Bitcoin Forum

I see a lot of hate towards bitcoin on the internet through google news but I came across this video.

https://www.youtube.com/watch?v=vnm4xFC2xNo

Not going to lie,the Atm is a scam,wish I saw this before I posted on that other thread about bitcoin atms and if they could be trusted. I now understand why the atms that existed in my town were pulled from the floor. I personally never used them.

In my opinion bitcoin Atms aren't necessary,it just seems like another jig to make money off of people,its certainly not convenient. Which is my opinion,but the proof is in the pudding. Personally I have never used a bitcoin ATM,even though their was 2 in my town at one point. Reason wasnt because I didnt trust it. But because I didnt feel like it.

In any event,these Atms give bitcoin a bad name,they aren't about pushing bitcoin forward they are about making money,its a scam. 

I have never used even a FIAT atm so why would I use a bitcoin atm?

bitcoin ATMs are a way for their operators to make money, just like the exchange operators make money from people trading bitcoin on their exchange. There is no reason for the operators of the ATM to not receive some kind of compensation for their services

OK, simple question for you, why won't you develop and install your own bitcoin ATM which doesn't charge any fees?
Since you're asking others to operate without profit (therefore making loss) why don't you do it yourself?

is that a roboscam-atm  ::) ?

Very good point.
Recently, just a few months ago, my country got first BTC ATM.
I still didn't use it but like the idea to be able to go to ATM and cash out BTC, as any other currency in the world.

Has been talk of installing one in Perth for some time, but has been delayed by months.

I'm using it to cash out btc from time to time.

The problems they encountered in the video are partly the misunderstanding of what a Bitcoin ATM is (not an ATM) and a lack of understanding of some of the features of bitcoin required for it to be useful (Not understanding the miners fee)

A bitcoin vending machine in concept is not a scam. The barriers come from the friction between vending a digital, frictionless asset out into a physical, regulated world.

Don't judge about bitcoin ATMs just based on one very old video..

i don't think they are really useful either, just a plus for merchant nothing else

There is one located in Dallas and since i am not too far from tat location and i usually have a need for bitcoin and dont have ne but usually do have USD bills on hand i could see this BTC ATM coming in handy for me... after i use it for first time i will come back and give personal review since this video looks like it may be  a lil outdated

Bitcoin ATMs are cool, to buy bitcoins for people, not aware of various online services.
 It also increases adoption and awareness about bitcoin amongst people.

You've never used an ATM? How can people avoid them in this day and age?

Amph, I think you underestimate how many people will buy the coins from the atm that, without which, wouldnt purchase bitcoin/know how to purchase it at all.

Maybe he always use credit card

The first bitcoin atm that is in Vancoover BC has been tremendously successful. It has been so successful that people would actually go to the coffee shop it is located in to compete with it, and once the ATM's owner got a wind of this, they were able to pay someone $10 an hour to sit near the ATM to fend off people trying to beat it's rates and to educate people about bitcoin (and it still remained profitable).

Greed doesnt even begin to explain the issue with these machines,they are stealing from people do you understand that?They are literally robbing people for their money AND bitcoins. I would respect your opinion but buddy,lets keep it G real...

Honestly,I don't know why someone would use a bitcoin Atm I'm not sure if I mentioned that in my post but if you do a little research you would find it is easier to buy over the web. I started buying bitcoin on coinbase day 1 from home.

It is easier for USA based customers to use coinbase but it's a pain in the ass for others. And some people prefer to buy bitcoins anonymously without giving out their important documents, which they fear might get misused. And Bitcoins ATMs provide them just that.

Coinbase just wants your Debit Card information first and last name to make the online transactions. The ATMS are what take your ID and Handprint. But I do agree on the anonymous thing,I wish I bought bitcoin from people instead of the market tbh but I was new and knew that security is ultra sensitive with bitcoin,didnt want to be ripped off for my first few purchases (like what these atms are doing)

Here in EU, ATM want's my phone number-i have to put it in, to get sms confirmation number for transaction, so if my phone is not prepaid one, then they already know who am I.

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

yes they would be wonderful if they weren't ripping people off that was the whole idea of this post. These btms(if you will) are robbing people.

These atms can actually start at the low prices of 500$ and are risky to use to buy more than 200-300$.
Its best to stick to legit and reputable atms.

Im not using a Atm,but if their are reputable ATMs where are they?ha,are they in your location?Cause they pulled all of ours a while ago.

Ok you got a point about the price, it was a bit of a mark up but you pay for convenence.
I think i put $20 in first time and got about $18-19 in btc, the fee wasn't to much to pay at that amount but it does increase with volume.

We don't have any bitcoin ATM here, so I guess I won't be able to use one even if I wanted to.

Where do you live. You might get one in the future. Maybe you could buy one? lol. Some are quite cheap. I may even purchase one at some point.

Man I really want to agree with you,Honestly I do. But "paying for connivence"is just your way or their way of justifying highway robbery. What is more convenient than buying the coin over the internet?

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

You are right,normal people are just lazy and go with what ever is easiest even if it will cost them extra time and money.

