Bitcoin Forum

Just an off-topic comment before I talk about the bitcoin ATM:  I did finally purchase an e-bike last month, though I wasn’t able to buy it with bitcoin—there was just no easy way to do it, so I plunked down almost more money than I could afford in cash and took possession of the bad-ass machine.  And the reason I mention this here is because that bike was the only reason I was able to get to the second-nearest ATM which is about 15 miles away (I don’t have a car).  I wrote in a previous post (https://bitcointalk.org/index.php?topic=5186098.msg52555747#msg52555747) a few months back that there’s a bitcoin ATM in my town, but when I tried to use it I wasn’t able to get it to work.

Anyway, the weather was pretty good today and my motivation was high, so I pedaled the 15 miles to the gas station in which the ATM is located.  I wasn’t really thinking of documenting my experience with video (or even photos, really), so I only took a few pics.  
I found it interesting that there was a sign on the storefront window advertising the fact that there was a bitcoin ATM inside—bigger than the Zig Zag rolling papers advert, too! (lol)

https://i.imgur.com/0OUydCj.jpg

https://i.imgur.com/HvKrsIh.jpg?1

Compared to the previous machine that I tried to use, this one was extremely simple.  You basically agree to the fees, enter your mobile number to receive an SMS for verification, and then scan your wallet QR code.  I kinda had some difficulty doing that last step correctly, but that was probably my own ineptitude in trying to position my QR code correctly rather than a fault of the machine.  But as soon as it captured the image, it prompted me to insert cash.  

My budget as of late has been kind of tight, so I only fed the machine $50, two $20 bills and a $10.  After telling the machine I was done, I got this message:https://i.imgur.com/75wfzwo.jpg
I didn’t see the funds showing up on the network, but I took a chance and exited the convenience store and departed on my excellent e-bike.  About 10 minutes into my ride home, I got an alert that the bitcoin was received in my wallet.  

All in all, this was a pretty neat experience and I don’t regret spending my time, physical energy pedaling, or cash in order to finally try out a bitcoin ATM.  I’m relieved that it was an easy process, as opposed to my last experience.  Would I continue to buy bitcoin this way?  No, absolutely not.  I paid $50 for exactly $40 of bitcoin, and that just isn’t worth it, since I never have a dire need for crypto such that I’d pay that markup.  It’s too bad the fees were that high, and I think the future of bitcoin ATMs is going to hinge on those fees being lowered.  I can’t imagine there are many people who frequently need bitcoin so urgently that they’d continue to use ATMs at the present conversion rates.  

That’s a bitcoin sticker on the top tube of my bike, BTW, which I think I got from minerjones.  If I had more stickers I’d plaster them all over it.

So anyway, I wanted to share my pretty cool experience with the community.  Sorry if there aren't enough pics, but I'm not the best photographer and there was a terrible glare on the screen.  Feel free to share your own experiences buying bitcoin with ATMs.

Edit:  Hey, my images aren't displaying properly!  Can someone help me out?

Was your mobile number just to receive a confirmation text? Could you have done the transaction with a fake number or without a number at all? My local ATMs all seem to require KYC (although I admit I haven't checked them out in a while), but I don't think I've ever used a CoinCloud ATM like that one.

I notice the machine also says "Scan your ID for higher limits". Do you know what those limits were?

With imgur, you have to use the link to the image itself, rather than the imgur page with the image embedded on it. Add "i." (without quotations) after "https://" on each of your links. So for example turn https://imgur.com/HvKrsIh in to https://i.imgur.com/HvKrsIh.jpg. You can also get the correct link by opening the pages you have linked, right clicking on the image, and selecting "Show image", "View image", "Open image in new tab", or your browser's equivalent.

Edit: Change your [img] tag to [img width=500] (or a different number) to resize your massive images. ;)

Leo, you rock as usual.  Thanks for the image tips; it's been years since I posted images on this forum and even though I searched out how to do it, obviously I mucked it up.

Yes.

Like I said, I had to receive an SMS text from them in order to proceed so a cell phone was definitely required.  I'm sure you could figure out ways to get that confirmation text without disclosing your own number (like using someone else's phone), but I wasn't concerned about that. 

Alas, I was tired and perspiring heavily from my 25km ride and I just didn't have the gumption to linger and read everything--so no, I don't know what the limits are.  But you know, I have a feeling that I might use that ATM again since it was so easy and motivated me to go for a decent bike ride.  Maybe next time I'm there I'll get some more details.

