Title: Bitcoin ATM question Post by: LeGaulois on December 22, 2017, 04:30:44 PM Is there someone here who used it at least once? I am looking to know if there is any procedure related to KYC/AML while selling with Bitcoin ATM (and buying while I am at it)
I have not found anything about this except this post which is about 4 years old here (https://bitcointalk.org/index.php?topic=481794.0) I find strange if there isn't any. All exchanges, etc involved with bank transactions need to abide by the rules (KYC/AML). So if someone needs to avoid a verification or a bank trace he can just use a Bitcoin ATM and to be fine. Why bother people with KYC/AML if it can't be applied everywhere. Title: Re: Bitcoin ATM question Post by: stompix on December 22, 2017, 10:36:06 PM I have used ATMs both for selling and buying, although for small sums, and more out of curiosity because ...6.5% fees?
But the steps were different. When buying I just had to select the sum and insert the money like any normal paypoint. No id required. But when I tried to sell some I had to put my ID in a place where the ATM camera could take a high res picture and type my telephone number. And if you think that was all, no it wasn't. After all the confirmation the ATM dropped a QR code and when the tx was confirmed I would get a message on my phone, go back to the ATM scan that QR code and finally get my money. A real pain in the ass, and you're going to have your ID scanned and all your actions videotaped, including your face. A friend tried to cover his face when doing the transactions and the guy running the ATM told him that he will have to comply and get a full mug shot and they went all the way asking him to show them the ID to make sure he isn't using a fake one. So, when buying, no problem. Nobody gives a damn. When selling, you give them the ID, a mug shot and a phone number. Oh, and there was a limit on how much you can withdraw, this to answer your question about avoiding banks. Only 500 euros /day. Title: Re: Bitcoin ATM question Post by: LeGaulois on December 23, 2017, 08:24:44 PM Thank you @stompix
I don't see how it can be used massively when a bitcoiner could just use an exchange so :-\ |