Are Bitcoin ATMs Safe?
A Bitcoin Automated Teller Machine (ATM) helps people easily and quickly buy and sell cryptocurrency with cash. Bitcoin ATMs have been popping up worldwide to make cryptocurrency accessible to individuals who are unbanked and do not have the credit/debit cards required to purchase crypto online. Are Bitcoin ATMs safe? To put it simply, yes. Using a Bitcoin ATM is the safest way to buy cryptocurrency using cash.
An Upgrade from In-Person Exchanges
In the early days of crypto, those looking to exchange cash for bitcoin had to do so through a website called LocalBitcoins.com. LocalBitcoins facilitated meet-ups between bitcoin seekers and sellers, where the two parties would meet in-person to exchange currency. Meeting up with a stranger from the internet already poses significant safety risks, but meeting up with a stranger carrying large amounts of cash is even riskier.
The dangers of in-person cash-to-crypto exchanges are a driving force behind why so many Bitcoin ATMs keep popping up. Bitcoin ATMs provide people dependent on cash a safe and secure option to instantly buy and sell cryptocurrency at the best rates without meeting up with strangers from the internet.
Bitcoin ATM Safety Measures
Bitcoin ATMs operators often host the ATMs in locations such as gas stations, restaurants, and convenience stores. This means the ATMs are in areas that are well-lit with staff members nearby.
However, carrying cash is always risky. Similar to using a standard ATM, there are some general safety guidelines to keep in mind when using a Bitcoin ATM:
- Be aware of your surroundings. If you observe or sense any suspicious activity, don’t use the ATM at that time. Maintain that awareness throughout your transactions. Be wary of people trying to help you use the machine.
- Do not allow people to look over your shoulder during your transaction - especially if you must insert any personal information.
- Never count cash at the machine or in public, be sure to do so only in a safe, secluded place.
- If anyone tries to force you to make an urgent Bitcoin ATM payment, it is likely a scam.
- Use a trusted digital wallet - we recommend using BRD or Monarch Wallet. Keep your wallet key private. A person who cannot access your digital wallet key cannot access your currency or complete transactions.
- Contact customer support if you need assistance with your transaction or think you may be a scam victim.
A Safe Choice During the COVID-19 Pandemic
Using a Bitcoin ATM to buy and sell digital currencies with cash minimizes the health risks associated with visiting crowded banks or money service business branches. Cryptocurrency allows for a seamless digital transfer of funds to those in need in this time of crisis. Bitcoin ATMs provide a safe and easy way to convert cash to crypto without interacting with people.
Since its inception in 2015, CoinFlip has become the world’s leading Bitcoin ATM operator. We have helped more than 130,000 customers across the United States with more than one-million cash-to-crypto exchanges and counting. Our Bitcoin ATMs are outfitted with an antimicrobial film that kills germs so that you can stay healthy while buying bitcoin during the COVID-19 pandemic. We also provide peace-of-mind with 24/7 customer support should you have any problems while using our machines. Our representatives can be reached 24/7 by phone at (773)-800-0106 or by email at email@example.com.