Bitcoin Forum

What are your opinions on them? Good for crypto? Unneeded? Beneficial? Unsafe? I see many pros of them but I worry about the safety of these machines, although I have to admit I don't fully understand how they operate. Could skimmers be a thing? Could bad actors put in nefarious code to retrieve your information when you use them?https://omegle.onl/ (https://omegle.onl/)  vshare (https://vshare.onl/)

Good for cryptocurrency market because ATM is more popular to people. They can buy or sell small Bitcoin amount with fiat. In my perspective, Bitcoin ATM is very first way to join Bitcoin market for people who are not use Internet everyday.

If you use ATM, find the one that is not located in remote area that can put you into risky situation when you visit there in order to complete your Bitcoin trades.

https://coinatmradar.com/

No. You aren't supposed to provide them with any of your private information (possibly other than KYC) so a simple hidden camera can capture your identity. Most Bitcoin ATMs do not require any cards but only require your Bitcoin address so there is nothing to steal from except your money. It is okay for small purchases, which isn't so viable nowadays. Otherwise, it is a good first point of exposure for most people but terrible if you want to seriously use Bitcoin.

There are Bitcoin ATMs that have Lightning network integration. You will save lot of cost for transactions if you use Lightning network.

I never use Bitcoin ATM even there are a few locations near my place. I usually buy Bitcoin on peer to peer markekplaces and send them to my wallet or to exchanges.

You can use private key and import it into Electrum wallet. Use BIP39 when you import private key from Bitcoin ATM. Print you receive from ATM can be blurred, damaged, disappear after few months and you will lose access to your Bitcoin if you lose your private key.

Bitcoin ATM has been existing for some years now, no complain yet that it resulted to stolen of Bitcoin or any other coin the ATM is supporting. The way the ATMs are operating, it will be difficult for attackers to make use of it to steal. Only what I know is possible is for attackers to physically attack someone like after Bitcoin has been exchanged to Fiat, thieves can look for way to steal the Fiat from you physically, that is why we need to be very careful while using bitcoin ATM, but about online attacker, this will be nearly impossible. There are even many cases of someone that even went to withdraw Fiat from bank ATM in which he/she was later physically attacked by theives.

I think Bitcoin ATMs work similar just like traditional ATMs, but in Bitcoin atms what you need is phone number, pin code and your Bitcoin address.

There's some scam about Bitcoin ATMs [1] but the scam isn't technical thing, it's only targeting not educated person (e.g. send Bitcoin to other address, using other person QR code as receipt address)

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[1] https://www.coolwallet.io/bitcoin-atm-btc-scam-security-guide/

Just a small clarification may be needed.
Afaik in many places/countries full KYC is mandatory only above certain amounts. So the only mandatory part may the phone number, which can be a prepaid number; in various countries you don't need ID for it.



Most do have cameras not hidden at all, but their primary use is to capture your identity if you hit the ATM with a sledgehammer  ;)
Plus, the ATMs are in closed spaces and nowadays one needs a mask to enter closed spaces (in most countries), making the camera useless.

In most cases, ATM skimming is already a thing of the past based on what I know as the technology has improved a lot though we could not be sure if hackers can still do their business with ATM machines. Now, with that scenario, in my own view, ATM machines serves a lot of convenience to people who desire access to their coins anytime anywhere so this is a good option that should be available in the market...and another thing is that these ATMs are actually serving also as a great and attention-getting advertising mediums for Bitcoin.

Ever since Bitcoin ATMs were issued, that's when it happened: The Pros & Cons of Using a Bitcoin ATM to Buy & Sell Bitcoin (https://www.findbitcoinatm.com.au/pros-cons/), but in some countries that have Bitcoin ATMs, especially Bitcoin users, they welcome it positively and become the best alternative for some Bitcoin users in making transactions.

For the OP, I have: A Complete Guide to Bitcoin ATMs (https://interestingengineering.com/what-is-bitcoin-atm-a-complete-guide), so that you can learn now and in the future, to find out the true meaning and use of Bitcoin ATMs.

Bitcoin ATMs are somewhat beneficial on the adoption part of bitcoin.

On the other side, it's expensive buying and using it, fees are high. Though its still the same on common ATM where it can be stolen, atm skimming and other frauds made bad actors.

It would be an advantage in the crypto industry because it could attract more users and investors since it would be more convenient to use. As we all know, some investors are having a hard time withdrawing their funds so I guess it would be an easier way for them to cash out. I just hope that there would be more Bitcoin ATMs that would exist.

I have a good buddy who runs a few bitcoin ATMs and he normally has nothing but great things to say about them.  I think overall , and this is just my opinion, but I think overall that they are good for bitcoin and cryptocurrency as a whole.  The last time I saw a bitcoin ATM in a connivance store I asked the owner if he was used very much and he stated "all of the time'.  So overall I think it's great for adoption purposes.