Bitcoin ATMs are beneficial in my opinion.

They are the easiest method for exchanging cash to BTC, raise awareness and force localbitcoin.com sellers to set acceptable fees.



Not everyone is happy to send their sensitive data and money to noname startups (basically all online btc exchanges).

With an ATM the risk of losing your money is a lot less.

Subjective.

You also need to take into consideration the value of convenience. If you need to drive 100 miles in order to save $20 on a $500 purchase then it is not going to be worth it. If you have to jump through 20 hoops to get verified on an exchange then people are not going to want to buy from an exchange

I have a feeling you don't have a account on a exchange i was verified the same day on coinbase.

Not everyone wants to sign up for an exchange. ATMs have a role to play. And being expensive/high fee is not stealing. If they told you a price and then charged you more than that price, that would be stealing, having a high markup isn't, its charging for convenience.

Its crazy how I have people telling me about exchanges when they don't buy from a exchange and people telling me about atms when they don't buy from atms. The atms are stealing money,not giving up bitcoin after you purchase and not giving you money after you sell. The fact that you have to wait by the machine for a hour and the price is marked up so much is only the underlining problem. If you were stuck on the road and your car was on a flat,you wouldn't think I was robbing you if i charged you 1000 dollars?

Im kind of upset at how ignorant you are to the actual struggle of obtaining Bitcoin.  Not only is instant Bitcoin hard to come by, you either have to supply all of your information like on coinbase to include a major credit card, which at the moment has to be a Visa.  Companies like Circle just switched their instant Bitcoin option down to $100 until you build a significant history.  Both compaines take 4 to 7 plus days to deliver otherwise.  

I am simply pointing out that Bitcoin Atms offer instant anonymous access to Bitcoin in a local setting.  You think major exchanges arent taking a piece of your cash?  Get real.  If someone here can get me more than $500 of instant Bitcoin at a time through a registered, insured, legally run MSB, get in touch with me, I have a serious job opportunity for you.  Until then, local Atms are a much better option than waiting 4 plus days for $150 worth of coin.

Furthermore,  how do you expect people offering these services to make money if not off Atm fees?  Do you think its free to run a business?  It takes time, and investment.  Most Atms require manual Bitcoin purchases and refills.  Not to mention business registrstion fees, MSB registration, accounting, taxes, office supplies, equipment,  utilities, wages, insurance, overhead costs, and any other costs a business may incur during its existance.

Hows this then?  I am a person that not only holds a Coinbase account, but also a Circle account, and uses a Bitcoin Atm.  I can tell you for a fact that the Skyhook Atm I use transfers the correct amount, almost instantly every time I use it.  

Furthermore, Coinbase requires 3 levels of verification which still does not allow you to purchase Bitcoin instantly, you still have to have a Visa credit card.  Not a visa debit, but a major credit card.  Circle was great for a while, until they lowered their instant Bitcoin option from $500 to $100, and you can only do that every 3 or 4 days.  It has to clear your bank account before you get access to instant Bitcoin again.  

As we all know, holding or waiting on Bitcoin can cause serious losses so that knocks coinbase and circle out right there.  I dont know what Atm you are using, but if they were really stealing from you, you wouldnt be here posting this garbage, you would be opening a law suit against the company that stole your money.  And if you think 5 or even 10 percent is 'stealing', there are companies online charging 50 percent plus, for instant access.  FFS get on localbitcoins and see those up charges.

before we go any further I should mention I don't have a credit card and also I should repeat i was verified day one.

Most bitcoin ATMs are not going to accept credit card regardless. They are gong to only accept fiat and will generally require you to scan a QR code to the machine so it knows where to send your newly purchased bitcoin

Do you have any examples of bitcoin atms not disbursing bitcoin when they should have?

Of course they are going to charge some kind of a markup on the exchange rate, this is what gives them an incentive to offer their service in the first place

well they put up another atm in my town recently and It stole a satoshi. So now I can finally say they didnt work for me personally.

OMG! It stole a whole satoshi??? Have you called the police? or better yet, the national guard!?

Yes it stole a entire satoshi,good thing I didnt give it anymore of my money,right jackass?
Get a life and while your at it,buy some bitcoin. Before you come on here.

Care to provide details? (I somewhat have the feeling that you are just trolling).

Most bitcoin ATMs are not going to deal in terms of satoshi, they will generally tell you specifically how much bitcoin it will sell for 'x' dollars then give you that much bitcoin once you deposit as much fiat (or it will do the opposite and will tell you how much fiat it will give you if you sell 'x' bitcoin and will give you as much fiat)

Ahh the term trolling. Was hoping I wasn't going to see this as I watch bitcoin slowly crumple after I put a 30,000 dollar investment into it.

*Clears throat*


The ATM was labled liBTCerty teller. Transaction didnt' go through.

The question:


still stands.

You tried to buy some bitcoin, transaction didn't go through, and somehow you've lost 1 sat?

I don't use ATMs either.  I seem to either have enough cash on hand , or I'm at the bank often enough anyway to withdrawal cash if I need it.  most of the time use credit card.  hope it will change to bitcoins soon.

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