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FTC: Over $110 million lost to Bitcoin ATM scams in 2023 (www.bleepingcomputer.com)

submitted 2 months ago by [email protected] to c/[email protected]

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The U.S. Federal Trade Commission (FTC) has reported a massive increase in losses to Bitcoin ATM scams, nearly ten times the amount from 2020 and reaching over $110 million in 2023.

Bitcoin ATMs are typically located in convenience stores, gas stations, and other busy areas, but instead of dispensing cash like the traditional ATMs they resemble, they allow you to buy and sell cryptocurrency.

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[–] [email protected] 0 points 2 months ago (6 children)

I can't think of any kind of legit use of a Bitcoin ATM

I see huge potential in helping laundering cash or transferring money to scammers, but otherwise?

[–] [email protected] 0 points 2 months ago (1 children)

cryptocurrency is often a way to move money from one country to another with lower transaction fees and latency

imagine your mom lived on an island on the other side of the planet and she needed $5

[–] [email protected] 0 points 2 months ago

yes, but in that case you use your wallet or a crypto exchange, because the Bitcoin ATM fees (usually 15% + couple dollars fixed fee) negate this use case.

My mom needed $5 and then i send them by spending $5 in transaction fees and $5 in ATM fees.

For this use case you would save money with a western union or similar

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