Bitcoin Forum

I just tried a new Bitcoin atm that was installed about 5 min from my house.  I purchased .10 BTC as a test and when I got the receipt after the transaction it had the current price of BTC at 1,300 a coin and it was less then 1,100?  What gives?

The Bitcoin price is very volatile at the moment with people buying and selling in fear of a hard fork. So even if the price dropped by $200, it will correct it self over time. You also have to keep in mind, your ATM might not use the same exchange prices that you are using. {What did you use to check the price?} --> Preev.com?

Go to the ATM and open Preev.com on your mobile phone and see what is the difference at the time of buying.

Why do you feel confused when getting a price that quickly changed ..?? Indeed, such is the workings of the bitcoin. Some people love the bitcoin because they get better profits compared with other digital currencies. But you need to know, that bitcoin requires patience. In the absence of patience we'll get a lot of losses, and for you who want to benefit from the investment then you should well be patient.
 

This is a normal fee.After all,the company that bought and installed that ATM want`s to get it`s investment back.They can`t sell bitcoins at the preev.com price.
It`s good that there are more and more bitcoin ATMs installed.I don`t care about the hard fork.Bitcoin adoption is growing.

Fair enough,  thanks all.  I did see the current price on coindesk.com and it was 1100

I'm not sure If I'm not getting the situation here or the other members aren't. If you had the receipt saying 1300$ then there is definitely a problem here. You should contact from whoever you bought the ATM from and ask them from where exactly the ATM gets the information's because It's being days/weeks since the price didn't much anywhere above 1100$.

That is true. It looks like they are not following the market price instead they may be having some changes to the current market price to provide that service. Check whether did they mention any service charges? But even with some charge $200 higher side is quite high and if that is true then never buy from that machine anymore.

Yes sometimes the market price is not the same with the ATM rate, so it's better to check the rate before you do transaction and also beware of the high transaction fee, and I envy of you, you can used bitcoin ATM in your area, I wish my place will have bitcoin ATM soon

There are a few things to remember while using the Bitcoin ATMs. First of all, there is no centralized exchange for Bitcoins. The exchange rates will be different in different exchanges. So you need to check which exchange rate the ATM is considering while selling the coins. Another aspect is the fees. Normally, the Bitcoin ATMs charge anywhere from 6% to 12% as the markup.

The value of bitcoin does not much in each other, they have differences and even the time, if you check the value in the morning and you withdraw the coin in the afternoon for sure the value really moves, higher or lower.

Atm price may differ as well depending on which exchange they are following. For example tere is a slight difference on the current price of coindesk and preev rate.

Bitcoin's value always vary due to its unstable state. I will not be surprised if you buy 1BTC now with a value of $1000 then later on it became $1500 per BTC. It has been the nature of bitcoin to fluctuate its value more often. And for us, we just need to wait until bitcoin becomes more stable just like we always wanted.

The price of bitcoin is not the same to each other, and the most reliable source of the value is the preev.com, it will helps you a lot to figure out how much each coin value, some sites are not fair to relay on, and yes, sometime, transaction fees might confuse you in using atm, because they have different fees uses.

I though that ATMs are having an update about this, so they are not. It is really a disdapointment doing that, at the same time I am having a plan. If the price rises again, the Bitcoin Atm's price will be going down right? I can have a profit out of it, and a quick profit.

This is a good advise, you gotta live up with the reality and when it says it's volatile, it really are.
You'll greatly be affected if you are buying a huge volume of bitcoin and considering that ATM are not their to serve us for free
they also have fees that we should pay in order to see them running.

Better to watch out buddy,the ATM's rates are often different-I don't know why,maybe they need time to get to the current rates,however that is not a good excuse to hold such a big margin-and this surely doesn't encourage more people to use them

Well I think there are hiden fees on the bitcoin ATM must be paid by you and other users of bitcoin ATM,
although I am not sure about that because there are other possibility include bitcoin's price fluctuation
or term of service bitcoin ATM that be used and for next time you must read reviews from other who use ATM.

I think you are right, but if you look it on the other side, I mean you look and think positively, you can earn some profit from it. For example, the bitcoin price is increasing, that time the bitcoins price on ATMs are still not that high, so it is a chance to make a profit right?