I too may also not be using bitcoin ATM's (because of the Tx fees and i'd have to travel miles to use one in my country for now) but that'll be after my first successful attempt/experience; i think as a bitcoin enthusiast, trying a btc ATM at least once is an experience we should have. Just reading your topic, i already feel like wanting to use one; my country recently launched her first bitcoin ATM and it's in a different state from mine, and I've not visited there for over two years or so, i may prolly make something up just to go there and try it out, gosh now I wish I had an e-bike ;D

I got from their faq (https://www.coincloudatm.com/faq) that;
They also stated in their faq that transactions would usually take up to 10-15 minutes to be confirmed, so that should settle the fears of most users of their service.

This story lacks full picture of your bike with its full description. Just joking  ;D
Anyway, great experience. Nice that you share it with others, because many don't have a chance not only to try to spend $50 just for a test; but even try to use such ATMs.

P.S. I have a Xiaomi m365 electric scooter, might gonna ride it to buy some crypto.

Congratz @The Pharmacist you're not BTM virgin anymore  :D Coincloud has one of the higher fees btw.
@o_e_l_e_o with this issuer the limit is up to $2000 you need a phone number. For anything above (and up to $10k per day) you need to scan your ID. To compare, with Shitcoins.club they can buy up to €10k without ID

Never speed read someone's post, you might miss the details.. I read through your post and saw $50... 2 x $20 and a $10 and my quick assuption was that you fed the machine $100 (50 + 20 + 20 + 10) and then saw you posted that you got $40 worth of Bitcoin.... wanted to reply with ...."You got robbed, because I thought they charged you $60 in fees to get $40 worth of bitcoin.  ::)   ((Luckily I read it slowly again and I spot my mistake))

I have to say, Bitcoin ATM's are charging way too much fees for people to even consider converting their fiat to Bitcoin. I did it once and I promised myself NEVER to do it again.  >:(  ((If they consider to lower the fees, more people would use it and they would make more profit))

I have not used bitcoin atm before but I have watched several videos, while selling bitcoin to receive money may require you to input your phone number or email to get a message when you will be able to withdraw the money and a QR code is printed out. But when using it to sell bitcoin, no phone number is not needed for anything. The videos I watched was way back in 2019 and I think bitcoin atm is being modified.

I think, bitcoin atms are getting modified in a way to reduce privacy. After the high transaction fee, you still have to use phone number for verification, and the atm needs to verify you for higher transaction amount. I even watched a video now because the phone number verification for buying is strange.

https://m.youtube.com/watch?v=xajKjxxRL04

It might be a tad bit off-topic, but this is my thread so:

https://i.imgur.com/JaaFrov.jpg
https://i.imgur.com/qENlFg9.jpg

It's a Specialized Turbo Vado 5.0, which was the bike I was looking to purchase with bitcoin, and I'd asked the community how I could go about making that happen (https://bitcointalk.org/index.php?topic=5232784) (and created another thread about it that apparently got deleted) but to no avail.  I didn't just want to buy the bike with bitcoin; I really wanted the bike, period.  

I'm very happy with it and have no regrets buying it, even though it cost a pretty penny.  

I think the process look very simple for anyone to adopt and I think the adoption of the ATM will grow fast across all continent as year passes. I only think purchase of bitcoin with fiat will be appropriate than spending your crypto on daily need, it is a better way to save fast in asset, I wish the transaction fee was mentioned and the period from purchase and deposit was observed.

I got a bike too and willing to pedal a mile long road to test this out if we have it here haha. Now it's kinda clear to me the steps into buying bitcoin with this machine, I'm just wondering if they also print the receipts with the Tx on it, it would be cool to keep those things tho. I would not be buying on these if the fee is too high, could just do it with any local wallet with lesser fees and effort.

Imagine a guy on your back tell you to stop, '' now send me the bitcoin you bought or imma shoot your head'', lol

This is a very good experience. I have first time listened the real and practical experience of using bitcoin ATM. This is surely one of the great advancement of bitcoin exploration. Though this access is very limited, it will help others to spread this opportunity all over the world.  Very few countries have permitted such facilities and very few people are enjoying it still now. But we expect, one day we will be able to use Bitcoin for all types of transaction and this facility will be available for us.   

I haven't tried any bitcoin ATM because we don't have that kind of ATM her in our Country, I think it would be a great thing if we also have that so whenever we want to buy something or we need money we can use our phone for pulling out our money and it would be great so we don't need to go for some remittance center and fall in line just to get our converted fiat money but I think it wouldn't be possible because our country banned the cryptocurrency but there are still many people who are using it for some online transaction and doing some crypto activities.
Thats true, many people wanted to try that ATM, it would be a great feeling for all of the bitcoin user. Hoping that we would have that kind of ATM in our country.