I believe there is at least one BTC ATM in my city, but I've never used it, even though I've been using Bitcoin for 6 years or so. I feel much safer making buy/sell orders online using local crypto exchanges than going somewhere to use an ATM. Maybe at some point I will, but I've never needed it before, and I've heard of crazy fees and sometimes of KYC requirements for BTC ATMs, so I don't think it's convenient or useful for me. But I guess the fact that they're out there makes Bitcoin more visible, and perhaps there are some people who prefer a good old ATM to websites. So my attitude to them is neutral: I don't think we need them for the crypto market to thrive, but they don't hurt either.

The problem is that it's unregulated and FBI I think have already confirmed that these ATMs have been used for money laundering, a bit of regulation on these and I think that we are good to go with these ATMs.

i have long heard about bitcoin atm before i read on news bitcoin atm is already in big city in america new york and they have made cash withdrawals with bitcoin atm i hope bitcoin atm is also present where i live.

Bitcoin ATMs are certainly a good thing especially for those areas and businesses that don't accept Bitcoin directly, you can always pick up some cash even without verification and partially keep your privacy.
I personally know some people who are totally living like this, they don't have regular bank accounts or cards, so for paying their bills and buying food they use money from Bitcoin and other crypto ATMs.
There are some limitations for how much money you can withdraw without verification (up to $900 in one transaction) but it is still enough for this guy to live like this.
Good website to find Bitcoin crypto ATM near you:
https://coinatmradar.com/

As far as I know, Bitcoin ATM needs to verify user before you can use it for transaction, the verification can just be when your phone number is require during transaction below certain amount, it can be to the extent users that want to transact high amount will even need to provide ID card. Or, maybe the ATM works differently, is there no phone number required at any point during transaction with the Bitcoin ATMs in your location?

What I do not yet like crypto ATMs is that the transaction fee is too high, about 10% or more of what you want to transact is the transaction fee.

"Most of the time" which makes it easy to understand.
I was thinking if there will be Local Bitcoin Banks and all their address will be monitored by the government for verification of the payments.

However, money laundering will be very easy.

They can be good and bad.... depending on how they are used and where they are placed. I have seen some of these Bitcoin ATM's that are charging VERY high fees ...and this is killing any potential for adoption... because new people get the shock of their lives when they convert BTC/FIAT or visa versa and they see how much are charged for fees.

The fees for ATM's cannot be the same for 3rd world countries and 1st world countries. Also, if you place a ATM in a area where there are almost nobody that accepts Bitcoin as a payment option, then it will fail.  >:(

bitcoin atm machine for me is great...

the creation of a bitcoin atm machine, of course, to make it easier for tourists or other workers to exchange their fiat into bitcoin or vice versa. in my city there is no bitcoin atm machine because the government still prohibits it but it would be great if it was available.

Needed? yes, .. useful? yes, safe?.. of course.. I think the security of an atm will be disturbed if a third party does it. Such as planting third applications and recording devices, of course this can happen if we as users are not vigilant. This really helps crypto users to earn money without having to open a market right? I imagine this is already happening where I am, it's amazing..

Needed? Not necessarily
Useful? It's kind of taking away the main thought of having digital/virtual currency.
Safe? Since there's no physical money stored in that ATM (IF that atm's main purpose is just to transact from one to another, without the withdrawal function. The physical ATM itself is safe).

But the fact that most of the countries are still not fond of Cryptos. Who will create, facilitate and maintain a Crypto ATM Machine?

Having that said, Let's go back to the Safeness of these machines. Most likely the government will not fund this, and only the private sectors in which has the capacity to create and maintain one can. Thus, the anonymity of the Crypto holder be safe? We are speaking of ATMs right, Since the chance, some will access their wallets (main or the other) in this machine/s will be exposed? Why? All ATMs has it's own Camera and this can be penetrated by Hackers.

Security is taken care of when giving users access to these atms, but if you are much concerned about your privacy then you should avoid using them as kyc may be needed which will also be accessible to the companies who are in charge of those atms. Bitcoin atms are needed just for those who want to spend their bitcoins anytime anywhere but again, they are withdrawing fiat only so if the cash value would be huge, they may be in trouble if someone (like thief) tracks them down.

Some atms do, but for a certain amount only. Mostly ask for phone numbers for verification purposes though still its part of user's privacy. So if you're a private person, bitcoin atm is a no-no.