ATM for bitcoin withdrawal is not getting more popularity just due to its increased fee compared to the exchange websites. Exchange websites provides the ease of access, that the amount directly gets credited to the respective account. Also with ATM we need to move to the location to withdraw which is not required for exchange websites.

Another thing to look out for is the card skimmers on those Bitcoin ATM's there's crooks that like to steal peoples Bitcoin for money. Bitcoin ATM's are quite easy to carry out from the places that they are in, since they all have money inside of them those ATM's could be a payday of $3,000 or so if they open up certain machines.
If you think Bitcoins fees are high then you have no idea about the people who have to pay a premium for their coins and not receive it after purchasing.

ATM for bitcoin withdrawal is not getting more popularity just due to its increased fee compared to the exchange websites. Exchange websites provides the ease of access, that the amount directly gets credited to the respective account.The Bitcoin price is very volatile at the moment with people buying and selling in fear of a hard fork. So even if the price dropped by $200, it will correct it self over time.

I have used six BTC ATMs in the past three years or so.  ALL charged a fee from 8.5% - 15% (or so).  Fees vary by owner of the ATM.

All the machines I used were for CA$H, so card-skimmers were not an issue.  Also, I wait around for that first confirmation before I leave the store or coffee shop w/ the machine.  No problems other than high fees, but as pointed out above, ATM owners invested money to buy the machines and have to maintain them.

Bitcoin is one of the most volatile commodities in the market today,it just happen that when you purchased it there was a price drop,but like all the other poster here,it will soon recover,try to check bitcoin price history for reference,I also experience that in my local exchangers so you should first and compare the current price in various exchange before buying.

We'll I think it is the sane theory as with banks. The ATM is standing there not for free and surly the price for bitcoin is lower there than in real. This difference in the price is going to that company who installed the ATM, simple.

Most reputed exchanges will give bit high margin to buy Bitcoin and less margin to sell your Bitcoin. But the new sites will give your good margin to buy and sell your coins because of their site promotions. But dealing with old exchangers is better transaction fee is bit high, but they are safe.

but to me i think the well amputated exchanges can give you quality service and as their income is more therefore they will give you more preference to you. and will give you good margin also.

If there is an ATM bitcoin it is helpful

Great news that you use it at the right time but be careful in bitcoin atm you know that many atms are cheaters also your gonna get high fees when using a bitcoin atm i already see a youtuber get scam by a bitcoin atm by not paying a miner fees so it will be safe and not recommemded using a bitcoin atm. Surely when you exchange you bitcoin to cash youre gonna get a high fees 💰💰 but great news you buy a bitcoin at low price you already invested nicely.

In my country Philippines they have also Bitcoin ATM and thats only one. In less than a minute a you can buy and sell bitcoin thats my friend told me. Ill never try to use that and I hope someday I can use also . But my friend told me if you see the price of buy and sell in Bitcoin ATM the price is very big difference its $150 more . So he told me must better to buy and sell in exchanges site because the difference price is near compared to Bitcoin ATM.

Yep. You should know first how much fee they charged and decide whether this is fair enough with you because if not then find another one. The common mistake is that people only knows and learns after they have committed the mistake but also there are times that it is the other way around.

To be fair to Bitcoin ATM operators, they aren't exactly a hugely popular service and they do have to maintain their physical machines, so I would almost expect for higher fees to be quite common among Bitcoin ATMs and their various counterparts. Does that mean they should be used? Not really, since you shouldn't be spending extra money to not really do anything to benefit anyone.

Have to agree. Every time I've used an ATM, I've paid from 8 to 10 percent. This is money; taking a 10% haircut before I even get to the exchange, sounds like a losing strategy. To be fair, they are convenient; but convenience isn't worth that much of a premium.

Fee will always be high than the exchange services. As quoted maintenance is one reason, as well the bot development needs to be done depending upon the location. This needs large funds to make it a popular service, because right now only very few ATM service is found around and few have decreased the number of implemented ATM's due to the reduced profit.

