EDWARDSVILLE — Area law enforcement officials are seeing an increase in the report of Bitcoin crimes.
“With the addition of Bitcoin ATM machines in the area, we are starting to see people get scammed,” said Edwardsville Dep. Police Chief, Michael Lybarger. “The problem is going to get worse.”
Bitcoin is a decentralized digital currency, or cryptocurrency, that can be transferred on the peer-to-peer Bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
There currently are several Bitcoin ATM machines in the Riverbend.
“The Bitcoin ATM makes it easy for anyone, even people with no knowledge of Bitcoin, to acquire it,” Lybarger said.
“If someone calls or emails you, do not go to a Bitcoin ATM machine and get Bitcoin to send them,” he said. “This is just a new twist on an old scam. It is easier to send Bitcoin than cash [gift] cards and there is less risk for the criminal.”
Bitcoin ATMs are kiosks that allow a person to buy Bitcoin using an automatic teller machine. Some Bitcoin ATMs offer bi-directional functionality, enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. Bitcoin machines are not the same as traditional ATMs, but work in a similar fashion.
According to Norton.com, people should be on…
