The Failed Attempted Ram Raid of a Bitcoin ATM in Texas: The Rise of Bitcoin ATMs Worldwide
Introduction: The Incident
In recent news, seven suspects were arrested after attempting a ram raid of a Bitcoin ATM in Texas. The suspects used a stolen pickup truck and caused an estimated $10,000 in damage. This puts Bitcoin ATMs on the radar of criminals, but what exactly are they? Why are they becoming increasingly popular? And how do they work?
The Ram Raid Attempt
Last Friday morning around 6 a.m. local time, a group of seven individuals stole a pickup truck and rammed it into a Bitcoin ATM machine in Houston, Texas. Although the suspects did not manage to take the ATM machine with them, they did damage a store, causing $10,000 in damage according to its owner. One question remains: why did the suspects try to steal the Bitcoin ATM?
The Confusion Surrounding Bitcoin ATMs
According to the ABC news channel, the suspects did not understand how a Bitcoin ATM works. But the reality is that thieves could not have stolen Bitcoin because it is a digital currency. There is no physical cash in the machines at all. However, there may have been cash in the machine. At a Bitcoin ATM, you can exchange cash for Bitcoin. After entering your money notes, you scan the code of your Bitcoin wallet, and then BTC is sent to your wallet instead.
Understanding Bitcoin ATMs
Bitcoin ATMs are growing in popularity all over the world. They allow individuals to purchase Bitcoin through a physical machine, much like the way you would withdraw cash from a traditional ATM. However, the difference lies in the process. Instead of receiving cash, you receive Bitcoin into your wallet.
Bitcoin ATMs Worldwide
Bitcoin ATMs have grown in popularity in recent years. They are used relatively often, especially in the United States. With nearly 30,000 machines, about 84% of all Bitcoin ATMs are located in the US. It’s not surprising if you haven’t seen one in the Netherlands yet. In the Netherlands, there are only 21 Bitcoin ATMs. In Belgium, there is only one.
Since the very first Bitcoin ATM was installed in 2013, the number of machines has steadily increased every month. However, this growth came to a halt in September last year. Then the number of ATMs decreased by 393 worldwide. In March of this year, the number of machines even fell by almost four thousand units. The reason is probably disappointing earnings due to the Bitcoin price. In May we again saw good growth: almost 1,400 machines were added.
The failed attempted ram raid of a Bitcoin ATM in Texas raises questions about the increasing popularity of Bitcoin ATMs and their potential security risks. While the suspects in this case may not have understood how such machines work, it is essential to have a better understanding of how digital currencies work as criminals continue to innovate new ways to exploit such technology. Nevertheless, Bitcoin ATMs present a revolutionary step forward in the world of finance, albeit with a certain degree of caution.