Bitcoin-ATMs — what you need to know before using them?

So-called Bitcoin ATMs or BitComet, often abbreviated BTM (like Bank ATMs), is one of the ways to buy bitcoins. But what are the benefits of these devices and are there any disadvantages you should be aware of? Also, how safe is it to use them?

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One of the main advantages BitComet is the ability to quickly buy BTC for cash. And this can often be done completely anonymously. In addition, BTM is the perfect entry point into cryptoprotection for those who have no access to banking services.

However, most likely, the advantage of anonymity of the cryptocurrency will gradually disappear since the regulators around the world impose new rules. As a rule, BitComet very high fee, low limits and somewhat variable and unpredictable level of quality of service. It all depends on the location of the device and the operator who it serves.

About BTM often we hear the same question, especially from newcomers in Cryptoprotected: safe to use bitcommet?

Source: Bitcoinist

Then as if using a normal ATM, you should always beware of suspicious characters running around. The attackers can track bidinotto, as they will probably be at least a little bit of cash. Although most devices equipped with a camera and almost all of them are located inside shopping malls or stores. There are security guards and other measures of security.

In addition, no operator wants to have damaged or destroyed a device, so most often they are placed in neighborhoods that are considered safe. And since bitcoins are virtual, and cash inside the machines kept some, they are not so attractive to criminals.

Read on: Cryptanthus create your own Bitcoin ATM and showed it on video.

What about the fraud?

Image source — Bitcoin ATM Services

Or maybe you’re worried that you’ll cheat BitComet and do not send a treasured coin? Although these suspicions have the right to exist, this scenario is rather unlikely. Since BTM rarely change their location, and often served by well-known operators, any deception will be revealed very soon.

So if you see BTM working, it’s much more likely that he never cheated on anyone. As far as we know, large operators have never cheated their customers — all reputation is worth more than a couple-three hundred dollars stolen. However, there are craftsmen who come up with the most ingenious ways of taking money from naive users — for example, write a brilliant ad with a request to transfer funds to their wallets. To reduce the risk of fraud to an absolute minimum, you can first carry out a tiny transaction and then gradually increase the amount.

The security of the mobile wallet

By the way, thinking about the security of Bitcoin ATM, don’t forget to think about the protection your mobile crypto. In most cases, the crypto used on a smartphone or tablet. They are suitable for convenient storage and use of small amounts of BTC that you buy through BitComet.

However, don’t use them for long-term storage of cryptocurrency. Filling and OS for mobile gadgets is not designed with a bias towards security, so they are generally a lot easier to hack than a standard PC. You can increase the security of gadgets, storing the private key on a hardware wallet.

In the end, it's not that BitComet unsafe. It is important rather that it is a very niche market, which consequently attracts certain characters. Overall, if you follow a standard set of security measures, nothing bad has happened to you. In addition, due to the limited choice on the part of the ways of acquiring bitcoins, now we have to balance and choose the least risky options. Often sacrificing convenience.

A small bonus: find current cryptomate will help resource CoinATMRadar.

Cryptomath in Moscow. Source: CoinATMRadar

In our cryptodata of hontarov there are still a lot of other useful information. Also don’t forget about Yandex Zen.

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