Bitcoin was a revolutionary step into the digital financial scenario, and millions of people have already witnessed its unfathomable potential. Needless to say that it has every potential to dethrone the traditional incumbent systems that people were forced to comply with. However, there is yet a grim side to even the best things in the world, and crypto genius software is not untouched by this harsh reality.
As a matter of fact, the fame of bitcoin is largely due to negative connotations & implications that it ever received from its positive characteristics. Yet, millions of worldwide users are engrossed in odd-defying technological advancements that stem from blockchain technology. From ransomware attacks to Bitcoin ATMs, the ever-expanding clutches of hackers/scammers are pervasive, and they always manage to find a little hole in the system to breach & infiltrate the system by dismantling the entire apparatus. We at Bitcoin Era encourage you to go to the other side of bitcoin & cryptocurrency, which is not as dazzling as it is to the regular world.
Easy access to the bitcoin ATMs
Criminals are able to cash in on the bitcoin ATMs across the world, which is a new headache that law enforcement agencies in the countries would need an antidote for. The rampant theft through Bitcoin ATMs has resulted in the proliferation of illegal activities. The anonymous transactions have spread like a wildfire that has paved the way for increased cases of money laundering and similar malicious actions.
The bitcoin ATMs are generally installed in convenience stores that are primarily owned by non-public companies. Such ATMs allow the users to buy bitcoins easily with almost no ounce of hassle involved in the process. Users can also withdraw cryptocurrencies other than bitcoin, and it can be done in return for cash. The funds are subsequently sent to the crypto wallet of the customer. The entire process is incredibly faster, which is highly preferable for the users.
The installation of ATMs is the precursor of bleak reality.
One thing to be noted here is that if it is convenient for you, then it is quite obvious that the thing will be even more suitable for cybercriminals because they wouldn’t have to try so hard. It is more of easy money for all the proactive fraudsters. The only reason that the theft from Bitcoin ATMs has skyrocketed is due to the increasing number of bitcoin ATMs being installed across the countries.
More than 26,000 bitcoin ATMs have already been installed in the USA alone, which is a lot more than it was back in January 2020. Prominent companies like Circle K & Walmart have installed such ATMs across the United States. An early warning from the FBI had already been issued stating that the increasing number of fraud schemes is a red signal for the users. QR codes & physical cryptocurrencies are being used to perpetrate frauds, and victims are forced to do so.
Leeway for scammers
Scammers adopt the method of coercion to force victims into making the transaction through the QR code that is exclusively generated by such scammers. They direct the victim to follow the pattern & use a specific cryptocurrency wallet. The victim inserts the money to purchase the cryptocurrency, and the transaction is usually completed through the QR code that the scammers provide the victims with. The amount goes directly into the crypto wallet that is attached to the scammers, and this is how this fraud is being perpetrated on unsuspected people.
Dark Side Unleashed
The operators & owners of such bitcoin ATMs are not much aware of the technicalities aside from the usual flow of work. Neither do they pay much attention to the details before installing the ATMs. Such machines give an exclusive right to the users to easily make any purchase worth $900 worth of digital currency/cryptocurrency.
It all comes with the anonymity feature, and the only information that the user has to provide is their mobile number, whereas some machines don’t even require that. This serves as a great way for money launderers drug traffickers who exploit innocent & unsuspecting victims into paying the amount directly into the crypto wallets of such scammers.