Bitcoin Forum

Crypto currency is known to be a digital currency, a lot of us have suggested that there should be a crypto ATM to ease and hasten the use and general acceptability crypto. But if there be an ATM would it not make it Fiat again and would it still maintain the digital currency value?

There are bunch of crypto ATM's currently.

After quick search on google:
https://coinatmradar.com/ - list of 6210 crypto ATM's all around the globe (for 8 coins - BTC, BCH, ETH, DASH, LTC, ZEC, XMR, DOGE)

There are bitcoin ATM’s all over the world. Are you being purposefully stupid?

https://coinatmradar.com/countries/

There are over 4,000 in the US alone.

And to answer also his doubt, of course you need to convert your crypto to fiat.
Otherwise, how can you spend your money? That is the major reason why there is crypto ATM after all.
To convert your crypto into usable currency.
And the rate depends on the current market so yes, it maintains its digital currency value.
But there will be small difference to where you are referring to, coinbase or whatever crypto site and the integrated fee.
I don't know his intentions of asking this question, which he should know by now. 

I'm confused with your question though. You used ATM to buy crypto, i.e you still need Fiat to transact. I don't know where you lived, but there are a lot of crypto ATM around the globe. Maybe you can try one near you so that you will get the experience of using crypto ATM, just a suggestion.

I think I understand your point of view about this matter. We don't have choice that we have to cash out the bitcoin that we have because the gov't still doesn't look at it as a main currency. The same goes for other assets and investments that we're living with.

We have to withdraw them in terms of fiat having a monetary value. I just don't get the point of what you're trying to prove here and this has been asked for so many times and we have to recognize that we still need fiat at these moments because the world isn't ready yet.

Probably not.  He's probably just starting up another thread so his alt accounts can have something to talk about, although I must admit I do think the topic is an interesting one in general.  Why?

Because:
And I found one in the town I live in, stuck way in the back of a liquor store.  I posted about my experience a month or two ago, but to recap, I found its location using the coinatmradar site but when I tried to use the thing, I kept getting an error message when I tried to make a scan of my ID.  I attempted the procedure about three times before I finally threw my hands up in frustration and walked out without being able to buy any bitcoin.  Dammit! 

Even though the ATM's asking price was a couple thousand dollars above the market price, I would have gladly spent a little money just to try the damn machine out and say I finally used a bitcoin ATM.  One of the liquor store employees told another employee that they should just unplug the thing.  It sounded like I wasn't the first person who'd had problems with it.  Oh well.  There are others in my state, but I don't have a car and the next closest one is too far to ride my bike to.

@The Pharmacist - There are a few within a reasonable ‘ish’ driving distance from me. I have to admit though, I’ve never used one. I’ve never had the need to, I just buy & HODL, buy & HODL.

The fees are with them like you said (over charging massively to buy & sell).

I've used it twice. Fees (~4%) in fact makes it the worse option for trading but it is not designed for quick buy/sell. It's the most convenient way to exit bitcoin without leaving even a single finger-print.

1- no KYC
2- no bank transfer (IRS won't know about your earnings in bitcoin) because you are getting cash from machine.

ATM's (at least in my country) let you sell bitcoin in a way that no one will ever track it. Operators knows only your BTC address and email.

Every one I see now demands ID so the novelty has worn off for me. Cameras, ID scans.....I've even seen ones equipped with fingerprint scanning devices.

Makes me want to go old school and start trading for cash at Bitcoin meetups....

It's like the usual withdrawing and converting our crypto to fiat in exchange. It's much easier though with the use of ATM*.

Anyways, I  will try to share with you some info about using crypto ATM to somehow give you some insights in actual...but not today.

I started a thread here (https://bitcointalk.org/index.php?topic=5155798) before asking some possible ways to withdraw BTC in SG. The plan was postponed and was moved to March 2020. Looking for crypto-related stuff was included in my itinerary. :)

4% is a very high fee and very scary.
Most exchanges where you can sell cryptocurrencies and get back to Fiat for a relatively small fee, usually a specific fee of about $ 2.
Exchange where I sell cryptocurrencies charges a fee of 0.005 ETH or 0.0005 btc per transaction, which is a pretty good and acceptable price.
In my country, people are not KYC when they sell cryptocurrencies, and direct transactions are still very popular.

In fact, atm or bitcoin ATMs are you only allowed to withdraw cash. Then you have to fill in your wallet and then you will enter the amount to withdraw and then they will convert to Bitcoin for you with a higher fee than normal. So don't rely on ATMs, it will only cost you more fees. ATMs are just a coloring game and nothing special.

Cryptocurrency ATMs can be an addition to many available choices that Bitcoin holders can use anytime. This can be helping more adoption as it is now more convenient to be able to convert crypto to real cash. ATMs must be doing good business as I understand that many are right now planning to expand the coverage of these machines. Now, the big reason why many Bitcoin holders are converting to cash is because we miserably failed in the P2P option, the first one which Satoshi Nakamoto hoped can be more widespread.

Wow, Very surprising that US has the largest number of Bitcoin ATM’s even though they have a very strict policy regarding Bitcoin and crypto. Maybe OP is unaware of adoption around the globe, ATM is another one big step in bringing crypto to the masses.

I actually found the same in my city. I actually wish that these Bitcoin ATMs were placed in more legit operations such as a large mall or some Starbucks instead of being placed somewhere in the back of Liquor stores, Vap stores and head shops. Most of those are in dingy areas as-is and someone going to those ATMs and withdrawing or buying $1000's of dollars worth can easily become a target. Because they will be known to either carry cash to the ATM or from the ATM.