They probably bring more advantages than disadvantages, and I think a lot of users here are neglecting the fact that the Bitcoin ATMs bring exposure to Bitcoin. If your a member of the public, and you're just strolling through town, and see the ATM your likely to be quite intrigued, and that alone creates positive exposure to Bitcoin. The thing with ATMs, people are so used to using them, they have come inclined to trust them, which by having a Bitcoin ATM we are effectively creating that trust by making Bitcoin appear more legit, because don't forget the average person likely thinks Bitcoin is still "play" money or used by criminals.

Unfortunately, their high fees do quite a lot of damage to the use of them, and the exposure they bring, as soon as people see the fees they aren't as interested. 

Surely not all ATMs are gonna require you to do KYC, so you don't have to worry about having your information be at risk or anything.
Here in my country, BTC ATMs are quite rare to be honest since not many people still use it and most of it just buy it online with their cards. It is somehow beneficial for convenience of buying your Bitcoins, though I am not sure how fees would go.

The way the world is going, it'll likely be a legal requirement for a ATM to require Know Your Customer (KYC). I know that the UK, and the USA are particularly trying to introduce KYC so everything they can. I've said previously I partly understand why, although I don't agree on the implementation of it.

From what I can gather, and have seen the fees are extremely high almost to the point that any regular Bitcoin user who has access to an exchange or Peer To Peer (P2P) will probably opt to use them instead. At least for regular transactions.

that's the development of the times, it's time for Bitcoin ATMs to circulate so that Bitcoin users can easily take, send and exchange Bitcoins into real money.
Everything will be easy after Bitcoin ATMs can be used in all countries, maybe this is the brightest point in the future because bitcoin is increasingly popular.

I do P2P face to face most of the times or go for Binance P2P, I know it asks for kyc too but I am more comfortable giving my documents to Binance than to an atm based third party whom I know nothing about, and it also increases doubts in my mind that how will they use my kyc documents. Getting doxxed has now become mandatory on most exchanges and I hate it, but to exchange our coins to fiat, we are bound by these exchanges to give out our personal data.

Bitcoin ATMs may be similar to the fiat ATM as usual in the world.d They are beneficial enough for they can help the users or Bitcoiners to use them at certain times, depositing money to buy BTC easily, cashing out, and others.
Moreover today, we can find out many more Bitcoin ATN in the world in which many more companies set their Bitcoin ATMs in certain public areas in order to reach many more users.
And about the security, I am sure that they have been completed and set up with high security. However, like other types of ATM, every technology may have weaknesses and it may also have a weakness in securit. But so far, there are no bad issues with them.

Prior this bitcoin ATM has been established and installed to become accessible for public, every possible circumstances that might exist in future use was already intercepted. Given a chance that it might happen unexpectedly, I don't think all those errors mentioned here would radically burst out. Technical guys won't put things worst because of negligence, so let's trust the process that it will run smoothly along the way.

Safety is a major concern for me. There’s a high chance of being attacked while using ATMs overall and there’s even a higher chance with Bitcoin ATMs. Also, ATMs aren’t a priority for one caring for anonymity: people around can see you, plus there are cameras. We don’t have such in our city, but even if there were I doubt that many would use it.

I've created several threads related to BTCATMs, here (https://bitcointalk.org/index.php?topic=5322534), here (https://bitcointalk.org/index.php?topic=5262424), and here (https://bitcointalk.org/index.php?topic=5328636), so I guess you could say I'm a bit of a fan of them.

Do I think they're necessary?  Not at all at the moment, especially when most merchants don't accept bitcoin and people are far more comfortable spending fiat than they are bitcoin. 

Are they convenient?  Yes, definitely.  But the drawback is that you pay dearly for that convenience, because most BTCATMs have huge markups (though it varies based on what type of machine it is).  Frankly you'd be much better off buying bitcoin or any of the other cryptos the ATMs offer through an exchange or any other means, because you would probably get a much better price.  And let's face it: nobody needs bitcoin so urgently that they need to buy it at their local gas station (though I'm sure there are exceptions).

Are they safe?  That one I'm not completely sure about.  There are a number of different manufacturers and owners of these machines, and I don't think any of them have an established track record of being above-board operations.  On the other hand, I haven't heard any horror stories about people getting ripped off using any of them.  What I don't like is that for all of the ones I've seen, you have to provide at least a phone number in order to make a purchase, and if you buy large amounts you have to basically take a selfie with your ID.  Who knows what they do with that information?  I barely trust exchanges with KYC info; BTCATM owners are to be trusted even less, IMO.

But in the end, I still remain a fan of these ATMs and they are popping up all over the US, so my guess is that they're probably profitable for the owners of them.  I just wonder how long they're going to exist with all of these new regulations that seem to be in the pipeline.  For all I know, they could be outlawed in the next couple of years.

