Monthly Archives: July 2019

Bitcoin Depot ATM

Avoid scams – don’t use bitcoin ATM when someone asked you

With introduction of cryptocurrencies in our lives, they became instrument for funds transfer not only among users with legitimate purposes, but also for fraudulent activity. Usually, the victims are the less knowledgeable people, who are instructed by scammers what to do, and who send large amounts by using bitcoin ATM’s. The advantage of using cryptocurrencies by scammers is because payments are non-refundable, once the payment is done and confirmed at least in 1 block, there is hardly anything can be done to revert the payment. Advantage of using cryptocurrency ATM’s is that they are the easiest bridge between old traditional fiat world (accept cash banknotes) and transform to cryptocurrency.

If you are asked or forced to use bitcoin ATM in order to deposit cash and scan a given to you QR code — please STOP. This is a scam, and you will lose all money.

Fair to say that similar schemes are used by scammers with different money transfer vehicles, e.g. users are asked to buy gift cards or various vouchers types. Cryptocurrencies and bitcoin ATM as conversion mechanism is much easier for scammers to use. First of all, bitcoin ATM is less understood by masses, and hence might look more “official” for victim and more people can fall for scam, which increases the probability of scam success. The figures from Edmonton Police Service confirm this, as fraud using Bitcoin were larger than 80% of CRA scams in 2018:

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Bitcoin ATM Market Dynamics June 2019

In June the price of Bitcoin followed the trend from previous months, and kept on rising. The month started with a $8,543 price tag, and reached the highest price this year nearing the end of the month at $12,686. June ended with a price $11,546, which is a 35% rise compared to the price at the beginning of the month.

The number of new machines continued to grow at a relatively stable rate, following the rise of the Bitcoin price and overcome 5000 mark.

Period Start: 4865, Period End: 5037
Opened: 277, Closed: 105, Net Growth: +172 (3.5%)

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