Bitcoin Forum

Lately, I have been seeing many crypto ATM that converts cash into crypto. I am having a tough time understanding the logic behind such machines. I mean, why wouldn't I just go to an exchange and buy crypto? I see no added benefit other than the rather high fees being charged.

Would like to know if any of you have used such an ATM? If so, why?

If you have never used such an ATM, under what circumstances would you consider using it?

Crypto Atm is  future money and big competition for fait money

If it doesn't require an ID and I can just insert my cash and get some crypto deposited into my account - why wouldn't I use it?

You could use these ATMs regardless of your age and you don't need to prove your identity unless you reach a certain limit, but even then you can always use another phone number and It's also instant. You don't need to wait for a bank transfer that could take several days.

To be honest, I do not see what a crypto atm can bring me what I can not do at a regular exchange. For fiat an ATM makes sense because paper money exists. But bitcoin is a digital currency. The only thing I can imagine is that a crypto ATM is good for buying bitcoin anonymous when all the exchanges get regulated. But I if that is the case, I doubt ATMs will stay not regulated for long.

If there was a crypto-ATM at my town, for sure I would go to it very often. Even with fees, I could make my way to some profit because volatility is hopefully high.

I think if you are travelling around and don't want to use credit cards (with all the fees they charge when you use them outside the country), these ATMs are handy. You stock up with bitcoin before you go, and then use the ATM to convert to cash at your destination.

I have heard a lot about bitcoin atm in bitcoin forum. But I still don't have the luck to use it. And I don't have any idea about is this arm is in anywhere in India.

I never see a crypto ATM, if I found one, surely I would try it

I might try it for the novelty of it, but I wouldn't make it a habit. I think it'd be more popular with a less tech savvy crowd as crypto becomes more mainstream.

So if I want to buy 10 BTC, I have to take $80000 at this ATM and deposit. I think it is risky, transferring at home with clicks is better.

I have never heard of such things. Still i would be happy to use exchanges at minimal cost rather than going to any atm for just conversion of crypto atm to cash. I think ATM are meant for paper money which exists and all these are digital currencies. I see the purpose of having digital currency would be defeated if the ATM rocks the cities and the transaction costs also would be very huge which not everybody can afford.

I better write specifically what it is that people would have had no idea what was going on at all.
Cryptoadm program that provides a graphical interface to run cryptooperation (encryption, digital signature), the management of digital certificates, certificate revocation lists, cryptographic service providers, etc. Applicable for the protection of personal data, such as: file encryption, sending via e-mail is encrypted and signed documents, and commercial and state companies to protect documents, ensuring the legal significance of their exchange.
If I understand correctly the author what he means

Very few countries have bitcoin ATM so most of us here only see it on the internet, But I know with time cryptocurrency ATM will spread across the globe.

There are a lot of crpto ATM springing up these days due to traders seeking convenient way of cashing out their money. But you must know that it don't make any difference for using other money services because the fees are high and only profit the AtM owners.

I not use crypto ATM yet because it not available in my country. if one day there is crypto atm in my country of course I want to try it because basically crypto atm was created to make it easier to crypto users.

I would love to, having a full understanding of how it works and how to use it....it will help the crypto currency platform to succeed in implenting a faster way of buying and selling through ATM machines.

i think it will be good because we don't need to exchange our money to moneychanger and if there are some project that realize their crypto ATM card and we can refill it with bitcoin / ethereum i will use it

Obviously use an exchange if you can and I have never used an ATM although there is one 30 minutes away from my house. The only way I would use a Bitcoin ATM was if I was in another country, had some worthless currency and could benefit from converting to Bitcoin at the moment. I don't envision these things happening, but I won't say never.

It would be awesome to use an ATM when I go out and need fiat for food or getting into clubs and such and for everything else I use bitcoin already.
It will solve the problem of needing a wallet with me (I mean actual oldschool wallet not bitcoinwallet ^^ ) When I can keep my phone with my bitcoins on it to withdraw from an ATM. I just don't like the high fees.

For some people it isn't that easy to access an exchange (they might not have a bank account, a credit/debit card, etc.), some may not want to provide a government ID as some exchanges require, so having the Fiat to Crypto ATM is a good option.
I would prefer it if it was the other way around, being able to withdraw Fiat from your crypto accounts (of course this would also depend on the exchange rates and fees to withdraw).  But, I still feel safer handling those transactions at home, because I am not sure how much info can be "recorded" by those machines.

