Bitcoin Forum

If you live in the Los Angeles are near North Hollywood a new BTM has been installed

http://www.coincloudatm.com/hollywood/?gclid=CJDE3NPVrMcCFY09gQod98cHLw

This is what I like to hear. Will be visiting.

This is cool, thanks for sharing.

Is Coin Cloud the company that owns the Bitcoin ATM or a directory (of sorts) of Bitcoin ATMs?

I'd love to see this machine outside of a store so it could be accessed at all hours - I wonder if the security of this machine is weaker than traditional machines that sit outside all day, all night, and never get messed with...

Yes, Coin Cloud owns the BTM

Do you know what the mark up? Spot + 5%?

Great news.  But we people in India may not see it in coming 5 years.

I wonder if it would somehow accept authentication for people without USA ID's? Let's say tourist visit LA and wants to sell some BTC to pay for some services in Fiat...

It would be shitty to be in LA and not being able to convert BTC to Fiat and miss out on all the attractions not offered for BTC payment.

You would then have to bribe a local to sell the BTC for you, with their ID.  ::)

Good news - hope it actually gets some decent use. Unfortunately most of the bitcoin ATM's seem to have disappointing usage numbers. LA is a pretty wealthy area so fingers crossed they have some bitcoin enthusiasts.

I find it annoying when people make these kinds of releases without adding the cost, the id and verification requirements, the delay involved there, whether it's a one-way atm or not, etc...
Still ... good work getting one there, whatever it is!

It's 8% buy, 5% sell
More details about limits and verification procedures for this ATM http://coinatmradar.com/bitcoin_atm/605/bitcoin-atm-bitaccess-los-angeles-the-bitcoin-spot/

Great news. After all there will be California again that will be pulling thing first in the US, au usual. Honestly, more we have of these anywhere in the world, the better for Bitcoin is. :)

Every ATM that is out there attracting any form of attention and public awareness is welcomed :) Great to read more of this type of stuff on a daily basis!

This sort of BTM only accepts and dispenses USD, but it otherwise will take international phone numbers and IDs; it just needs to be a valid information provided. They're tourist friendly.

Thank you!

the mark up is the biggest deterrent for BTC ATMs. That being said, 8% isn't all THAT bad.

Would love to see one of those Bitcoin ATM in Spain.

Although not sure what is their function. Do they allow you to convert Bitcoin to fiat, or to buy Bitcoin?

It's pretty brutal. In LA I can use LocalBitcoins cash in person and get spot price. I actually sell at a premium much of the time because I am not usually in a rush to get the deal done that day, so I can wait for someone to respond to my ad.

I'm trying to picture just who would pay these kind of prices.....

I know these guys have to have some revenue to have their service running... But 8% is a bit too steep. Anyways, always good when there are new BTM's.

Ouch, 8% buy is pretty rough! I suppose they need to make up for low volume with higher fees, but 8% premiums is not much of an argument against CC fees when that is supposedly one of Bitcoins strengths.

Interdasting! I was just in LA recently and didn't see any signs of BTC. a few merchants knew what it was but were doubtful they could do any substantial business in it. I did my best to encourage them, and my AirBnB host was probably the most won over, especially when I told him how much profits I had made simply by acquiring BTC over time. I pointed him here, for more info, and showed him how to set up a wallet. He said he would seriously consider accepting BTC for rentals of his AirBnB, even for payment for antiques, which he sells as well.

oh yeah, and UBER is everywhere in LA. I used it several times to go out drinking in Tiki Bars...
http://3.bp.blogspot.com/-flmEF90qgcE/Vd5G32NQi-I/AAAAAAAANGM/WK_nSQsH66A/s1600/tiki%2Bti%2527s.jpg
Tiki Ti's a fantastic Tiki Bar in Los Feliz/Silverlake
http://3.bp.blogspot.com/-IQRKUAzLCVE/Vd5GOTBXI_I/AAAAAAAANGE/e3Fxfwza82U/s1600/tiki%2Bdrunk.jpg
hammered drunk at Tiki Ti's
(sadly they didnt take BTC... yet. Still fun

lets hope there are more, not 100% cynical Angelenos out there... most I met were bitter as hell!

I assure you, if it's not 100% it is damn close. :P It sounds cliche, but easily 9 out of 10 people I meet here in LA are trying to make it in the entertainment industry (and out of those, at least 8 of them are really struggling to do so). Lots of transplants here. For them (and me), LA is just a layover to be chewed up and spit out like a 30 year old porn actress (no shortage of those here either). Someday, I will escape back up north. I'm rambling now.....

It's always good news to see more of these popping up, it gives us new people. They're a great way to get people interested and involved.

They have to make their money some how. It's reasonable in some ways. Obtaining bitcoin second hand online can be a pain in the ass if you don't use an exchange. Second hand sellers charge up to an easy 10%-15% to new buyers unaware on how to obtain the currency at a better price through other outlets. The ease of going to a Bitcoin ATM and paying direct cash for BTC would probably cover up the increase.

wow..that's cool maybe someday bitcoin atm will come too my country too..I am eagerly waiting for it..and I hope it will help many poeople to understand the bitcoin system in our country

8% might seem high, but average fee in the industry is 6%, so not much higher than average.
Companies need to follow KYC/AML, invest in machine and location, maintain it all the time and in the end of the day they are created to receive profits.

Comparing to CC fees is like comparing oranges and apples.
Bitcoin ATM is a door to bitcoin space, when you are inside you can send funds for cents irrespective of volumes (here comparison to CC makes sense).
Due to the current state of development (we are still in infancy stage) - entering bitcoin space is a bit costly event. I assume market increase and competition will bring this price down.