On January 23, 2021, the popular Youtuber Mambafx released a video introducing himself withdrawing $16,000 in cash from a Bitcoin ATM. The video shows how to use multiple Bitcoin ATMs to complete the process, but by the end of the 17-minute movie, Mambafx withdrew $16,000 by selling Bitcoin to ATMs.
Mambafx is a popular trader on Youtube and various social media. Just recently, he shot a video about cashing out some bitcoins. In the previous Youtube video, Mambafx showed how difficult it is to use the cryptocurrency ATM in his area to cash out $5,000 in Bitcoin (BTC). In the latest video shared with 86,000 channel subscribers, Mambafx successfully cashed in over $16,000 in Bitcoin.
Of course, the process of cashing out $16,000 worth of Bitcoin and converting it into cash is not easy. Even on ATM Mambafx, which initially accessed Bitcoin, the person who allowed individuals to sell Bitcoin said that it would allow him to take $15,000. However, after reading the machine’s terms of service (ToS), Mambafx was only allowed to withdraw $2,900 in cash and all $20 bills.
The trader also told his YouTube users how the price of BTC fell, and he had already made thousands of dollars before cashing out. In addition, Mambafx stated that he might even try to make a next withdrawal of $100,000 and asked his fans if people would like to watch the video in the future.
Despite successfully withdrawing $16k, Mambafx said that when using these Bitcoin ATMs, he “lost 10% in the withdrawal”. Just before visiting the first Bitcoin ATM machine, Mambafx said: “So, we have to enter the mall and hope to withdraw $20,000 smoothly. This is unlikely, but we will try to see how many ATM machines we want to get. Go .”
In the 17-minute video, viewers can watch Mambafx being forced to stop at countless Bitcoin ATMs to raise $16k in cash. Interestingly, these machines only spit out $20 bills, and at a certain point when $3,000 was withdrawn, Mambafx thought the money would get stuck in the slot.
By the end of the video, Mambafx managed to withdraw approximately $16,440 after using a smartphone app to find all two-way Bitcoin ATMs that allowed him to sell BTC. Although at the end of the video, he has to pay up to 10% for each withdrawal, but his bag is full of huge bills of 20 dollars. The well-known Youtuber may have also paid a few dollars for BTC network fees. The video also highlights the fact that Mambafx must wait a long time for network confirmation. The video shows that Mambafx did manage to get a small bill of $100 in the process.
Two-way ATMs usually need to make one or more confirmations on the BTC network and provide proof to the customer so that the cash can be retrieved after the confirmation is completed. Mambafx often sits around and waits for confirmation from the network, and then uses the voucher to withdraw cash from him. This is definitely a preventive measure to prevent automated teller machines (ATMs) from being charged for substitution (RBF) scams, but it is possible to record very long videos, waiting for someone like Mambafx to withdraw $16k.
In order to withdraw all the cash, the sale of $100,000 worth of Bitcoin to a cryptocurrency ATM may take a long time to complete.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Youtube, Mambafx,
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