I think crypto atm's are great and they help a lot of people. First of all it is a lot easier to just go with cash and buy directly from the atm and it sends your bitcoin to you wallet directly by showing you qr code to the machine. You just introduce the money and thats all. When we are talking about an exchanger, first of all you have to create an account, then probably verify it and you also need a credit card(not all exchangers accept it) to buy bitcoin. The fees are undoubtedly smaller at the online exchangers but it could be difficult for a newbie, so it is easier for them to choose the atm.

As far as it doesn't require my personal informations to be given for using it, then i wouldn't be having any problem in using it.

If I can automatically convert my digital assets into local fiat, then why the not?!
I will definitely use it!

Having a crypto atm is nothing short of an advancement in the milestone of digital assets!
This is just plain awesome!
I would definitely use it

It is more easy to use because whenever you need it, just open your account via internet. It is less hassle than the normal bank ATM people normally hide there money at.
Also there not much age restriction than the bank which needs 18+ above and requires 2 IDs to just open an account.

for now it seems that the most widely circulated in different countries is bitcoin ATM. in my own country there are 2 ATM bitcoin. and it's far from my town so I myself have never used it before. but I think ATM for crypto would be very helpful especially if you need cash immediately and you have bitcoin or altcoin of course you can get money quickly using ATM. yeah of course on condition they do not ask for identity or the like

Hmmm..... Maybe i will use them if the fee of withdraw is small. It can't be like fee transaction because the fee transaction is really insane. Fees should be about 0.2$ for each withdraw even how much you are withdrawing or else noone gonna use it.

That's not the case right now.  ;) Maybe in the near future when TX problems on BTC is solved. Right now, its impractical to pay a 4-7% transactions fees on that machines. LOL

Currently there are no BTC/Crypto ATMs in India, and given what the government is regarding cryptos as "not legal tender" I wouldn't expect to see an ATM being established in India soon.

It is basically a choice to do, for I want to use whatever form in cash withdrawal that most importantly can melt quickly and precisely.

I don't see a big need to use Bitcoin ATM. Their fees damn high and exchange rates are horrible. I would use it only in urgently case when I would need to buy or sell BTC immediately. But in all other cases, I prefer to use more convenient services to exchange crypto.
And even if I would want to try Bitcoin ATM, I would have to travel to other country. In my country there was only 2 Bitcoin ATM's, but both was closed recently because they weren't approved by local tax institution. As owners of these ATM's said, they were getting more popular and had more andmore customers day by day. So, despite all disadvantages, Bitcoin ATM's can find enough users to operate.

I understand why they exist.  Conventional banks are making it harder to move money to crypto.  Still, it seems that using an exchange is safer, easier and provides better tracking.  So, no I don't think I'd use a crypto ATM.

I will be happy to use a Bitcoin atm if the fees is reasonable. But the atm I saw has a high fees of 15% which make me think twice of using it. I can easily buy Bitcoin in coinbase or localbitcoin at a lower fees.

The fees are insane. Someone, somewhere, will introduce a better, cheaper ATM, perhaps with some fast and secure alts like LTC and DGB. It would change everything.

for now I have never used the machine, but it is not impossible I will use it, as long as it is really ready and feasible to use, not just hanye test event.

I am 100% agree with this answer. Besides not all countries has such crypto atm and it will be impossible to use it at all.

We need crypto ATM's because we forgot the main purpose of bitcoin - It needs to be anonymous.

Governments regulation made every bitcoin account tied to your ID - KYC

BTC ATM's are the only option left to buy bitcoin and remain anonymous. - We need them.

I have never used ATM crypto like that.
if ATM crypto is safer than wallet maybe i will use it because i will put or store my coin assets there

Yes, just everything
Verification Phase
Getting a bitcoin-address for making a deposit
Depositing cash into ATM
Operation Confirmation

Some contracts can not be provided because Russia has not yet introduced legal force for the crypto currency.

I've never tried it, and I have no imagine about crypto ATMs.

but for sure, I will look for more crypto and do the mining, then I will withdraw by using ATM crypto.

I have used it 2 times so far and a few times I have sent some older persons to such ATMs, that have no clue about computers or bitcoin to buy some cause they wanted to make a payment in bitcoins. That said, I think that is one of the reasons why such ATMs would exist in the first place.

This is just the beginning. Over time, they will be even larger and the range of services is also greater. The commission will gradually fall, everything goes to ensure that the crypt will drive out the Fiat!

People will get used to with crypto ATMs and such step will help Bitcoin and other Cryptos to gain popularity and acceptance fast. Yes, I would use one.

