Can similar thing happen to the Bitcoin ATM? Maybe the cash used in buying bitcoin can be stolen from the vault but since Bitcoin is not physical like fiat no Bitcoin can be stolen from the machine cause it's stored on chain in a decentralised blockchain ledger.

Cash can be stolen if the ATM accepts cash deposits in exchange for Bitcoin, but it's not that easy. Most don't accept cash, so the ones that accept cash won't be easy to tamper with, and security personnel would be near to keep an eye on it. The robbery plan must involve stealing the ATM completely, then attempting to break into it, which would still be hard depending on the structure of the machine. But it's on the owner and not the users, as their Bitcoin should already be credited to their wallet.

And this got me thinking like what does the bitcoin ATM machine normally prints?

Bitcoin ATM are used  to convert bitcoin to cash or to buy bitcoin with cash, so Bitcoin ATM doesn’t print anything you will either use cash to buy bitcoins or you sell your bitcoin for cash.

It could print receipt if part of the design.

[Son Of Blockchain (SOB)]

the person controlling the Bitget wallet acc on  X sounded  like someone's who ignorant but then a message was passed indirectly.

No he isn't, your sense of humor  is just Fried   , if you had check the comment section then you would have gotten what the post intention was all about

You've totally interpreted my statement wrongly but then i get the sarcasm, I hope you saw where I said, "a message was passed indirectly". Moreover, what made you feel i didn’t go through the comment section to understand what played out? I never said he's ignorant but "sounded like" it is you who don't understand a context when you see one. Read the subject of my post then you'll understand.

I've heard stories of how banks where robbed, their atm machines blown with dynamite which gave the robbers access to steal money from the vault. Can similar thing happen to the Bitcoin ATM? Maybe the cash used in buying bitcoin can be stolen from the vault but since Bitcoin is not physical like fiat no Bitcoin can be stolen from the machine cause it's stored on chain in a decentralised blockchain ledger.

Cash can be stolen if the ATM accepts cash deposits in exchange for Bitcoin, but it's not that easy. Most don't accept cash, so the ones that accept cash won't be easy to tamper with, and security personnel would be near to keep an eye on it. The robbery plan must involve stealing the ATM completely, then attempting to break into it, which would still be hard depending on the structure of the machine. But it's on the owner and not the users, as their Bitcoin should already be credited to their wallet.

We're on same page, cause the message we both trying to pass is that Bitcoin is not physical like fiat  so it can't be stolen from a Bitcoin ATM, the only thing the robbers can get access to is the vault in the machine, anyways it's good you added to my statement cause it would be helpful to educate others.

[Wolf of One Street]

It's indeed very funny but it came directly with a clear message letting people know that Bitcoin is not fiat that can be carried about and can easily be stolen, but rather letting people know how secured Bitcoin is and that it is digital and can only be accessed through digital means and can't be held or handled like the traditional currency. And can only be stolen if someone's seed phrase is kept carelessly.