Bitcoin ATM Thefts Are Becoming A Problem For Owners!

Since the first ever Bitcoin ATM opened it’s digital doors in Vancouver, Canada back in 2013, the digital currency Bitcoin has increased significantly in both value and popularity.

The price for 1 Bitcoin back in late October 2013 was around $150. Now, in September 2018, the price is over $6500! That’s an increase of more than 4,233%, so it’s no wonder the number of Bitcoin ATM’s in the world is now over 3000 at the time of writing! Find a Bitcoin ATM near you at coinatmradar.com!

Even though the price is over 65% lower than the ATH price of $19,535, the price is still very tempting for criminals looking to get their hands on free Bitcoins!

22 cryptocurrency ATM’s seized by Russian Police!

What is a Bitcoin ATM?

‘A bitcoin ATM is an internet machine that allows a person to exchange bitcoins and cash. Some Bitcoin ATMs offer bi-directional functionality; these machines enable both the purchase of Bitcoin as well as the redemption of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account in order to transact on the machine.’

Stolen Bitcoin ATM’s

Bitcoin ATM thefts are becoming a real problem. In January 2017, there had been over 10 Bitcoin ATM machines stolen according to Bitcoin.com! Throughout the year though that number continued to increase, with regular thefts being reported. For example, in late October 2017, when a Bitcoin ATM was stolen from Oudenbosch in The Netherlands, the owner laughed off the problem since criminals stealing Bitcoin ATM’s would be unable to actually get access to the virtual currency.

“Bitcoins are virtual coins, so it seems logical to me that there is nothing to get out of the machine, but they would have thought that they had the jackpot with a machine full of bitcoins,”

Although there are some ATM’s which do accept and dispense cash, the one in question here accepted purchases and sales only from card.

Unfortunately for some Bitcoin ATM owners though, they haven’t been so lucky, and their machines containing actual cash have been stolen!

It’s a problem that’s likely going to continue increasing, especially with the Bitcoin price rising so high.

Opportunistic thieves learning about Bitcoin but not knowing much about the digital currency, may see the ATM’s and hope they will find lot’s of valuable Bitcoins hiding inside!

The truth however is that in most ATM’s, although they may contain a relatively small amount of cash, the Bitcoin can of course never be stolen from the machine.

Don’t forget to find Bitcoin ATM’s close to you! We do not advocate stealing the ATM’s though of course!

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By | 2018-09-25T15:15:12+00:00 September 22nd, 2018|Cryptocurrency News|0 Comments

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