Congrats for your first BTM use. Feeling excited, but fortunately I don't have, such as an opportunity. I am curious about how you input USD into the machine (sorry if I am missing something on the OP). I mean, did you used a credit / debit card to buy bitcoin? And is there required credit/debit card if you want to sell your bitcoin?

Sadly fee is quite high, but at least there is an opportunity buy/sell your bitcoin in emergency case. Wondering you paid fee $10 to buy $50. Is it will increase if you buy $2K comparatively? Or its fixed fee for a single transaction? If its fixed for a single transaction, then likely it would reasonable when someone buy higher amount. Otherwise really fees are high.

Congrats Pharamacist for the e-bike and your first transaction. And 15 miles back and forth for bitcoin ATM on your first e-bike must totally be worth it. The fees of course is outrageous. Did they charge it just for transfer or some form of "convenience fee' is also billed on the receipt?


SOMEBODY GIVE THIS MAN A "STICKER"...@minerjones

I often saw OP's thread about buying this kind of bike through bitcoin, I am happy for you even though you haven't bought it directly from bitcoin.

I just want to share, we also have a convenient way of buying bitcoin. I guess we cannot really escape from huge convenience/transaction fee, or whatever the fee is when converting fiat to bitcoin. The process is like this:

You open up your mobile wallet app Coins ph.
Click cash in and type how much you like.
Show the receipt to 7/11.
pay it.

Then you have your bitcoins already. If they could make this process purely automated, it will be a big business to start with. More people are now engaging to bitcoin and having bitcoin ATM will give you tons of cash.

It doesn't matter if it's via ATM or via online purchasing.The giant transactions fees will always be a problem,when buying Bitcoins.
Traveling 15 miles and paying such transaction fee seems like a big sacrifice. ;D
There aren't any bitcoin ATMs in the region where I live,but if there are some ATMs installed,I'll most likely refuse to use them.
I don't know what to say-congratulations for using that ATM or not congratulating you for wasting your time,money and energy. :(

Well, it's the experience that counts I suppose. He didn't deposit that much so I suppose the transaction fees aren't that much of a problem. But really, based on price for when I checked right now, can I assume that the fee for the transaction is around ~20%? Damn, Crypto-ATM's are really there to suck the money out of your wallets. Congrats on that 15mile travel that costed you around $20 I think?

Well done to you! I have never seen a Bitcoin ATM up close, I live too far in the suburbs to make the very long journey to the city where I know there is one. Never actually also saw anyone I know use it so it's interesting to see. I doubt we will ever have a lot of business here (the local currency is cheap so $50 is a LOT of bills) and most people are afraid of ATMs that don't have guards:) Enjoy your life and e-bike OP:)

Hey man good on you. Trying something new.. again after a negative experience and getting out for some exercise is a big win. I've never bothered with the ATM's and likely never will. There are probably 20 or so within a few hours of me in the larger cities I frequent. It's just the damn fees that are crazy. If the meetups I was attending fire up again as Covid dies down a bit - here anyways - the organizer has a fleet of them. He does offer us a discount to buy through it - or just to do some direct deals with him at a decent rate.

Truth be told though is I can generally purchase BTC from 2 reliable spots with my Fiat easier and with 0 fee or significantly less fee.  The beauty of these machines are that you can in theory pay that premium to get your coins in an anonymous fashion. The SMS verification can throw a wrench in that but all the operators machines are different.

I am curious about 2 things though
1) Did you notice any scam prevention documentation on or around the machine??
2) Did you grab a pack of zigzags  :P

Thank you for sharing your experience using Bitcoin ATM, unfortunately in my place there is no Bitcoin ATM yet. I always hope to
feel using Bitcoin ATM too, even though the fees is expensive I will still try it. Most importantly I can feel directly how it feels
a transaction using Bitcoin ATM. Hopefully in my country there can be at least one Bitcoin ATM, so I can try it.

Hey The Pharmacist, congrats on buying an awsome bike, making your first purchase of bitcoin via ATM.

I'm interesting to know about this black circle object above the screen. Seems like a camera, 100% sure of that. This means your were taken picture/recorded. Does it means your personal info now is held come where? Can it be possible now to match your phone number (you got an sms) with your face and reveal your identity to security service ?