Bitcoins price is changing every second,thats why i would suggest you to buy bitcoins through online as it is better.Bitcoins atm according to me is kinda useful and many people get shocked like you when they buy through bitcoin atm.

Well you are very very lucky because most of the world don't have access to a bitcoin ATM this close to them. I mean 5 minutes from your house is just ridiculously easy to get bitcoins, it's probably eaiser than purchasing online even with a credit card or with your paypal balance to be completely honest because you'd need to go through all the verification etc.

The rates can be worse than actual big exchanges but i find them a lot better than localbitcoins sellers...

The price of bitcoin via an ATM will always be higher than the market price, I experienced this on my first go and it worked out at a 6% difference, the price you pay convenience I guess.

I have heard of a price premium as low as 6% which to me appears very reasonable.  I have never paid less than 8% and have paid as high as 14% (once!).  As mentioned above by a couple of psoters, they have to buy the ATMs and maintain them, as well as have someone go around once a day or week to take the money out.  It adds up.

On the other hand, it has always been fairly hard for m but better than the ATMs.e to arrange meetings via localbitcoins.  Then drive over, spend the time doing the deal and deal with the (very slight in my case) risks.  So, a level of 12% is not unreasonable IMO.

Yes, you can get better rates through exchanges, etc.  bitcoin.com offers the service for 7.5%, which is kind of high but better than the ATMs.  I had used Circle, but they started getting very difficult to use (intrusive as well), even though their premium was something like 1% - 2%.

(USA experiences, once in Canada)

If it is real atm card, i didnt want it. I must prefer an online wallet. I have been doubting it because for hackers they will be easily hack accounts without a prior notice of the users. They will easily tapped any electronics device on it and then they will get all the infos including the passwords obviously, the email, address and everything thay they wanted.

Every BTC ATM I have every used (machines in various cities, six total machines, all but one in the USA) used CA$H, not credit cards nor debit cards.  So, credit card skimmers are not an issue.

Perhaps hackers may find it useful to steal cell phone info, BTC public keys (addresses), etc., but I have not heard of that -- yet!

I once had to send a copy of my Driver's License to their HQ in one case, a photo from my smartphone of it and my smiling face as proof of identity (USA).

6 % is good enough to buy direct from bitcoin ATM unfortunately we don't have one in our country but hopefully it will be installed this year . any one try to sell bitcoin using bitcoin ATM without a need to use debit card.

I dont trust bitcoin atm too much if it is happen. I think more and more people will have an idea to steal it to others. They will do whatever they wanted in order for them to get bitcoins. Nowadays people get money from atm machines using only tricks. Therefore i more prefer to use bitcoinn online wallet.

I don't think BITCOIN ATM is sustainable idea.
If we take the example of fiat money then ATM is predecessor of net banking and e-money.
Whereas in case of Bitcoin, we are already at successive stage then what is the fun of stepping back and develop something having zero utility when person can easily buy/sell btc over net at much lower prices.  :-\

I heard theres one BTM here in my country but I havent tried nor seen it yet, not even sure if its still there from where I heard its suposed to be but for now If I need BTC all I need to do is go to my neighborhood 7-11 and it will go to my BTC wallet, same thing if I need to withdraw funds I withdraw instantly in fiat but not through 7-11 but through a bank. Its still convenient.

Bitcoin's price is very volatile that's why and also the price of Bitcoin also varies like from the website where we store our Bitcoin has different exchanges it offer same applied to the atms.

   I also have a machine about 5 minutes from my house and I have noticed that their BTC exchange rate is a few hundred above the market average. I believe the cost of the machine and also maintenance of machine is quite expensive so they make there own exchange rates to make profits.

   You go to the local 7-11? So the 7-11 is selling the BTC? Which country is this?

He is from the philippines, it's actually a store seven eleven and they have a partnership with our local exchange.
It's very convenience to exchange bitcoin to fiat in our county but I haven't seen any ATM yet.

I believe that crypto ATMs is a more safe solution than a face to face transaction with people you don't know. But the negative is the conversion rate. In my country the rate of the ATM owner is kraken+7%. I don't believe it's good for me but it is useful and convenient. Maybe in the future if more people invest in these machines will have better rates too.

