Security first with Bitcoin ATMs in Madrid

Security first with Bitcoin ATMs in Madrid

Bitcoin ATMs in Madrid, like many other places, offer a convenient way to buy and sell cryptocurrency but with the rising popularity of these machines, it's paramount that users prioritize security. Last month’s daring heist in Madrid at the Carrefour shopping centre underscores the importance of enhanced security around the use of Bitcoin ATMs in the city.

What occurred a month ago, on August 23 at 3.30am, in Madrid at the Carrefour shopping centre was nothing but illegal and dangerous. Four masked robbers broke their way into the closed shopping centre at night with axes and hammers, and had their target and entire escapade planned out.

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Incident of Bitcoin ATM Theft in Madrid

The security guard on duty that night immediately called the local police but by the time they had arrived the robbers were gone and with them an entire bitcoin ATM machine (which was not anchored to the ground) filled with cash, amounting to 20,000 euros, it was reported in ‘El Mundo’, the second largest printed newspaper of Spain. The hooded robbers escaped by dividing themselves into two stolen cars and have not been caught. Police are looking at surveillance footage to discover if these are the same criminals who have previously stolen Bitcoin ATMs in the Madrid area. 

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This daring raid which only goes to show that safety and security must be at the forefront not only physically when you are using Bitcoin ATMs but also when you are making crypto transactions online.

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Ensuring Safety with Bitcoin ATMs in Madrid

This incident highlights the crucial role of safety and security while using Bitcoin ATMs in Madrid and engaging in online crypto transactions. Below are esse

6 Safety tips for using Bitcoin ATMs in Madrid

Here are a few tips to help you decide the best way to look after your money at Bitcoin ATMs:

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1.  Choose reputable Bitcoin ATMs in Madrid: Use Bitcoin ATMs from well-known and trusted providers. Research the ATM operator and location to ensure they have a good reputation. For example, here's a list of Bitcoin ATMs in Madrid that compares their opening hours, fees etc.
2. Be discreet: When using a Bitcoin ATM, be discreet about your transactions. Avoid discussing your cryptocurrency holdings in public, and shield your transactions from prying eyes.
3. Have your data (like wallet address, and correct deposit address for the correct network, eg. ERC20 for Ethereum or USDT) ready before going out to the Bitcoin ATM.
4. Verify the ATM's legitimacy: Inspect the Bitcoin ATM for any signs of tampering or unusual attachments. If anything looks suspicious, avoid using it.
5. Double check the details you enter when you are able. Most transactions are not reversible but some companies (like Shitcoins.club) can help you in desperate situations to get your crypto back, in some cases.
6. Educate yourself: Stay informed about the latest security threats and best practices in cryptocurrency security. Being aware of potential risks can help you make informed decisions.

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Some safety tips managing your crypto in general

1.  Use a secure wallet: Before using a Bitcoin ATM in Madrid, make sure you have a secure cryptocurrency wallet. Hardware wallets or reputable software wallets are recommended for storing larger amounts of cryptocurrency.
2. Enable two-factor authentication (2FA): Whenever possible, enable 2FA on your cryptocurrency wallet and exchange accounts. This adds an extra layer of security to your accounts.
3. Keep private keys offline: Store your private keys offline in a secure location, preferably on a hardware wallet. Avoid storing them on your computer or mobile device, as these can be vulnerable to hacking.
4. Keep backups: Regularly back up your wallet and store these backups in a secure location. This will help you recover your funds if your wallet is lost or damaged.
5. Use a VPN: When accessing your cryptocurrency accounts or making transactions, consider using a Virtual Private Network (VPN) to encrypt your internet connection and protect your privacy.
6. Double-check addresses: Before sending cryptocurrency, double-check the recipient's wallet address to ensure it's accurate. Cryptocurrency transactions are irreversible, so sending funds to the wrong address can result in permanent loss.
7. Be cautious with public Wi-Fi: Avoid making cryptocurrency transactions or accessing your accounts using public Wi-Fi networks, as they may be less secure. Use a secure, private network instead.
8. Keep software updated: Regularly update your wallet and other cryptocurrency-related software to patch security vulnerabilities.
9. Beware of phishing scams: Be cautious of phishing emails, websites, and social media accounts that impersonate legitimate cryptocurrency services. Always verify the authenticity of the source. Never send your crypto to people you do not know.
10. Limit exposure: Only invest what you can afford to lose, and diversify your investments across different assets. Avoid putting all your funds into a single cryptocurrency.
11. Use strong passwords: Create strong, unique passwords for your cryptocurrency accounts, and consider using a password manager to keep them secure.

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So who are the safest Bitcoin ATM providers in Madrid?

In the author’s experience the best and safest Bitcoin ATM provider, at least in Europe, is (as mentioned already), Shitcoins.club. Not only have they never been hacked, unlike the machines made by General Bytes earlier this year, when on March 18th of this year, a hacker group had uploaded a Java application to the main interface of the General Bytes ATMs and were able to gather the information to access hot and exchange wallets of customers, to the tune of over 1.5 million US dollars.

Shitcoins.club also has a good record when it comes to customer services and have helped many customers who have had trouble with their crypto in one way or another. In addition the community group run on Telegram is constantly active and members often help each other in regards to the easiest to the most difficult of problems experienced by users of Shitcoins Bitcoin ATMs. It is worth checking out their main website for locations of all their ATMs and worth joining the group on Telegram. Be also sure to check out my list of Bitcoin ATMs in Madrid and all over Spain.

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Conclusion

Remember that the cryptocurrency space is continually evolving, and new security threats may emerge. New solutions are also constantly being developed and implemented so staying vigilant, up-to-date, and following best practices is essential to protect your crypto assets.

Remember crypto is a way of taking the power back from large powerful and often unaccountable institutions like banks. If we are to be masters of our money and our fate, the responsibility we take must match the independence we seek, therefore taking care of our funds means the risk lies with ourselves. Taking precautions, therefore, is never a bad thing. Stay invested, stay vigilant, and stay with Bitcoin ATMs!

For a more detailed article about Bitcoin ATMs and how they work be sure to check out our deep dive on Bitcoin ATMs here.

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Sources:

• elmundo.es/madrid/2023/08/23/64e4ecfbe85ece9f288b4584.html
• 20minutos.es/noticia/5166454/0/roban-un-cajero-automatico-bitcoins-un-centro-comercial-san-fernando-henares/ 
• avanguardia.com/local/madrid/20230823/9181789/robo-cajero-bitcoins-centro-comercial-madrid-fernando-henares.html 
• elespanol.com/omicrono/software/20230321/robo-millonario-bitcoins-logrado-hackear-cajeros-criptomonedas/750174992_0.html