I'm seeking this option to withdraw since my wallet provider gives us only few withdrawal monthly limits and anonymity is not a problem regarding on this discussion towards bitcoin ATM since in the first place I didn't do something illegal and my earnings in legal things here in crypto space. But I make sure that no one's watching while I'm processing my transaction and also I'm sure that no one will come next to you and watch what you are doing on ATM unless you do something suspicious by using it.

Bitcoin ATMs are conducive to the spread and promotion of Bitcoin. Using them to withdraw cash abroad is cheaper than local ATMs. No permission from the government is required to transfer cash. Therefore, cryptocurrencies can be used without tax incidents.
But some of the apps you download require KYC, and some are just robbery at high fees and BTC prices, usually transaction fees are several times higher than the actual price.

I think the fees charged should be high, so be careful. I haven't used them personally because they are not available in my country, but they seem to be safe and comply with government regulations, so I don't think safety will be your problem.

Skimmers and impersonator are normal when it comes to crypto ATM's because more than anything this mostly not requiring KYC or we don't like providing one so the opportunity of negative effects are there.
but if you knew how to protect your coins and account  i think this will be a best operation in crypto areas.

It can be done via Bitcoin and Bitcoin ATM. You can bring your Bitcoin globally and you can cash it out to local fiat with Bitcoin ATM. It is very convenient.

I don't know the fee charge each time you cash it to fiat and I guess it depends on fee in the Bitcoin network. Fee charges by Bitcoin ATM is static and not dynamic.

Do you know limits of each trade with Bitcoin ATM? Like limit with withdrawal from your bank accounts at bank ATM

Advantage
You don't want to deal with banks, ATM can help us solve this problem.
You can use cryptocurrency without internet
Any cryptocurrency can be traded, not just Bitcoin.

Shortcoming
The fees are high, and ATM will charge higher than ordinary Bitcoin transactions.
There is no anonymity, because ATM requires verification of mobile phone number.
Not easy to find. It may be difficult to find an ATM.

it is clear that the fee will be adjusted according to the withdrawal at that time, because we know the price of bitcoin is always changing all the time. but maybe there are those who like the existence of a bitcoin ATM because it might make it easier, but for me it is very confusing, it is better to use a fiat ATM which costs only occur at the end of every month through the bank that we use. but if that convenience might be very useful for those who need it, of course it doesn't matter. but there may not be many bitcoin ATMs available in many countries.

A Bitcoin ATM is a machine that lets you buy bitcoin and other cryptocurrencies with a cash or debit card. Some bitcoin ATMs allowing for both the purchase and sale of bitcoin for cash. Bitcoin ATM resembles typical ATM but except connecting to the bank account they connect customer to a bitcoin Wallet or exchange directly.

The best thing someone can do before using anything that they have no "xyz" idea is to ask themselves those questions at least ... I have met guys who have seen the machine and run towards them like they were candy machines.

I have gotten this link that can help to complement the information:
https://cointelegraph.com/news/bitcoin-atms-worldwide-hit-new-milestone-surpassing-6-000
Source of that link: VB1001 / OP (https://bitcointalk.org/index.php?topic=5202262.0)

Like anything else, ATMs have two sides, one negative and the other positive. The most important positive points are the ease of use and the ease of obtaining cash instantly from anywhere around the world where these ATMs are located. As for the negative points, liquidity is limited and not available at all times. Also, you need to activate KYC, in addition, these devices are not available in all countries.
As for the possibility of hacking it online, we have not heard of a similar case before, but I can say in general that anything connected on the Internet will not be 100% secure, but so far there are no such cases.

ATM are good and they helping to introduce crypto to people who wouldn't buy it in onther way. After that they might learn about it way more if they want. But it's having a really big fees so i don't think it will attract too many people.

i dont know the machine work too. i mean, we can search on yt how it work. we have different place, and its far enough. bitcoin atm can be one of the other easy ways to purchase this coin. we know if we need to give our information, but no matter it is, people who want to know and really dont have anything about this thing will do what is asked.

The working of bitcoin is simple and you can easily buy or sell your bitcoins with these machines anywhere they are located.You simply visit the atm and the machine will ask you to sell or buy bitcoins and if you want to buy Bitcoins click on it and then simply scan the qr code of your wallet which you are using and then it will ask the amount you want to buy for example how much USD worth of bitcoin.Then you add the amount and click confirm and then pass the same amount in bitcoin atm and boom your bitcoins in your wallet.The sell options is similar like you enter your phone number as proof and then enter the amount you want to sell and then you will receive a ticket on which there is qr code which you need to scan on your wallet and then you will receive text message and then simply scan the same qr code on bitcoin atm and you will receive the equivalent amount you have entered to sell.For further information have a look at this video:

Bitcoin ATM working (https://youtu.be/xajKjxxRL04)