Bitcoin Forum

https://www.reddit.com/r/btcgrinders/comments/bxs5l7/bond_street_bitcoin_atm_spitting_out_tons_of_money/

There are issues less severe than the above.

Bitcoin  ATM's are reliable for sure there are alot of member here who already have experience using it.Regarding with the video im pretty sure its just a  common system malfunction that just happen to destroy the machine and spit out money good thing security fast enough to ensure funds not get stolen.Theres an easy fix to that atm machine

It doesn't have anything to do with bitcoin but it's about the manufacturer of that machine. I've read few of the comments on that reddit post and those post were recognizable and has valid points that it's the fault of the manufacturer's developers wrong code. It spits money and its obvious that the machine has the problem, not bitcoin or anything about bitcoins network and other things connected to it.

Obviously that one has a wee problem, but it is a valid question. I remember a fair few comments from people who used ATMs and got nothing out of them.

If I were ever to use one, and I wouldn't because they're almost always far, far too expensive, I would check that it had active and easily obtained support. They have the potential to be a black hole and you're turning up and trusting faceless strangers.

Yes Bitcoin ATM Reliable So far, no fraudulent charges were heard on Bitcoin ATM. And those who have used Bitcoin ATMs are going to hear positive words from them. So, considering all aspects, Bitcoin ATM is reliable.

Unexpected error and technical malfunction usually happen in ATM machines even in Bitcoin ATMs.
The mistake isn't considered as an error from Bitcoin but I think it's because of the ATM. As per users reviews, Bitcoin ATMs are reliable and functioning well so far.

I think that ATMs are reliable (at least, from a customer's perspective). Surely,  there were some reports of robberies and malfunctions, but I believe this does not put your money in danger, it's the money of the company that made the ATM. So if a machine starts giving away a lot of money or is damaged and robbed, the money in your wallet is still the money in your wallet, it's not your loss. However, I don't use ATMs not only because they are not particularly common, but also because their fees are usually not worth it. Exchanging money via local exchange websites seems cheaper (at least, in my country).

Fun, as always. Surprised the guard let someone film it, so it's probably just something normal. Googled the bond street ATM and it's got a lot of coverage in the news (well relatively a lot anyway). Glitchy, now spitting money. Someone in the comments suggests it's really easy to hack the ATM from the back console. I wouldn't know, but "sounds" legit;)

This is of course completely different from getting Bitcoin itself hacked!

Ok I have never really come across one before, do they exist ?? Lol

I have seen legacy ATM's mess up badly too.

Some spit out twice or tiple as much money as you commanded it to withdraw, where others don't spit out money at all. The latter is the worst error because you have to provide evidence that it didn't spit out money, but where is your evidence? You need to be lucky enough to have the camera be pointed so that that it can see whether or not it spit out the money. Most cameras are only pointed so that they record your face.

In the end, software steering hardware to do X or Y can and will mess up at some point. It sucks for the ATM operator though.

What I'm most curious about is the commissions. For example, how much commission does it receive for a 1 BTC trade?

Bitcoin ATMs are good, but for some reason the usage is found less. Maybe when days pass ATMs will get increased access and will be much more reliable. Now it is like the testing phase, even the much used fiat ATMs malfunction quite often. Now more new firms were getting into the development of bitcoin ATMs, so service renders should also be considered.

More you'll be willing to pay in most cases.

It's not unusual when buying to be charged up to 10%, even more sometimes. The average is often 6-7%

This site - https://coinatmradar.com finds ATMs and often list the costs too.

when using crypto commission is really low, but transition from fiat to crypto and vice-versa is still an issue and commissions are high
it would be great when these could be lowered by ATM's

That's kinda high not to mention whether the transaction fee is included on that 6-7% or not but seeing from the perspective of the business owner, they need to pay rent for place, electricity and maintenance I guess that does make sense. But with the majority of people still have no idea or not using bitcoin this ATM seems a bit impractical and costly for maintenance I guess, I hope it will find more of its users by the time being.

