Keeping safe when using Bitcoin ATMs in Madrid

Bitcoin ATM in Madrid targeted by thieves

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On the evening of the 6th May 2022, a group of four individuals were arrested by agents of the San Blas District Unit of the Madrid Municipal Police for attempting to rob a Bitcoin ATM located in Las Rosas Shopping Centre on Avenida de Guadalajara, Madrid 

This was all prevented by the security guard of the shopping centre who witnessed the thieves forcing open the ATM and taking away several safes containing cash from inside. The guard, who was struck by one of the thieves, called the police and chased the suspects alongside an off-duty municipal agent. Additional officers joined the pursuit and were able to apprehend three of the suspects, while two others managed to escape.

The police recovered the safes, which contained a total of almost 30,000 euros in cash, and seized the materials the suspects were using to break into the ATM. The police are continuing their search for the remaining two individuals.

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What can operators of Bitcoin ATMs do?

While Bitcoin ATMs provide a convenient way for users to buy and sell Bitcoin, they can also be targeted by thieves due to the large amounts of cash they often contain. It is important for operators of these ATMs to take proper security measures to protect against theft and robbery, which is why the company whose Bitcoin ATM was targeted, Shitcoins.club, have smoke alarms, surveillance cameras and klaxons in place to deter thieves. In locations other than shopping centres or shops where these Bitcoin ATMs are installed, the company also uses a magnetically sealed cage so that no-one can enter or leave the premises without the permission of an operative, which increases security significantly. 

Additionally, users of Bitcoin ATMs should be aware of their surroundings and take precautions to protect themselves and their personal information. Despite these risks, Bitcoin ATMs are a safe and secure way to buy and sell cryptocurrency if proper precautions are taken.

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Proper security

While Bitcoin ATMs provide a convenient way for users to buy and sell Bitcoin, they can also be targeted by thieves due to the large amounts of cash they often contain. This is why it is crucial for operators of these ATMs to implement proper security measures to protect against theft and robbery. Companies such as Shitcoins.club have taken measures to increase security by installing smoke alarms, surveillance cameras, and klaxons to deter thieves.

In addition to these measures, Bitcoin ATM operators also take extra precautions in locations that are not in shopping centers or shops. For example, a magnetically sealed cage can be used so that no one can enter or leave the premises without the permission of an operative. This significantly increases security and makes it much more difficult for criminals to target the ATM.

Users of Bitcoin ATMs should also be aware of their surroundings and take precautions to protect themselves and their personal information. This includes being aware of suspicious activity and avoiding sharing personal information or private keys with anyone. It is also important to always check for any visible damage or tampering on the ATM before using it and to keep the receipt as a record of the transaction.

Despite these risks, Bitcoin ATMs are a safe and secure way to buy and sell cryptocurrency if proper precautions are taken. By being aware of the security measures implemented by operators and taking personal precautions, users can ensure a safe and secure experience when using a Bitcoin ATM.

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There are also many scams which can affect users of these Bitcoin ATMs

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Be aware of Bitcoin ATM Scams!

As a rule, do not buy (or send) cryptocurrencies to anybody you do not know, and haven’t met before. 

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If you find yourself in the following situations you should consider yourself in danger of being a victim of crime:

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• The ‘Romance’ Scam (the most common scam): Have you been sent to a Bitcoin ATM to send money to your boyfriend, girlfriend, fiancée, husband, or wife that you met online? This is most probably a scam - we don’t want to worry or upset you but in this kind of situation the person is probably lying to you, hoping to get you to send them cryptocurrency which you will never be able to recover. By using the manipulation of your emotions and promising you that they love you, these people want to take your money for their own benefit. Do not trust them, and do not send them anything - to whatever address they have given you! You may call our support line to discuss this situation further. Protect yourself now, rather than crying about your loss later.

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• The ‘Job’ scam: Sometimes a new job employer may say that they will pay-in some money into your bank account, and then ask you to withdraw this money and send it back to them using a Bitcoin ATM, to an address which they provide you. This is another type of scam and once you have withdrawn the money they sent you (and spent it at the ATM), it will become apparent that the money they sent to your bank account came from a hacked bank account and therefore will be sent back to the original owner leaving you with a deficit in your bank account. Essentially you are using your own money and converting it into cryptocurrencies and sending it to an address. This cryptocurrency is then stolen. As stated before, all ATM transactions are irreversible and you will not be able to retrieve any money from us. The person who gave you the job will never be heard from again. 

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• The ‘Purchasing Goods using Cryptocurrencies’ Scam: Sometimes you may find on online marketplace websites/apps such as Ebay, Facebook Marketplace, Gumtree, OLX, etc., an offer where the seller is selling an item for a slightly cheaper price than the others. The only catch is that they want you to pay for it with cryptocurrency, which they might propose you do by using a Bitcoin ATM. However, after you have sent them the cryptocurrency to the address which they provide you, they disappear with your money, never to be heard from again, and you won’t, of course, receive the item you paid for.

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These three examples highlight why sending money to unknown persons (especially when they have promised you something like love, cheap used/new items on online marketplaces, or a job) can end badly for you.

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Security at Bitcoin ATMs

Security should always be top of the list when purchasing and selling cryptocurrencies. This is why you can always call a customer service agent to ask them about anything which might be bothering you or which you find suspicious.

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The number to call is +34 644 946 954 and the lines are open at the following times:

Mondays to Fridays: 10:00 a.m. - 9:00 p.m.

Saturdays, Sundays and holidays: 10:00 a.m.-1:00 p.m. and 4:00 p.m.-9:00 p.m.

Other Bitcoin ATM support methods

You can also write an email or talk directly with the Bitcoin ATM community on Telegram, if the matter is not that urgent.

Email: soporte@shitcoins.club

Telegram: @shitcoins_es

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Bitcoin ATM Newsletter

To stay up-to-date with articles, make sure you sign up to the regular newsletter below to get more information about Bitcoin ATMs

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Reporting suspicious activity near Bitcoin ATMs

If you see, hear or suspect something illegal is or will take place at a Bitcoin ATM, let the nearest security guard know, or immediately contact the support telephone line at +34 644 946 954 for Spanish Bitcoin ATMs.

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Precautions when using Bitcoin ATMs

When using a Bitcoin ATM, it is important to take certain precautions to ensure the safety and security of your transactions. Some precautions to consider include:

• Only use Bitcoin ATMs that are located in well-lit, public areas
• Be aware of your surroundings and look out for suspicious activity
• Do not share your personal information or private keys with anyone
• Always check for any visible damage or tampering on the ATM before using it
• Be sure to keep your receipt as a record of your transaction

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Fees associated with Bitcoin ATMs

Like any financial service, using a Bitcoin ATM may come with certain fees. These fees can vary depending on the location and the type of ATM you are using.

It's always a good idea to check the fees before using a Bitcoin ATM, especially if you're planning to make a large transaction. For example, the most popular Bitcoin ATM operator in Madrid, Shitcoins.club, has fees that range between 0% and 8%. The average is about 3%. It is best to check on their main page before each transaction.

In conclusion, Bitcoin ATMs are a convenient and easy way to buy and sell Bitcoin. By being aware of the support options, newsletter, reporting suspicious activity, precautions and fees, you can ensure a smooth and secure experience when using a Bitcoin ATM.