Bitcoin Forum

In my country we dont have bitcoin ATM, i wonder how it's work??

It's pretty much just like the traditional ATMs you see everywhere. You simply insert your fiat bills, then you use the bitcoin ATMs QR scanner to scan your bitcoin wallet's QR code. Then poof. You just bought bitcoin. Same with vice versa. I'm not just sure what the fees are, at it's probably different on each ATM service.

Here's a video of it: https://youtu.be/xajKjxxRL04

I think but I'm not sure bitcoin ATM will be program based on how much is the rate of the bitcoin, so if you insert your address and withdraw from it and when you put your specific amount it will withdraw money based on how much is the rate and how much did you withdraw. I do think it works that way but I won't say that I'm right this is just what I think it is.

Withdrawing cash from an Atm is very simple.You would be asked for a few steps to do when you want to wthdraw or buy bitcoins using atm.
1.Enter amount that you buy
2.Now to put cash in machine
3.Open the wallet you use for your bitcoins from your phone
4. Your wallet qr code needs to be scanned by Atm.
Bitcoins are sent to your wallet associated to QR code.

Be careful with the ATMs. In return for their convenience the offer really bad buy and sell rates for bitcoin. They're making a HUGE spread off the transactions. The spread is the difference between what they sell bitcoin to you for and what it costs to buy it (or vice versa). If you have no other means of making the acquisition then maybe it's worth the higher cost...but for me I'd rather take a slower route to purchase bitcoin and get a more fair price.

Here's a pretty good first hand encounter of what I'm talking about: https://www.reddit.com/r/Bitcoin/comments/5ky7e4/tried_my_first_bitcoin_atm_today_12_immediately/ (https://www.reddit.com/r/Bitcoin/comments/5ky7e4/tried_my_first_bitcoin_atm_today_12_immediately/)

What you've to know that there are many types of bitcoin ATM obviously.
Some bitcoin ATM machines support buy and sell bitcoin and there are some types that support only buy bitcoin (for your cash).
Here the list https://coinatmradar.com/manufacturers/
Genesis Coin (674 locations)
General Bytes (304 locations)
Lamassu (242 locations)
BitAccess (48 locations)
BitXatm (36 locations)
BTC facil (23 locations)
Covault (21 locations)
Skyhook (15 locations)
LocalBitcoins (12 locations)
zzBit (7 locations)
CoinOutlet (7 locations)
BitTeller (6 locations)
And, pay attention to bitcoin ATM fees and confirmation time as it will be different on each type of machine and depend on blockchain network.

That's so many Bitcoin ATM after all I just encountered 1 but I haven't use it yet because of lack of knowledge in using it even if there is an instruction on the side lol, maybe I am just lazy in using it, but it will be a big help if my country would add many ATM's that will let us exchange fiat money to bitcoin or vice versa that will be a hustle free from our side because we are currently using an ATM from a bank to exchange bitcoin to fiat, and the only availability of exchanging bitcoin to fiat is only 1 bank so a bitcoin ATM worldwide will be helpful.

Here in my place we had only ATM for bitcoin users only in one place which is located in civilized location.
How it works, simply if I have wallet bitcoin balance I will type the amount that I'd like to withdraw then the ATM will scan my barcode then
after that it will dispense the AtM the amount of money you like to withdraw it.

so even i dont have bank account we still can take cash from Bitcoin ATM ?? i just need a wallet with some bitcoin in that wallet, walk to the bitcoin ATM and cash it, I think it's very dangerous, it's can be use for money laundry right?? some bad people can be use their bitcoin wallet to save their money from corruption and etc to digital asset and cash it anytime they want, that's what i realize when i heard about bitcoin ATM.
CMIIW

ATM machine works just like the local exchanges in your area. You need to send bitcoin to the atm address by scanning the QR code. After sending bitcoin to the machines address the amount of bitcoin you sent will come out in form of cash and its value is in accordance with the current buy and sell trend. But there are also atm that you can withdraw cash using your bitcoin through an application. You just need to press cashout in the app then specified the amount then choose atm then you will be given a code and a key that you will input in the atm so you can withdraw cash.