I've no doubt the expenses are pretty considerable but if I were running an ATM I do something to encourage repeat custom like lower rates for account holders or something. They must be throwing away an awful lot of business once people realise how expensive it is to go through them. I imagine in quite a few cases they're only used once or twice before customers wise up.

This Bitcoin ATM malfunction is just an isolated case in which it will occur sometimes like some banks ATM's. If Bitcoin ATM is not reliable then it will not multiply or will not exist in other countries in which commonly used by most of the crypto users today. If ever you will encountered a situation like this personally you should not be worry as the balance in our wallets will not be affected.

These ATMs are pointless if you ask me at the moment since 99.9% of the crypto community deal with digital transactions online itself. Why bother going all the way to an ATM when you can simply trade on a site like LBC on your mobile?

If they do offer some additional perks like lower TX fees etc, people will start using them more often though this is impractical due to the costs required to maintain these ATMs. This could change in the future thanks to technological developments.

They are up to a certain extent. Bitcoin ATMs should be reliable, else people will lose interest on them and operators would practically just lose an income stream. There are some reports in which ATMs placed on shady locations end up being stolen, and users end up being mugged by unknown assailants of their cash or bitcoins. As for the fees, it's normal and should be expected that such machines would be asking for 10% tops depending on what kind of transaction is to be done. All in all, I can say bitcoin ATMs are quite good, but not excellent. I have used one and what I really hate most, perhaps, are the fees.

Happy to see some guys are protecting the money, otherwise nasty minds may have tried to pocket some of the malfunctioned money.  :D

yes i have used btc atms 3 times in my life and it worked flaweless, it has to be some malfunction , i know alot of people that used btc atms without a trouble.

Why would some guard have anything to say to that? It's a place accessible to the public.


In Poland, Bitcoin ATMs charge ~3% but there's no KYC (just the EU-mandated 15k EUR per transaction limit). In the UK, I think all Bitcoin ATMs now require KYC which is probably not only an extra expense, but it is also discouraging many people from using them.

I like the Bitcoins ATM and is fast way at least for me to buy bitcoin and if i not buy high amount they not ask KYC but in future i think they will ask documents, but is not a problem.

I don't understand why that is? Why would a bitcoin ATM require your KYC when you give your KYC when you open a bank account. Who in the world would carry their KYC around like that? It just makes no sense to me.
That fee is also really high. I don't think that makes the ATM worth using so it makes the point of it's existance null.

it really depends on the company. some of them were designed horribly.

earlier this year, (https://gizmodo.com/ring-of-thieves-swipes-150-000-from-buggy-bitcoin-atms-1833291429) one ATM company---the police haven't disclosed which one---was targeted by double spending attacks. apparently they were accepting bitcoins in exchange for cash but not requiring transaction confirmations. so a group of thieves hit up 112 ATMs over a 2 week period and netted 200k CAD from the machines.

I can't stop laughing while watching the video  ;D
Yeah I concur with what others have said that it's the manufacturer's fault.
Is this the first reported case of btc atm spouting cash??

From where I am from, those fiats would have been gone in seconds  :D

Just like any other ATM.   Best to use one that is located in a shopping center or anywhere you know that there is little chance for it to be tampered with.   As for required KYC.... usually it just wants you to insert your ID card or driver license.   They do need to have more machines that are able to scan passports as well though, as not everyone has a 'local' ID. 

like any other digital system, bitcoin ATM machines are also having some flaws. and them being new and even sometimes coming from brand new companies, makes them more susceptible to these flaws. but we can't really consider then unreliable just because they have flaws otherwise we can't rely on anything else in the world either.
the important thing to know is to figure out risks and rewards of each tool that we use and try to use those tools in a way that reduces the risk for example you could use a small amount of money with ATMs instead of a big amount so that if something went wrong you don't get wrecked.

