ANATOMY OF A FRAUD ON THE BITCOIN(BITCOIN CASH) NETWORK

UNITED AMERICAN CORP., a Florida Company
v.
BITCOIN.COM, ROGER VER, BITMAIN, INC. et al.

Learn about how a tight network of individuals and organizations operating with the knowledge and support of the Chinese Government carried out a scheme designed to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market and violating all accepted standards and protocols associated with Bitcoin since its inception. Learn about how a tight network of individuals and organizations operating with the knowledge and support of the Chinese Government carried out a scheme designed to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market and violating all accepted standards and protocols associated with Bitcoin since its inception.

What are Bitcoin ATMs and how do they work?

If you are trading in Bitcoins you must have heard of Bitcoin ATMs, but are these the same as regular ATMs? A Bitcoin ATM is different from a traditional ATM although it is used for the same purpose, that is, to make financial transactions. But while traditional ATMs will let you withdraw or deposit money in form of cash, Bitcoins ATMs are meant for buying and selling Bitcoins with cash.

Why do you need Bitcoin ATMs?

The Bitcoin ATMs have QR scanners, monitors, dispensers, and bill accepters. There is backend software for tying together all these different components. The idea is to make Bitcoin transactions more secure and seamless. But they will not be linked to bank accounts as traditional ATMs. They are instead connected to crypto exchanges through the Internet. It is these exchanges that let you buy or sell the coins. The exchanges also embrace trading bots such as bitcoin era kryptoroboter that most of the investors have started using for their daily trade.

One of the reasons why Bitcoin ATMs are popular is because there are any people having no access to banking facilities or people who are less tech-savvy. This can be a convenient option for such individuals using apps like Bitcoin Profit. The profit from crypto with this app is reasonable and the app is efficient in automated trading. Besides, some prefer BTMs for their privacy features. No surprises then why the number of Bitcoin ATMs globally has grown from only 450 to almost 1600 today.

How Bitcoin ATMs work:

To start using a Bitcoin ATM, you must search on the internet for options near you; you may use CoinATMRadar to find a BTM. Depending on the manufacturer, ATM machinery will be able to support both-way transactions between fiat and cryptocurrencies. So, you can sell or buy Bitcoins. Majority of the machines support conversion from fiat into Bitcoins, allowing you to buy BTC with fiat currencies.

You will hardly come across an ATM that will not demand some kind of ID verification from you. You will usually be asked to provide your phone number and after an OTP for verification, you can go ahead and buy the coins. In some cases you may have to use the scanner for providing ID verifications like passport, driver’s license, etc.

Once you are logged into a Bitcoin ATM, you can decide whether you want to buy or sell Bitcoins. For the first option, you must deposit cash into his machine which then provides a QR code from the wallet to your mobile device. This is then scanned to receive Bitcoins. For selling Bitcoins, you must send the Bitcoin from your wallet to the QR code given by the ATM. Some machines can offer you cash right away but some may need more time for transactions to get processed.

When you begin using a wallet, you will be given a QR code printed on paper. This can be scanned to acquire a private key and this key gives you access to all coins your have bought. When you wish to receive the coins through emails, a QR code will be sent to your email ID. When you have bought the coins, you can choose whether to hold onto them or use them. Prices of Bitcoins in Bitcoin ATMs will be 5%-10% more than exchange rate prices because of overhead costs.

BTMs will save your personal details to detect and report any suspicious activities to relevant authorities. Once all details have been obtained you are free to use the machines.