Bitcoin isn't a good way for money laundering because all of the transactions are recorded on blockchain, especially if someone use exchanges or bitcoin ATM to do that (it could be 'caught in the act').
Another reason ; there's a withdrawal limit to Cash out bitcoin out of exchanges or bitcoin ATM obviously, so bad people should think twice before use bitcoin as their medium of criminals/illegal activities.

Why do people discuss money-laundering with bitcoins? You don't want to discuss money-laundering through offshore companies? There revolves a lot more money than the cost of all bitcoins and nobody cared about.

There is that much Bitcoin ATM ? Wow. I thought there was only 3 in Switzerland, but it seems I am greatly wrong. A map to see how they are would be good, even though I guess most of them are in the United States, like all the time...

because like offshore companies it is also a way of money laundering and like offshore companies it will also sometime disclose that that from all arround the politicions from the world will be involve in money laundering through bitcoin.
just joking but no doubt it is possible.

It would work just like any traditional ATM that we have working nowadays. The only problem that I can see with this is while depositing fiat to bitcoins is ok, vice-versa - not so much. The core idea of bitcoin is to have it separated from any other form of currency. And with an ATM, you are essentially trading bitcoins for fiat, or vice-versa. This is why I do not think that bitcoin ATMs will become a booming idea, as there will always be another form of currency behind it if used.

From my extensive searching around (googling), I have come to the conclusion of how they work. Usually you enter how much BTC you want to buy and usually a cash box will pop open where you would insert your cash and then you would give it a qr code or address for it to send to bitcoin to. Simple!

Wouldn’t recommend using them since they trade convience for value. They offer really overpriced rates and to be honest, using localbitcoins or something else just seems to be easier to do and you get more value for your money.

Bitcoin ATMs are not like regular babk atms in which you withdraw your money from your savings account. Bitcoin atms are like a currency exchange vending machine in which you convert your Bitcoin to Fiat or Vice Versa. In my own personal recommendation I don't use Bitcoin atms to convert my Bitcoin to Fiat because of their unfair exchange rate in which your Bitcoin's value will not be eqal to its Fiat Counterpart.

Even though we don't have a bitcoin atm, I still have idead how it works. You let the machine scan your QR code, then put some fiat bills. Wait for the confirmation and then you receive the bitcoin. But I think the bitcoin that is converted from the fiat is not 100% same as your convert thing said. Of course there is some deductions but it is only little so it not a big problem since the fee is small.

Do you need to wait for like 20 minutes for confirmation when using BTC ATM for FIAT withdraw? It can be so weired wait for confirmations... but its a risk for the ATM itself to give money without confirmation

A Bitcoin ATM is a place you go to buy and sometimes sell Bitcoins. Usually you can just buy. You enter the amount you want and type or scan your address and then pay and you will get Bitcoin sent to your address after payment.

Yeah, but I'm sure I would have gladly taken those rates two months ago had I known we'd be at freaking $3800.  Same thing with places like wesellcrypto.  Ah well, hindsight is 20/20.

Wish there was a BTC ATM near me, but there's not.  Closest one is NYC if I'm not mistaken.  Perhaps when I visit one of these days.   Anyway OP, it's not rocket science.   If you got your answer,  lock the thread.

It's different depending on the company behind it. Most ATMs accepts cash, while some (very few) only accepts credit cards. From then on you can buy bitcoins from the atm, with a fee, many ATMs have a fee of 10% to 15%. After everything is done, the ATM will print out a paper wallet. Some ATMs even allows cash withdrawals, which I find exciting. You send some bitcoins to an address that the ATM gave you, and it spits out cash! Awesome right

Neither is it in my country, but I can still use a Bitcoin Debit Card here in my country.
I don’t really think there is any difference between the Bitcoin ATM and the regular Bank ATM, as far as you can use the same debit card.

Yeah, it can also help us especially to those who want a hassle free. Bitcoin ATM worldwide can be useful, but at this moment we don't have it here, I am just converting my bitcoin into fiat direct to my savings account so I can en-cash it directly to ATM Machines.

