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How does a bitcoin ATM work?

 

In the truest sense, bitcoin ATMs aren’t actually ATMs. They serve as centers to buy and sell bitcoins. These “BTMs” offer bitcoins to people who are not a part of the banking system.

Bitcoin ATMs are preferred by people because of the privacy they have to offer.

How to use BTMs?

  • The BTMs can be easily found online. Once you locate one near your house, you can use their services.
  • Not all, but most of the BTMs offer a two-way support system, where you can buy as well as sell bitcoins. The common bitcoin ATMs found will allow you only to buy bitcoins with fiat money. Fiat money is a legal tender issued by the Government of any particular country in the local currency.
  • Most of the BTMs require a valid ID and a phone number for any sort of bitcoin transactions through the ATMs. It all depends on the operator and the machine the level of personal information that one may have to reveal. This, in turn, helps keep your bitcoins safe.
  • A BTM is very similar to an ATM. Here also you need an OTP to proceed with your transactions.

Buying Bitcoins

  • You will require entering the fiat notes one after another in the machine after you have gone through the verification procedures to buy the bitcoins.
  • Once the money is deposited, you will get a printed offline wallet or bitcoins in your Bitcoin wallet. In some cases, you may also experience bitcoins being sent to your email address.
  • For the ones using a Bitcoin wallet for the first time, you get a paper with a QR code on it. Upon scanning the QR code, you get a private key that gives you access to your wallet and the Bitcoins you have bought. You can alternatively receive bitcoins through emails after the QR code is sent by mail. These emails can also be encrypted by setting passwords.

After purchasing the bitcoins, you can either use them or invest them. Usually the price of bitcoins is 5-10% higher than the present rates at the exchanges.

Selling bitcoins

Selling bitcoins is an easy procedure. You just have to enter the amount of Bitcoins you want to sell. Next, send it to the address as displayed on the machine. The fiat money will be dispensed once the transaction is completed.

The selling price offered at BTMs is also 5–10% lesser than the exchange rates.

BTMs are secure in the sense that they save Know Your Customer (KYC)/Anti Money Laundering (AMC) and look over any suspicious activity. Once everything is verified, you are allowed to buy bitcoins. One can withdraw bitcoins from their wallets and buy as many as they want provided the operator has those in stock.

The BTM operator has to meet some stringent rules and operating a BTM is a challenging task for them. By registering themselves under the federal financial crimes enforcement networks and obtaining the money transmitter license they can carry on their process of helping people with the bitcoin transactions.

ATM jackpotting How why when All you need to know about it

ATM jackpotting: How, why, when? All you need to know about it…

What is ATM Jackpotting?

To be acquainted with protecting any ATM, one first needs to know the latest trends,techniques, and defenses. ATM jackpotting is when hackers install malicious software on ATMs for the the machines to dole out money without any PIN requirement. For this, the thieves first gain physical access to the ATMs just like anyone else and install electronic equipments to start with their so-called art. The malware can either be from a mass storage device which sends a signal to the ATM to dispense cash or a separate dispenser (the one with malware) can be attached to the ATM by disconnecting the original dispenser.

 

What are the type of Jackpotting?

Jackpotting has basically two types- malware and black box.

1. The malware method can be from a mass storage device which sends a signal to the ATM to dispense cash. The malware can even be installed days before the actual crime occurs. In the meantime, the ATM dispenses cash normally.

2. The Black Box method can be a separate dispenser(the one with malware) which can be attached to the ATM by disconnecting the original dispenser. The criminals drill out the serial ports in the ATMs in the facia thereby hijacking the EPP cable which then sends commands to spit out cash.

 

Where did ATM jackpotting origin?

Jackpotting dates back to 2013, when the first attack occurred in Mexico and which slowly spread to other countries. Once successful, jackpotting finds the next weakest link. Coming to the United States of America, jackpotting has been targeted to standalone ATMs. It has popped up in New England and the Pacific Northwest. Jackpotting might seem appealing to criminals in the US due to the higher rate of currency than any other country.But the risks involved with getting caught are very high.

 

What has made jackpotting easy?

There isn’t one particular answer that can explain this trend of new crime. Like any other crime, hackers find financial fraud cyclical. By targeting a region where law enforcement is not as robust, the attackers take advantage of the ease of entry. When one region is locally attacked, they try to move around globally before being exposed to law enforcement.

 

Are certain ATM brands more vulnerable to these attacks?

In no case are certain models/types more vulnerable to attacks than others. Law enforcement ought to have the best practises for such scenarios based on the locations of the ATMs.

 

Should consumers be worried?
As per the reports, consumers should NOT be worried. The attack in no way affects the consumers’ information or personal funds. The concern should be on the possibility of future access. With rumors circulating about hacks and reports of money theft, this may lead to a dangerous situation where the malware lies dormant, preparing and growing for even bigger attacks.

Make Events More Rewarding With Mobile ATMs

 

Are you wondering how you can generate more profit each time you plan a business event? We’ve got the easiest and best solution for you with mobile ATMs. A mobile ATM is something that can make your event more profitable and successful. Up to 75% of money that people withdraw from an ATM installed at an event is spent at the event only. Doesn’t that sound great? If you’re a business owner or an event organizer you may have built marketing strategies to make your event a hit. But rather than that you can put the same money into the installation of mobile ATMs at your venue.