Well, I think I would. It would be a much more easier transaction for me if I could instantly turn my cryptocurrency or my bitcoin to cash just by withdrawing it on a cryptocurrency atm. This would be a major breakthrough if this happens because now, transaction costs can be reduced and people will have a much more easier access in changing their digital money to paper money and they can buy the things they are intended to buy

I love the concept and would use them for sure, provided the security measures were in place to protect us and that cost comes WAYYYY down. Right now i am not convinced either of these issues are close to being dealt with. Too early.

If it was the other way around so you use your cryptocurrency to exchange for Fiat, I can see that being more popular. Most retail outlets don't accept crypto so it would give you an opportunity to convert and spend.

Some countries that have legalized bitcoin as a means of payment or a legitimate transaction already require this tool in order to facilitate its users in the purchase transaction cryptocurrency. Another case for countries that have not issued permission to cryptocurrency and even claim to not support the use of cryptocurrency in their country. If there is a crypto atm in a country like this, I'm sure the machine will not make a significant change to the public transactions.

Yes, if i need the money. It will be very useful if you are on vacation and got short. Instead of withdraw using your bank card then you can use your bitcoin instead because international transaction using your credit/debit card is actually expensive.

I wouldn’t use them to buy because they have very high fees. I’d prefer sell bitcoin using those ATMs but in my city they don’t have the sell option, if they did I would try to sell some bitcoin for instant cash,

There is not much of a difference between a crypto ATM and a real ATM. It's just another version of money in digital form. The records you see in the ATM is also money in digital form, except that it is yet to be converted to the common currency before, it can be cashed out directly unlike the real money. High fees might not be a great question for the ones who would want to invest in bitcoins. This is what they love and what they want to do to gain profit. And for most of the time it was also proven effective as an investment.

If I need I have one of those atm's I will use them to buy crypto. Because there is no other way to buy crypto directly from website from my country.
So I will use them for buying crypto if its available to me.
Its a good move for crypto world.

A few years ago bitcoins were hard to get so I was thinking about using one of those things.
Unfortunatelly the next one in my area was a few hundred miles away, so I never made it there.
But the difficulty in getting bitcoins, that has changed.
Buying bitcoin online is really no problem anymore, I would not use an ATM today.
And I suppose many others think the same way. So I wonder how profitabe a bitcoin ATM can be these days especially when I think about the fees they demand.

Yea, i want try too, why not?

Why can't give a try if we're passionate enough tackling things related to crypto. I would really love to discover and step on to exactly know limitations of Bitcoin regardless of its uncertainty.

Definitely yes! In a few years when cryptocurrencies are less volatile ;)

Have you checked the exchange rate and the transaction fees for crypto ATM's? If they would offer faster transaction with lesser fees then I think it is just logical to use them instead of exchanges. Plus the fact that crypto ATM's offers convenience in getting fiat money. So with every angle considered I think crypto ATM's would be better than the traditional exchanges.

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I think if you are travelling around and don't want to use credit cards (with all the fees they charge when you use them outside the country), these ATMs are handy. You stock up with bitcoin before you go, and then use the ATM to convert to cash at your destination.
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This come in handle, especially when I have enough money in my crypto account.

To be honest, whilst I do see that crypto ATMs may become a thing of necessity in the future, I really don't think there is much of a market for them, except perhaps in a few specific regions. However, as cryptocurrency becomes increasingly widespread, and merchant acceptance increases, we may find a society where pretty much everywhere accepts crypto payment. I think these ATM companies are just getting their foot in the door, so that when crypto really takes off, they'll have the first mover advantage. Still wondering how they're going to get around the KYC issues by distributing crypto from an ATM, plus the risks of chargebacks. Seems like a goldmine for scammers using stolen or duplicated credit cards.

it depends how much fee if we cash out the money with this ATM, if the fee just as same as we transfer bitcoin to a different wallet, i would not use it.
better we sell it first to fiat and then we cash out in paypal or others

If this ATM requires only your wallet address then it is a good idea because it anonymity remains for the purpose of cryptocurrency. If you want to exchange your fiat to cryptocurrency using ATM and just insert the cash in the machine then good. But if it requires personal information and cards be produced to use ATM, then thank you, I better use crypto exchange than using ATM which debanks my privacy.

Bitcoin ATM fees are incredibly high. I have seen prices ranging from 10 to 30%!! >:( (at least where I checked) The only thing they are good for is anonymity. Owners of those ATM machines makes huge profit. Stay away from them.
EDIT: check out this BTC ATM map – https://coinatmradar.com/ if you are going to use one, be very careful and check the fees!

ATMs will give you convenience if you are in a hurry and would need to cash out some bitcoins. Also, if ATMs were made available in numerous locations, I think this would allow users to easily use their bitcoins at any time that they want. If I am a frequent user of bitcoins and would want to cash out daily or regularly, then I would be in favor of crypto ATMs and would always use it if it is fast and has low transaction fees.

