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Scammers exploit bitcoin ATMs. Will new California laws help crack down on fraud? (www.latimes.com)

submitted 1 year ago by [email protected] to c/[email protected]

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New California law limits cash to crypto at ATM machines at $1000 per day per person and also the fees that can be imposed by the machines.

The industry says this will hurt the business, hinting that they're profiting from the lack of KYC policies

I don't see any legitimate use from those machines. Who would have a legit need to exchange $15k from cash to crypto at 33% fees????

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[–] [email protected] 8 points 1 year ago (1 children)

Great description!

Some people live in countries where some of those things are illegal. Another example of this is banned books. I can pay for entry into a private torrent tracker through a VPN to access books banned in my country.

If you need 0 connections between the cash in your bank account and what you buy online then you need something like Monero.

[–] [email protected] 4 points 1 year ago

Or like buy a pre paid card with cash at a corner store.