Bitcoin Forum

How do they work?

http://en.wikipedia.org/wiki/Bitcoin_ATM
A bitcoin ATM is an electronic communications device that allows a person to exchange bitcoins and cash without the need for a human to facilitate the transaction. There are two primary types of Bitcoin ATMs. The basic units allow the customer to only buy Bitcoins. The more complex machines will let a person buy as well as sell bitcoins via the machine.

Some are very simple to use like the Lamassu brand, scan your QR code on your smartphone, insert cash all done.

Other machines like Robocoin can be a little tricky for the beginner.
First an anal probe comes out and has its way with you then it will want a copy of your drivers licence, palm print maybe some DNA, only joking but they can be a hassle to use.
2 way machines will always be harder to use do the fact they have a lot stricter KYC and AML laws to follow.

You can go youtube robocoin which happens to be one of many 1st bitcoin ATM`s.

https://www.youtube.com/watch?v=0SidcjCLrQM

haven't checked wiki, but with a bit of a common sense they should work like a smartphone, in the sense of scanning the qr code

so the bitcoin ATM cannot cash out money ?

Some can go both ways some you can only buy bitcoin.

I think bitcoin atm can do that, like a normal atm machine...,
you can cashout and deposit there.. :)

*CMIIW

its like an exchange but it can exchange your BTC to cash/cash to BTC or both. Lamassu and robocoin are one of the atm manufacturer.

is that bitcoin ATM need several minutes to withdraw money?
I saw in youtube video about withdrawing money from bitcoin ATM
i think it's annoying if we must stand in front of ATM to wait our money out

I saw it come in Poland. 1 Bitcoinomat, 2 way exchange.
Here is more info about it: http://bitcoinomat.pl (it's Poland language website).

It probably was the tested.com video. It drew a lot of negative advertisement for bitcoin. They need to work on the ATM and make them faster and less privacy intrustive, even tho I don't see a way around it in terms of not having to provide ID and hand scan... but its just so annoying and really creepy.

Yeah you're right, many negative comment after that. Hope in the future, btc atm will work faster than now. Agree! provide ID + hand scan is very annoying

they have only used one of the many Bitcoin ATMs available on the market. I personally have tried Lamassu and it worked pretty fast, less than 30 seconds after inserting the notes, i have the btc in my wallet.

aren't atms forcing first time users to verify themself?
i have seen a few that do need a lot personal information before using.

Depends on the jurisdiction, I guess. It all boils down to KYC (Know Your Customer) and AML (Anti Money Laundering) laws when it comes to those precautions. The ATM operators and companies sure don't like those things, as well, but they may have to comply to it by law.

they work just like normal atm machine but with your QR code and exchange money etc but i have not tried one yet because i dont have any in my country i hope to have one some day

In the beginning, I think most Bitcoin ATM's were one way, like you can exchange Fiat for Bitcoins.

As technology progressed most of the recent models can handle 2 way transacting, fiat to BTC and BTC to fiat sorta like a mini exchange.

I think Lamassu and Robocoin have the most prevalent ones around.

https://lamassu.is/

http://cdn.slashgear.com/wp-content/uploads/2013/07/lamassu_bitcoin_atm.png

https://robocoin.com/

https://www.cryptocoinsnews.com/wp-content/uploads/2014/10/robocoin-wide.jpg

Robocoins have ID verification turned on by default and cannot be turned off. In some parts of the world, you can exchange cash to BTC without verification.

The Lamassu ones are the easiest to use by far, they do have KYC and AML features built in but last i checked it was up to the owner/operator weather they want to impliment them or not.

This will be a better option than bitcoin ATM i think, dispite the price you can use it to take out cash when needed from heaps of normal ATM, check it out.
https://bitcointalk.org/index.php?topic=971036.0

that's cool, but it look too big?

The Lamassu one is tiny but its only a 1-way machine.
The Robocoin ATM is about the size of a normal bank atm, maybe a little bigger but that one is a 2 way bitcoin ATM.

Can anyone tell me what price does a Bitcoin ATM provides ?
Is it based on any market exchange price or just like LBC ?

Based on the backend, it can be configured to automatically get the rates from a specific exchange or average price of the exchanges. It Can also be configured to autobuy from exchanges and transferred to the wallet.