I find this great benefit to have at least one near my home. This doesn't mean that I would use it every time because of high fees, but have such a possibility for special moment - that is awesome!  And I think the more ATM will appear in the future the lower would be the fees.

Using this and other Bitcoin atm's have been found to be more rewarding to use compared to doing it through a coin broker.

Fees are important, but I will try ATM when I see one. There are two in my country but far away from my city, when I go there or someone install bitcoin ATM in my town I will try to buy some bitcoins just to see how it works. People around ask me a lot about buying bitcoins, and I always say that its possible to buy it on ATM but I didn't try it and I can share with them my experience.
I will definitely try it, its all about process and I will do it when I have a chance for that with some money, how much I have in pocket, I heard how much is minimum for ATM's in that city and I will have it for sure. Maybe I with have luck and see some ATM in my town soon.

Bloodyhell. I have seen one and almost tried to use it. Good thing that two days before I planned on using it, my friend already tried it, and man oh man, yhe fees he has payed are jaw dropping! They are extremely high and not fair! I would rather go through the hassle on going to exchanges and wait patiently than to use these type of ATMs. Of course except for emergencies but other than that, no thanks. A little effort for evading that much tax is nothing. Just sayin'..

I will do it too, try ATM, give a review to everyone and I agree the fee is very important, if we do transaction at atm with exchange directly Fiat to Crypto and Crypto to Fiat the main problem is transaction cost especially for bitcoin which is occupied the first level cryptocurrency with the largest fee

I haven't seen crypto ATM myself but if there should be one; it would possibly be a great step in the crypto world. It would probably facilitate quicker and easy transactions and also attract many people to trade in cryptos

in my country there has been an ATM for bitcoin, and it can be used to withdraw cash directly.
and this is the ATM location address along with the specification of the bitcoin ATM machine:
1. Jakarta
Location: LTC Glodok
Address:
LTC-Glodok
Ground Floor 1
Block B2 no 2
Jakarta, Indonesia
Open hours:
Mon-Fri: 8:30 am - 4:00 pm
Sat: 8:30 am - 12:00 pm
Direction: Fiat ⇄ Crypto
Supported coins:
Fees: 0.9% from BTC-e
Limits: Rp 3 million
ATM Type: BitXatm

2. Kuta, Bali
Location: Bitcoin.co.id Information Center
Address:
Legian Kaja Street, No. 455
Kuta, Bali
Indonesia
Open hours:
Mon-Sat: 9:00 am - 6:00 pm
Direction: Fiat → Crypto
Supported coins:
Fees: Bitcoin.co.id + 3%
Limits: 1 BTC per transaction
ATM Type: Lamassu

3. Ubud
Location: Hubud
Address:
Jalan Monkey Forest 88X, Ubud
Gianyar
Bali 80571, Indonesia
Direction: Fiat → Crypto
Supported coins:
Fees: Bitcoin.co.id + 3%
Limits: 1 BTC per transaction
ATM Type: Lamassu

I'm not sure I would at the moment. Any good crypto is increasing in value at the moment so it would be silly

Yes I would use them, As long as I know that it is 100% safe and the fees are at minimum. And I will only use them if I want my cryptos converted into fiat.
I think it's not advisable to use them for trading. I mean you need to check the environment first before trading right. Do you want to be standing there for hours just to trade. :D

Yes as long as I wasn't forced to dribble my sperm into the KYC slot and the fees and spread weren't too much worse than what I could achieve online. If they're not then there's absolutely no reason to use one.

I'd also be interested in one I could sell to as well. They seem rather thinner on the ground but if you're caught short a widespread network of two way ATMs would be massively useful.

quite frankly maybe i will try it moreover this is something new and can be useful for myself personally ;D

I just found out that bitcoin ATM also has a withdrawal limit. and that's the same as ATM for paper money.
I am very curious about it, I will try it later if for example I'm on vacation to your country.  ;D :D

It seems to me that such crypto ATM is used by beginners who do not know other ways to buy cryptocurrencies.

I would love to install a crypto atm in the building my company just bought. It used to be a bank and already has nice security. If I could make even a small comission on the fees I am sure it would make me tons of easy money. I know in my trashy part of town though someone would try to steal it, even if it only accepted debit cards and had no cash inside. I can already see some idiot smashing his car through the glass doors and trying to make off with some 'bitcoins'

It is a nice idea to have cryptocurrency ATMs which were placed strategically. They would provide more convenience and most of all, a more faster transaction pace which is one of the disadvantages of bitcoin and it is a very slow transaction process. Not only would it provide the such but it could also invite potential users and customers by thinking that if bitcoin is this automated then it must be safe and secured. These are my thoughts guys.