I think ATMs with Bitcoin work together which people need each other for ATMs to save money and Bitcoin to earn money, so same work

ATM Bitcoin machine is devices that can provide people with bitcoins with just simple click botton. It has different of what we are used to. Because you don't need to insert in a machine they have a QR code or Quadratic Residue code to run under the bitcoin machine scanner.

We are sailing in the very same boat. Neither does my country has any bitcoin ATM its more like a dream getting a bitcoin ATM in my locality because I think I might be the only one person  here in my area who knows about bitcoin

A bitcoin ATM is an internet machine that allows a person to exchange bitcoins and cash.

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A Bitcoin ATM allows you to buy and sell Bitcoin quickly and conveniently and also anonymously just like a credit card ATM, but only for Bitcoin instead.

As the above mate mentioned is the accessibility of bitcoin atm. During the early days there were very small number of bitcoin atms available and it provided the ease of accessing, but has an increased transaction charges. Just because of this, several ATM's were closed around different locations around the globe. Now further implementations were taking place much in Japan.

I don't think a crypto currency requires an ATM. Its more safer in our wallets than being in an ATM. Only fiat currencies require physical ATM. Alll work is done online. Even the exchange takes less time. It can be exchanged and taken from our local bank ATM.

All ATMs looks the same including bitcoin. But it connects to the internet unlike others that connects with banks. Bitcoin atm allows us to exchange our bitcoins to paper money

Bitcoin ATM's work like this. You follow the instructions and it will involve you scanning a QR code on the screen so you can receive bitcoins. Different BTMs offer different levels of privacy.

A Bitcoin ATM allows users to buy and sell Bitcoins for cash.
Bitcoin ATM’s can be more expensive than online transactions as the infrastructure cost is higher – i.e. building an actual ATM and the steps that are actually needed to transfer the money and Bitcoins.
The first step is to scan her identification which the ATM then validates.
Then the user feeds in some cash and generates a QR code from her wallet – a QR code being a large square of black and white pixels. Then the user sends the Bitcoins to the presented address.
Some ATM’s generate a paper wallet – or offline wallet – essentially a bearer instrument of the Bitcoins.

I dont know if bitcoin in the philippines has atm cards but virtual card i think coins.ph has. I dont think we need to have atms because we can withdraw our money using banks and other mode of withdrawals.

Bitcoin Automated teller machine or Atm is used to buy and sell bitcoins, it works like a normal fiat Atm's to start with it you need to choose the language then start by clicking the  buying bitcoins option if that Atm supports then choose amount, enter mobile number for verification for transacting large amounts you will be required to scan ID choose your wallet, then scan the QR code on receive options of your wallet then insert cash bills and click send to finish the transaction collect the receipt from the atm or provide email id for notification of the successful transaction for selling bitcoins also same process is carried out except you need to scan QR code of send options of your wallet and the amount to receive in fiat currencies should be entered rest all the transactions are similar to buying bitcoins.

 Bitcoin ATM would really works because even though we don't have a bitcoin ATM ,  still  i have idealized how it works. You let the machine scan your QR code, then put some fiat bills. Wait for the confirmation and then you receive the amount of bitcoin that you need . But I think the bitcoin that is converted from the fiat is not 100% same as your convert thing said. Of course there is some deductions but it is only little so it not a big problem since the fee is small.

The bitcoin ATM looks like a normal one, but it doesn't work the same. You can't withdrawal bitcoin, as it's not a physical currency, and it accepts only cash.A Coinsource bitcoin ATM allows you to buy up to $3,000 worth of the cryptocurrency, which is less than one coin.

These bitcoin ATM's have a direct connection to an exchange so they can convert Fiat to Bitcoin against the real time exchange rates.
You can actually buy your own Bitcoin ATM online.

A guy I know put a Bitcoin ATM in his shop.
He actually bought it online and configured it himself.   

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You put the money, you put your Bitcoin Address and you are good to go. Is as simple as that. The BTC will later arrive in your BTC wallet.