Just like we prefer certain bank ATM's , the same thing applies here too , Bitcoin is something that is always at a risk of getting stolen and stuff.
If Normal atm machine can be taken advantage of by the theives then why not ? Why not they will steal money from Bitcoin ATM's if given a chance to.
It depends on the fact that which company is supporting them ,this way one can easily judge the flaws and advantages.
So it depends on

 Company holding It
 Place it's set up
 Security level of the atm machine
 

Bitcoin ATM is still reliable. Just like the traditional ATM, maybe there is just a malfunction. And I think it's normal to have malfunction. Other Bitcoin ATMs are working perfectly fine, and haven't experienced that issue yet. I don't think the reliability of Bitcoin ATM will lose just because of one ATM problem.

Of course it is, you're right.

The problem with them is the problem that a lot of atms face, unauthorized usage. Something that is extremely annoying for the people in charge of them to keep at bay. In the case of the Bitcoin ATM's, since Bitcoin itself is growing and developing so can do it the security measurements of them.

How does it feel to use btc atm? Is it different than the other atm? I don't have any experience using btc atm, but I am willing to use the atm if it's available here.

I think it's normal if we see the system was malfunction because no one knows that the machine can always run in every day. The machine needs to maintain so it could run properly. But if the atm spitting out tons of money, then there should be a problem with the machine itself and that needs to be fixed by the company

I cannot judge whether a bitcoin ATM is reliable, because in the country where I live I have not found a bitcoin ATM.
with the development of increasingly advanced and popular bitcoin, I hope that bitcoin ATMs will be in my country.

in my country it does not allow the use of ATMs for cryptocurrency cash withdrawals, I am sure the use of cryptocurrency ATMs is made as well as possible, it is not possible to create a device that can harm users. many users claim that ATM is safe and reliable.I think the cryptocurrency ATM is as good as a bank ATM.

The problem is the machine lol. The manufacturer should be the one to be blamed. I haven't seen anything like that. The mechanism of Bitcoin ATMs for dispensing cash is just like the usual ATMs. I have seen one of those in one street here in my country. There few of those in this country, I hope there's one near my place.

I've used the Bitcoin ATMs from https://www.instacoinatm.com/ many times over the past 3 years and they work very well - no issues so far and the process is very simple.

I believe this will be the first time such thing has happened with bitcoin ATMs, with this I think it's from the manufacturer of the machine there's likely to be an error in the course of migration or an error during the maintenance process either ways bitcoin ATM is reliable from past experiences and it's still reliable.

Why can't they just scan your bank credit/debt card? You need it to withdraw the money anyway. I don't see why you need to carry your ID around. I don't even carry my drivers with me, I keep it in the car so I always have it.
I always keep my bank card in my wallet so it makes sense because I think everyone keeps their bank card but not their ID I don't like to carry my ID with me incase I lose it. It is much easier to replace a lost banking card then an ID.

i dont know if its reliable because i didnt try it even once . but for those people who already use or always using the atm i think it reliable for them

According to my experience yes, they are reliable. Just like any other regular bank ATM. But I guess maybe there could be some issues due to the software or something. So far I haven't heard any complaints by users from any country but on the other hand I think that people don't use so much Bitcoin ATMs anymore.

The issue is probably not about bitcoin atm but just atm, people need to stop questioning everything around bitcoin

The concept of common  ATMs should be similar,the intention is to allow bitcoiners to cash out amount that allowed for the sets limits of any government rule, if there's issue with the machine Itself, I agree that manufacturer should be the one to resolve the concern, bitcoin ATMs helps to attract new investors, curiosity will make them to realize the usage of this system, another way to advertise bitcoin.

I also believe that in the digital time in which we all live now,when almost everyone has a smartphone with a card attached to it or a downloaded crypto-wallet, there is simply no need for ATMs.POS-terminals will be needed Yes.

Although there is none in my country, I have always heard only good news about the bitcoin ATM until now which I think is a mere technical fault which can also bee experienced with the normal Fiat ATM. The bitcoin ATM is a welcome development .

I think most Bitcoin ATMs accept only cash, I have yet to see one which accepts credit cards, although I know there are some that do accept them. I can't imagine the headache of dealing with stolen credit or debit cards by fraudsters happy to run off with illicitly obtained bitcoins.

