When Bud Cawyer of East Texas, an 80-year-old scam victim who lost $295,000 to fake federal agents, told me how he fed $20,000 in $100 bills into a bitcoin machine at a gas station to pay his scammers, I said, “Wait, what?!”
Did you know there are now bitcoin ATMs in gas stations and convenience stores? I sure didn’t.
Bitcoin or cryptocurrency, as it’s also called, is gaining wider acceptance. You can buy Dallas Mavericks tickets with cryptocurrency, for instance.
I played a little game this week. I went to a neighborhood bitcoin machine at a gas station and pretended I needed to send money to a scammer. How does this work?
On the day I did this, one bitcoin was worth $33,000. But in my test I only wanted to buy the $50 minimum. For that amount, I’d own 0.00112 of a coin.
I stood at that machine…