You should consider hiring ATM services which are not only very reliable within the industry, but the most dependable products as well. An organization that already has a good position in the market will supply you with machines that can help you withdraw the cash you need on the spot. In addition to the fact that mobile ATMs give you instant and definite profits, the providing company will also deliver and install them at the venue of your business event, also at no real expense to you. A company that’s known for giving excellent services will also ensure the satisfaction necessary to help maintain the machine(s) on site.

As you may realize, mobile ATM machines are one of the best ways for you to boost your business sales. While you focus on selling your products and/or services at the event, just think of a situation wherein there may be people who won’t have even attended your event with the sole motive to purchase what you’re selling. But considering how you present the situation, they may be willing to purchase your goods but won’t be carrying cash. This is where mobile ATM machines can be immensely helpful to both parties.
We advise you to consider every aspect of your special event. While marketing and publicity of the event is obviously necessary for people to know what you’re doing, you need to apply layman sensitivity to make sure you don’t miss out on anything that could lower the overall success of your event.

Mobile ATMs have been proven to be definite revenue generators. If you look at the other side of installation of mobile ATMs, you’re not just gaining profit from the additional customers who get influenced to spend at your event, you’ll also be able to yield more gains on money from transactions. In simple words, you will secure more customers, more people spending money on your products and services, as well as an additional share of the transactions they’ll be making.

ATM Safety

 

ATMs are all about convenience. They are common in populated areas, providing a source of cash and other banking services. ATMs now utilize several diverse kinds of software. An ATM only increases the general value to a store.

Despite the convenience, be mindful about when and where to withdraw money. If you have to use an ATM, choose one which is inside a shop or mall that’s well lit and make sure to guard you entering your pin number. The ATM inside a grocery shop or restaurant is usually always safer than one that’s outside on the sidewalk.

Among the most frustrating things a person can experience, is that they’ve stood in line for an ATM that does not have any cash. It is essential that banks regularly maintain not only the ATMs, but in addition the surrounding areas too. Among the biggest mistake people make with ATM safety and security is not taking the opportunity to be careful of their surroundings.

You should be mindful of your surroundings. Don’t prefer an ATM at the corner of any building. Be aware of people who are around you and also those who are trying to help you. Check for anyone sitting in a car parked nearby. Always ensure that no one is following you when you leave the ATM. On the off chance if you suspect anyone following you, immediately move to crowded and well-lighted location.

ATM fraud can be initiated with your phone too. Scam phone calls are an enormous problem. The simplest way to safeguard your phone is to allow a passcode. Now wherever you’re or whom you need to hand the phone to, you are aware that another person isn’t getting into your private stuff, spending your funds, snooping through your individual and financial data.

If you’re not careful you can compromise your safety. Robbers look for easy prey to stake out ATM in a low traffic area that is dimly lit. With little bit of carefulness you can protect your account as well as your life. Physical theft of cash and unauthorized withdrawals from an account are two prominent ways ATM theft can occur.

Reasons to Prefer Cash over Card

The war between plastic money and paper money has existed for long. Both have their own advantages and disadvantages. However, you should know there is a time to use credit card and cash. In this article you will find the safer mode of payments and how you can be on your budget while making purchases.

As the popular saying goes money is not everything and yet it is very much crucial. The relevance of money in human life is similar to the importance of water or food. It wouldn’t be wrong to say that every human needs money to take care of things and most importantly family. Though money exists but the forms in which we can make payments have been developed. Among these, credit cards have become a popular phenomenon. The debate over the use of plastic money or paper money has been going on for quite some time now. Yet no clear winner has been declared. Everybody wants a card and if you too are planning to buy it then this article is for you. The following are the things you should definitely know before you get one:

1. Interest charges and additional costs of using credit card:

While credit card is still a new concept in the history of finance, why so many people still stick to using paper money indeed hints to the relevance it holds even today. At the same time, the benefits and convenience a credit card brings along cannot be simply neglected. Though the benefits would offset the cost but a credit card does account for additional as well as annual charges. Also, if you are buying something and don’t pay off instantly, you will later have to pay for the purchase and interest charges too.

2. Giving tips in cash:

You pay tips when you are really happy with a product or service. You as well as the other person will feel happier when tips are made in cash. Some efforts really matter and these deserve a tip. But when you opt for tipping by card, believe it or not, the special feeling the server would have got somehow fades away.

3. Cash on a budget:

As a critical part of the financial marketplace, cash does play its role the same as a credit card would. However, when you pay in cash you can physically feel the money going away from you. You are bound to think again whether the purchase is necessary or not. So to say, when you choose cash to pay over a credit card, you are determined to consider a budget for future purchases.

4. Finance and security:

While it may come as a surprise to you, paying in cash is actually a secure method of paying. Firstly, you don’t have to worry about a third person getting access to that cash. Regardless of what happens at the backend of the store, you have paid for your purchase and happily, the cash is into safe hands. And this is true not only for the smaller kinds of transactions but for the bigger ones too. Not to forget the fact that many have been victims of fraud online transactions. So if you want to save yourself from being one, try paying in cash. Research shows that it is very easy for fraudsters to get the details of a credit card holder and make scam payments.

5. Avoiding additional costs and interests:

The greatest benefit of using only cash and not the credit or debit card is that you will be avoiding the additional costs or interest charges associated with the purchase. Even some small businesses prefer to run as cash-only businesses, for your convenience and for simpler bookkeeping requirements. At the same time, because not everyone carries cash all the time, these small businesses hire ATM rental and placement services. Certain free ATM Placement Programs aid in such implementations. Adding an on-site ATM makes the process enticing and smooth. Buyers can withdraw the money anytime they want and pay easily for their purchase.