Every technology is always associated with some levels of risks but that is not to negate the achievements attributed to bitcoin including its ATM

We can find out many more Bitcoin ATM so far and I never heard about the negative issues of the ATM. I think that so far, they are reliable and useful enough to be used and utilized by the Bitcoin holder in order to do some transaction. Probably we need to secure the things likely securing the usual ATM.
There must be many more issues about the Bitcoin, including its ATM and others. But so far, there is nothing too bad to have.

If im gonna ask if bitcoin ATM is reliable?
I guess no.specifically of the machine.sometimes machine made of error.and many people doing such a bad thing just to get a money from ATM.
Bitcoin is reliable,you can use this in many ways.apps for a wallet of bitcoin can be use for transfering money.to purchase product also paying bills.I think no need for ATM because crypto wallet now you can use everywhere.time will come bitcoin will be known by all people all over the world using your wallet can be use as in every kind of transaction .
And just asking also.who will gonna made of ATM? Having an ATM will be need of some imformation which is different from bitcoin we use by unknown user.
So for me no need for ATM just use bitcoin wallet much morethan safe and secure than ATM.and no need to go to ATM just to withdraw your money.you can use bitcoin wallet to pay and carrying where ever you go.

Omg, that's hilarious. I mean what's even the purpose of that machine if he spits out money to others without proper verification or any of that shit  ;D. I am still laughing anyway I do not think that is some internal malfunction as it seems like some nasty hacker stuff. maybe some hacker actually able to mess up the firmware of that atm, anyhow the atm owners need to overcome this issue as soon as possible or the video gonna spread like fire.

I have used some of those ATMs and never get any problems so far. I believe it's absolutely a system's malfunction.

Its normal to have some problem like that but if its a real fraud then we must be careful on using Bitcoin ATM because we might lose everything. I didn't experience this but I hope to have more ATM here in my place, it is still not convenient so I can say its not 100% safe and reliable. We have to see more security on that and it should be place on good place.

I heard that We have one ATM's here on Bitcoin, but never try to encash using that machine.
And according to what I heard to those bitcoin fanatic who treid to encash or withdraw it, is
that the charge in the ATM was to high, which means is not good I think.

If someone wants to be progressive strange, then the growing demand for cryptocurrencies cannot be denied. ATMs that support cryptocurrency is a really progressive solution that also simplifies the life of investors and attracts new ones. This means who has more support for convenient cryptocurrency exchange services and attracts more people to create new projects on the blockchain

So far, ATMs for cryptocurrency and even crypto payment cards are a new phenomenon. And although many people have heard the words bitcoin and cryptocurrency, but the minimum number of people who are able to appreciate the benefits.

For many people, cryptocurrency is a distant future due to low financial status. But the paradox is that it is cryptocurrency investments that could help many change the situation and improve their income. Therefore, I like the concept of such an independent educational platform as taklimakan, where everyone, regardless of the country, can use educational materials and learn how to use cryptocurrency to benefit

even if we do not specifically follow the example of cryptocurrency, but blockchain technologies could in many ways help improve the management of many sectors of the country's economy. And whoever will begin to actively learn and integrate new technologies into himself, that country will remain in the black. The USA is one of the leaders in blockchain projects, so such a large distribution of crypto-currency ATMs simply reflects their status.

Lucky for those who have access to ATMs for cryptocurrency. Working with exchanges often takes a lot of time. And although the transactions themselves occur quickly, it is sometimes difficult to wait for the withdrawal of funds withdrawal due to the abundance of requests.

if you think a regular atm's are reliable then so as bitcoin atm's because both of them are the same  but i think itll also depend on the atm or the area where the atm is located because if the atm's are placed on a crowded area ,people will use it all the time and the money inside the atm can be easily gone , so its not reliable anymore but if the atm is placed on less crowded areas  , only less people will use it so its reliable  

There are some risks but with the proper installation and working guidelines, Bitcoin ATM is worth for the use as it is useful to maintain the continuity in the transaction flow.

Yes! Bitcoin ATM is very reliable, until now, I have not heard any bad news about Bitcoin ATM. And I am sure that many people have used it.