I'm glad to hear that BTC ATM experience can be simple, but the fees are killing me! Paying $50 with $10 of those going on fees - that's just crazy 20% fees there. And I thought that around 10% in fees was common for ATMs but still too much. I agree that the fees should get reasonable for more people to use such ATMs. I usually buy BTC online on local exchange websites and spend about 5% on all the fees with getting my fiat when I'm selling BTC in about 20 minutes (sometimes up to an hour). But even this is quite a significant fee (at least, in my country) because transfers in fiat usually involve around 1-2% in fees, not 5% or 10%... And this means that Bitcoin kind of loses to fiat transactions here which doesn't make it attractive to newbies.

Hey Pharma, didn't realise your location until I saw this thread, always assumed (don't know why) you were across the pond. Anyway

@Kakmakr I used to think that the exorbitant fees meant no one would ever use BATMs but I've been proven wrong by their proliferation and from user stories I'm now reading more and more of. The convenience of them in the US anyway (especially for selling) means it's a legal and easy way for most people in the Bitcoin economy (as earners) can liquidate. The cost seems negligible I guess when you're paying $10 for $100 (not for me but for the ones I've spoken to anyway!).

Also curious what the limit is. Until a couple of months ago, where I am you could apparently use it for EUR 1,000 without KYC. On some, the limits were even listed as EUR 5,000 but I think the government is cracking down on AML5D compliance (which it should have even by January!). The days of Bitcoin selling for thousands of euros easily is gone now.

Oh and I second the sticker idea. We should start something seriously with them stickers.

@amishmanish long time no see;)

This is amazing! I so wish that I could use one but it's quite unfortunate that the closest bitcoin atm is like a day drive away from my location. However, I know that someday, they'll be more and I can get to use it whenever. Congratulations on that feeling! ;)

I envy you @The Pharmacist, i don't know any BTM that exist here in my place, even those urban areas that includes huge establishments doesn't have this BTM.

For me, I don't care if the fees are high, the only important thing for me is to experience the convenience of using BTM.

Hoping that this BTM should spread more globally so that people who are using bitcoin will not have a hard time to use exchange. This global adoption should be improve more so that even those people who are in a hidden place or province should also access this BTM and know its importance and learn how it works.

Very nice story, maybe this would be a good template for an article on how BTC users are environmentally aware and go to crypto ATM by bike🚲

I personally have never been in need or able to try crypto ATM even though there are several in my country (none in my place), given that I have much better options (cheaper) to buy or sell BTC. Personally, I think the fees are too high for this way of buying BTC (perhaps the biggest of all ways), but I think it will change when the competition gets bigger in this business segment. Still, the USA has a higher concentration of crypto ATM than anyone in the world, but considering that it is a very large country, I don't think that even twice as many would meet some average needs.

Ok, you lost me at pedaling and e-bike  :o as quite the opposite to you I've never had a bike since I was a kid nor I feel the need for it, but back the ATM...

But two questions:
You paid 20% in fees because there is a minimum fee like some ATMs have, and if you would have bought let's say 200$ worth of bitcoin the fee percentage would have been lower? Also, how much did they pay in tx fee if you still have the tx id? I'm really curious if they didn't go overboard and pay something like 100sat/b charging you and extra 2-3$ for almost nothing.


I have something like 10 or 15 of them in that range but trust me, once you check the fees they charge you for occasional buying or selling, if you are not that keen on privacy you will go the traditional way of buying from an exchange.

Let me first congratulate you on that machine you got there, looks very appealing i can only imagine the feeling riding on that bike, looks cool and i love it is black,
and as for using a btc atm, haven't use one before and i don't think am eager to use one judging from the high transaction fees being charged, i guess this is as a result of btc atm are very limited at present, maybe when they are everywhere the charges will be reduce. for now, i will stick with the normal way of buy btc.

Shame! I'm always on the look out for completely anonymous ways to buy and sell bitcoin. Still, a burner phone is easily acquired so this is still a viable option.

Yeah, I saw that too, but I was curious to know how much you could buy without a verified account.

Ahh, perfect. Do you know if that is $2,000 per day, or a lifetime limit of $2,000 per unverified phone number?

$2,000 lifetime per phone number, but you can always bypass the limitation by buying Lyca mobil SIM card (you can use it about 2 weeks before to be forced to send your ID to continue to use but in UK and NL there is no such, and users sell them here), a virtual phone number or anything else. The nightmare starts when the machine needs to scan your ID.