This is actually why I just went the KYC route and went with an exchange. Because the fees are much smaller you don't need to worry about your safety. I think if you are buying $50 worth then its not an issue but its not ideal if you want to deal with 4 or 5 figures worth, especially the high 10% fee attached to these ATMs.

It will good if the ATM purpose is for buying bitcoin rather than for withdrawal.
It will just be the same as fiat just like you said if the purpose is just for people turning bitcoin into their own currency.

I am against that.
Let bitcoin circulate as how it should be. In internet or as payment using different application.
It won't change a thing if we are doing it just for the purpose of making more fiat money rather than keeping more bitcoin for future usage.

I agree to be if I have come across one in my country here. Few other stupid ones could understand what I meant. The only twisted part of it is that what most people request for is bitcoin in paper or coin form. Statistically, do you think the ATM has been evenly distributed throughout the world?

In our country which is Philippines we already have bitcoin ATM. But, as far as I know there are few people who knows it and I already see the picture of that ATM in Facebook. It is good that there are many bitcoin/cryptocurrency ATM in other countries and because of this some bank might supported it. Having a bitcoin/cryptocurrency ATM is one of the result of massive adoption and I hope more people and companies will support it.

Nooow i get you. You want paper bitcoin to pay with peace of paper in shop and this peace of paper will represent fraction of bitcoin right?

Well the one and only way to do that right by company interesting in making such product is to put private key (with loaded bitcoins) on a peace of paper in a way that it is impossible to read it without vanishing it. That way you could use it, pay in shop etc. (at least if merchant will honor the currency you have) and be sure that is in fact backed by real bitcoins.

The easiest way to do that (and most profitable) by company interesting in making such product is to lock xxx bitcoin on cold wallet and print bank notes with all security (watermark etc.) which value will sum to value of locked bitcoins. Read this thread to know how it may destroy bitcoin. https://bitcointalk.org/index.php?topic=5094088.0 It is about money creation system used by exchanges but it may also be used by company making bank notes for bitcoin.



It looks like we misunderstood him.

I thought there were already Bitcoin ATM’s in some locations. The great thing about these is that it gives people an easy way to buy a little bit of Bitcoin easily. Many people do not know how to obtain Bitcoins so this brings it to the masses.

How easy is to call someone stupid, and not really understand the question OP is asking. It is not about how much crypto ATMs are in the world, and where they are located, but about the very purpose of the same. If we go in the direction that Bitcoin can only be used if we change it to fiat, than this is very bad direction, in fact, we invalidate its true value ourselves.

However crypto ATMs have the function of buying coins, though most are only for sale of crypto. I can agree that this is still the most expensive way to buy/sell because of the high fees, and that there is a major liquidity problem on such devices. I have a few crypto ATMs in my country, but most of time people complain that they could not use them because they were defective, or there were no funds in them.

The crypto currency ATM's (or better known as BTM, Bitcoin Teller Machine) is not for cashing out paper money or anything related to fiat, it is there so you could cash out your bitcoins into fiat which doesn't mean bitcoin becomes fiat in that sense, it is only exchanged but there is still a BTM company that is holding that Bitcoin in that case, or it could be used to buy bitcoin which is exactly what the adoption should be for.

So, long story short BTM is usually for people who can't reach to local exchanges or want to get their KYC known so they do it secretly using a BTM. It is also great if you are in a country where you don't have fiat, or you have extra fiat which in case you could get local fiat or you could get bitcoin in exchange of local fiat when travelling to other nations.

Did you know that there are tons, mean thousands of bitcoin ATM out there. Some others are fully functional, and fully operating. However, the thing that must be worried is that such countries who are into crypto but doesn't have any of this must as well reconsidered this concern 'cause it will be definitely be helpful among crypto enthusiast, and it will serve as influence to non-crypto.

For me crypto ATM is difficult to use and the value of the crypto value does not match the market price. So it is better to directly buy or sell in a local exchange rather than having to go to an ATM that is far away and takes a lot of time.

Buying of bitcoin out of ATM's weren't that simple, it seems to have complex process. Buying out of exchange costs less compared to the cryptocurrency Atm where the transaction fee is quite high. Globally we've large number of cryptocurrency ATM supporting different cryptocurrencies but those haven't got used much. On account of the same more ATM's were taken back by the firms that installed it.

Just because all this time we use ATMs with fiat money doesn't mean that crypto ATMs will make it fiat too. I understand you imagine that crypto ATMs will definitely be as stable as fiat. But why don't you imagine a stable coin crypto? has he ever been called fiat?

Well, the purpose of ATH is to cash in to buy bitcoin and cash out to sell bitcoin, and cash out are more in demand as the adoption of crypto is still very small, we can't spend our Bitcoin for our basic needs since only few of businesses are accepting Bitcoin and massive adoption would only happen if there's a full regulation to the market which might take time.

i have been heard there is bitcoin atm in any country, but im sorry i forgot about which a country have
Personally, I think that, what the function of ATM ? transfer and withdraw the money ? transfer cryptocurrency can already be done with blockchain Technology.. then withdraw crypto can directly to the bank..  so in my opinion no need crypto atm because all the function of atm is already in crypto

I miss Casascius (https://en.bitcoin.it/wiki/Casascius_physical_bitcoins) :(

You are right! Even though there were several ATM as of this moment in talks of Crypto but they cant really be compared on what a Fiat ATM could done.
Adoption is still on the move in crypto but it doesnt mean that we can already directly make use of it just like on what weve been doing with fiat.
For now only buying and cashing out would be the primary operation of these crypto atms.It will still takes time though if we do able to see further
usage.