I've used bitcoin ATM and i can say it's intant to buy or sell your bitcoin tha advantage of this ATM are you don't have to create your account and less hassle.

I have not and would only consider it in dire circumstances, because not in my sober and rational mind would I pay the 6-8% fees they take straight out of your pocket. Thanks but no thanks.

I've never seen an ATM on bitcoin! What are the most interesting countries in which they are used? !!! But I think that this is the future - soon there will be a lot of them and around the world! So while this is not untwisted, guys take a new idea of business! And you unleash this business in your city!))))

There are some rumors that there's one existing in my city but I haven't used it yet.
No need for circumstances to consider of using it, I just want to use it for real. I want to feel and experience it.  ;D

For me its a good thing that there is some kind of an ATM for the cryptos that we have, its part of being convenient and fast for a money transaction. I would love to use that if ever we have that kind of machine in my place here in my country. I think in the future many people would like to use this also.

There are a lot of crypto ATM in my town, and I feel good to pay 8-10% fee instead of 15% commission on  localbitcoins.

I already heard about that bitcoin atm machine, in fact we already have one here in my country. For me, I would rather choose not to use bitcoin atm because of the transactions fees. I still have no idea how much is the fee when or if I use this bitcoin atm. The other one is, I'm kinda scared to use this because of the issues of scheming divice that some thief put on an atm machine just to widthraw money on someones acccount.

I would not use them because I am trying to HODL as much as possible and having an easy way like an ATM is not good for me.

the main purpose of the creation of the blockchain (crypto) is facilitate the users to conduct transactions without limited by time, place and machine. so, I think we don't need ATM crypto, because we can already access it from the smartphone.

I have heard a lot about these ATM machines, but I never used them. I suppose the commission there is extremely high. That is why I prefer using the exchanges I trust. I am also waiting for the moment when banks of crypto start their work.

Personally I have a really bad experience with Crypto ATMs. Why? It's simple, the taxes are way too damn high when you convert fiat to Bitcoin.
I would rather use localbitcoins.com or something similar. ATMs are a quick way to get bitcoin, but expensive as hell.

Then withdraw money to bank account and pay tax which is much bigger than 6%.
I've used them several times and I don't see problem with them. It is very simple, bitcoin in - money out.

I've heard that ATM's have ID verification but so far I didn't see such ATM.

I don't try use crypto ATM.
This idea is really good and useful.
I think is the future of money and banks :)

There is 2 of them in my country, or better to say in our capital. Only one works. But mark up is hug 8-10% i wouldn't use it at all. I would rather find someone personally and do transaction via hand while we have drink etc.

Stay away from crypto ATMs. Unless you have a small amount of money to invest. The fees are huge! You don't want to end up paying 10% in fees, trust me!

Hello !

Yes ive used it personally ! and yes the transactions fees were pretty high , but i would say just the whole experience of buying through an ATM was pretty cool ! And another reason people would use it would be maybe there stuck and need to get a BTC asap at that moment and cannot wait to go log on an exchange . I would say the speed and the convenience maybe would be the purpose of the ATM.

Thanks ! :)

Hopefully in the future we can use crypto to buy food, drinks, airline tickets and more. :)

For the moment I love the concept and will use it for sure as long as security measures are in place to protect us from the cost of starting to fall on its own. I'm so not sure one of these problems is nearly handled and too early to do so. 8)

yes i will, if the country still using cash for everyday life.

Of course, I support the crypto process. I would like to call it a bitcoin if I am an ATM. I think it will make people running more dynamic.

In my opinion, this is not very safe, but if you look at it from the other side, it will help attract a lot of people to the crypto-currency world!

It is good if you want to stay anonymous and avoid kyc from exchanges. It also has a benefit of letting people experiencing crypto for the first time. Transaction fees are high but if there were more owned by a single entity they would be cheaper.

I wont be using these ATM and i do not think that we need those at the moment, the one thing that would be helpful is having crypto based debit card and it will be more useful than having an ATM, let us forget the charges, why would you use that unless it is difficult for you to purchase online by providing your identity, they must be having limits too, so i would not use it , no matter what at the moment.

Crypto Atm is a convenient machine for the public to buy crypto regardless of how old you are as it does not require ID verification.
Also it is easy to use them, you can be saved from the hassle of going through the websites and doing all those procedures.

In my country crypto atm is not available yet and i would love to use them if we get them in future