The idea of Bitcoin ATM is really cool, but I don’t know if I’m ever going to make use of them. There is one that I know, but it’s very far from where I live that I will even have to take transport and not just a bike lol ;D. And the high fees is something else that makes me feel like it’s not really worth it.

Why would I be paying high fees for just to buy Bitcoin when I can do that right in my room using my smartphone? So I don’t see the need for it. But like I said, it’s something cool, maybe those that likes it can continue making use of it or if I want to use it, would be just for fun.

Nowadays it will be even more interesting when many stores provide BTC ATMs to become one of the payment media options. Maybe that is one of the obstacles that is related to relatively high fees. However, if this has been explained just before the purchase, then of course the user has chosen and is aware of how much the fee is spent. So far, I personally have never tried using BTC ATM because it is very difficult to find it here ..

Congrats for using an ATM for the first time! Feels great, doesn't it? :)

In Romania we still have some ATMs that let you purchase at 0% commission/fee - basically at spot price. There are only few that let you do so, but I believe there are many around Europe that have zero commission as well. But unfortunately, most ATMs do have annoying commissions especially if you want to sell your coins.

Unless this is written in their terms and conditions, I would not try to make use of multiple mobile numbers in order to bypass it. Some ATMs verify each transaction manually, live - and take a snapshot of your face while purchasing/selling. That means if you go to the same ATM with 3 different phone numbers, chances are they'll find out you seem to be a familiar face and you may have a little big unpleasant surprise (KYC).

It's a shame the limit is not per day but a lifetime one. Same goes for purchasing precious metals in Europe right now; there is a lifetime purchasing limit before you are asked for documents that's been introduced.

Wow! Very interesting ,i can't wait the time that i can also use bitcoin atm here in our country. But the transaction is still anonymous or not once you use the machine?

In order to be 100% anonymous, that means you'd have to hide yourself from all the security cameras surrounding the ATM, to hide your face from the ATM's camera, to refuse any kind of verification such as phone numbers (although you could use a burner phone) or ID card scanning and to send BTC to an unused address that you will not link with your other existing ones (Coin Control or just generate a new wallet).

So achieving 100% anonymity when purchasing from ATMs is pretty hard and hiding from the cameras would probably trigger a mandatory KYC procedure especially if txs are manually verified as I said a post above yours.

You could, however, try to at least avoid both any kind of identification and linking your purchased BTC to your other addresses. Most ATMs have a camera strategically placed so that it could take a shot of your face while purchasing anyway. And if you wish to further improve your privacy, after purchasing you could also use a mixer to make it harder for any bad actor to follow your tracks and identify you.

I always wanted to try to withdraw my BTC using the ATM machine, so that I can post here my experience but there's no luck. Our City is not that popular for a Bitcoin ATM machine to be installed here. Finally, you made it! you've tried it.

I just have one question regarding the machine, in our country we don't have an ATM where you can deposit money all you can do is to withdraw on them. If ever someone will install that kind of ATM in our city in the future, will they not remove the deposit features of that ATM?

I felt envious. I really wanted to try this ATM machine :( but here in my country that is really imposible because our country does not support any activity, business or agendas regarding on crypto currency because our does not supports crypto currency yet and they are still depending on the traditional way of using fiats.

Looks good !
Im living in Turkey and we do not have anything about bitcoin yet. Government is just ignoring it.
I hope we can get this atm here.

Did that ATM request the KYC process (i.e. verification of your person) or were you able to do everything transparently?

Would be much better if you could take a video since it was your first experience. Friend tried to used one of them and he said there is a camera on the device to take a photo from you even if you don't want to and this is really against the privacy right. It's like forcing people to sharing their real ID. He tried to cover up the camera with his hand and the ATM didn't work any more with a covered camera. Maybe not all the ATMs using this method but you could maybe try this way.

If you tried to record that scenario and upload it or even capture a picture of that BTC atm that will be a memorable thing for you.

The camera also serves as the security so that if a crime happen in front of a BTC ATM they can record it so that they can easily catch those criminals. Maybe, that's also a privacy and security purposes, also the authorities are the one who will take care of your identity. Don't be scared of that camera, it is for your own safety and benefits.

I want to experience using BTC ATM machines also because this is a rarely thing to happen to have a BTC machine near in my place.

Probably not in the ATM, But it probably depend in the ATM machine that you are going to use.

Most of the ATM machine here in my countries are not operating because their are probably only a small percentage of people that uses it, maybe it just depend in the countries it just bitcoin ATM is not really convenient here in my countries since most of the people here are just converting bitcoin online and withdrawing it in a bank ATM.