I also tried a bitcoin atm in my area just to try it. It was in a cafe, but the cafe didn't own or operate it. It  wasn't working (it was on, but the options on the screen weren't working) so I called the service number and a guy who said he was the owner of the machine answered. We went through some trouble shooting steps - including unplugging the machine and plugging it back in.

To make a long story even longer, nothing worked and the guy said he lived just ten minutes away and said if I still wanted to buy/sell bitcoins (I can't remember which option I was trying at the time) he could come over and we could do an exchange in person at the cafe. I declined, saying I just wanted to try out the machine as a test for future reference.

Anyway, we got to talking and I asked him a few questions about the btc atm. To be honest, I can't remember if he said that he bought it outright from the company that made that particular btc atm or if he said the company franchised it to him, but basically he said he gets to set his own exchange rates for both buying and selling btc.

I also tried atm and bought some bitcoins from there and for the first time i'm nervous because i thought that it is just a scam bitcoin atm and it will not give your bitcoins after you place your order but when i place an order and pay it with my fiat money the transaction was very smooth and the bitcoins just got into my wallet just after a minute.

Wow that was nice theres have a bitcoin atm in your are. Im hoping that i would try to transact in biycoin atm. And i think soon i will launch here in my country since our local bitcoin wallet are developing virtual card now. I cannot wait to try it to withdraw in bitcoin atm. Hehe

Lanching Btc atm in numerous location would be best option to implement the bitcoin all the countries but using bitcoin atm would consume the cost for the using card in ATM machines right. Xapo, spectrocoin, token, bitpay and etc. All have monthly charges and using card in atm charges additionally. Would it be right option having ATM everywhere!

Before we can deploy ATM bitcoin, we need to talk about its popularity. We can not place ATM bitcoin in a country where bitcoin is not considered, which is a waste. At present, bitcoin is only common in some parts of the world, so little bitcoin ATM exists. The cost of transactions is essential, we do not need to bother about it.

I Agrre, withyou, we cannot make a bitcoin bank or build an atm that containing or converting bitcoin if the country we provided doesnt accept bitcoin in their country, what if the machine has no money , it is empty no more people or bank members will refill the money on it, and therefore we will back on our onlike banking and our online wallet, building an atm machine on a country doesnt support it is not recommended.

Well, in my country, Croatia, we already have 2 bitcoin ATM but bitcoin is still not officially accepted (and still no so much users).
Still, one company managed to start official business with buying and selling bitcoin.
How?
It looks, they find some ''hole'' in the current law, and even they managed to avoid paying taxes on transactions, based on the article in the law that tax is not paid on banknotes or money which is not officially in use :)
So, even without full legal acceptance, it's possible to have bitcoin aTM and even buy or sell bitcoins.

although in my area the bitcoin users are not too much who need for any crypto ATM machine. and the second is that i am not in favour of any ATM for crypto currency, as onlne wallet system is the best that is what we are using for long long time.

Why not favor? Majority of those I spoke with my friends were in favor of having an ATM, it is also costly if we are doing cash in and cash out through bank, so why not having our own ATM so we can cash out anytime. We should be open when it comes to having an innovation, it is a way also to promote the existence of bitcoin.

...

Recently my city (SE USA) has had another competitor come in and install BTC ATMs ("BTMs").  This is great!  Now there is one that is actually on the way to places I often go, so I do not have to make a special trip across town just to buy BTC.

I have heard (and it's probably true) that it is expensive to buy and maintain the BTMs (all the ones I have seen take CA$H only, no cards), that is probably why they all seem to charge a high fee of 14% or so.  But with BTC having rocketed in recent weeks, I won't complain.

Also, a BTM means that you do not have to coordinate with anyone to meet & exchange (localbitcoins), meeting people introduces other expense & risk.

On the other hand, the BTMs (or owners via the Internet) do ask the usual AML/KYC stuff (ID, etc.).

This is a good idea to have atm in bitcoin like a bank that have atm that you can withdraw instantly and easily without fees.Bitcoin atm will helps many people in there business also in there job. I think bitcoin atm will use in any kind of transaction.