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Bitcoin Automated Teller Machines Can NOT Safeguard Your Money
Consumer education experts at the Federal Trade Commission warn people to beware of scammers using Bitcoin ATMs to conduct fraudulent activities.
Government won't ask you to deposit money into a Bitcoin ATM, and there are no laws requiring people to do so.
Scammers who are skilled at lying tell you that your money is at risk and offer you a solution - deposit your money into a Bitcoin ATM. The scammers may also threat that you are not allowed to tell anyone about it, not even friends or family.
But is the problem solved by depositing money in these machines? It doesn't.
In fact, neither exchanging your money for Bitcoins nor depositing it into a Bitcoin ATM will do anything to protect the funds. Not to mention that cryptocurrencies are inherently insecure and carry risks. Is it safe to deposit your money in a Bitcoin or digital wallet owned by the government? NO!
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