What do I need to know before buying from a Bitcoin ATM?

[excro]

Hello all, I recently discovered that there is an InstaCoin crypto ATM located in a small chain convenience store in my city. I have a few questions so I figured I'll ask them here.

First of all, are there any risks/dangers regarding the ATM, is it possible for the owners to have done some modifications to the ATM? Could the ATM log my information and keep it/resell it somewhere? I dont wanna look too paranoid or anything but I fell like it's something that could definitely happen.

My second question is what do I need to know before I buy from the ATM? Will I need my ID or anything? Will I need a QR code of my Bitcoin address?

Anyways, I will update the topic later today when I'll be back from there. I will probably make a post talking about how my experience.

Regards, excro 

[mk4]

The requirements of the Bitcoin ATM will depend on what country you're in and what Bitcoin ATM "brand" you're going to use in the first place.

My recommendation: use peer-to-peer exchanges instead, because chances are, you're going to overpay quite a bit using a local Bitcoin ATM.

• https://localcryptos.com/
• https://hodlhodl.com/
• https://bisq.network/

[SFR10]

is it possible for the owners to have done some modifications to the ATM?

In theory, yes ^{[e.g. here's one, but it didn't happen to an InstaCoin machine]}.

Could the ATM log my information and keep it/resell it somewhere?

Yes, it could:

• The new limit on transactions is $980.
• We have new obligations to monitor and report on suspicious transactions and large transactions.

My second question is what do I need to know before I buy from the ATM? Will I need my ID or anything? Will I need a QR code of my Bitcoin address?

I couldn't find an ID requirement on their website and on "this video ^{[it already shows the whole process]}", but take note of the following "limits".

[jakasantosa]

I guess every Bitcoin/cryptocurrency ATM machine is owned by a company/market exchange so it provides such machines. So in my opinion the most important step is to ask the customer service of the ATM owner how to use the machine.

[Shenzou]

Hello all, I recently discovered that there is an InstaCoin crypto ATM located in a small chain convenience store in my city. I have a few questions so I figured I'll ask them here.

First of all, are there any risks/dangers regarding the ATM, is it possible for the owners to have done some modifications to the ATM? Could the ATM log my information and keep it/resell it somewhere? I dont wanna look too paranoid or anything but I fell like it's something that could definitely happen.

My second question is what do I need to know before I buy from the ATM? Will I need my ID or anything? Will I need a QR code of my Bitcoin address?

Anyways, I will update the topic later today when I'll be back from there. I will probably make a post talking about how my experience.

Regards, excro 

To be honest bitcoin ATM are only made for people who either need the money or the bitcoin on the fly, because the rates and the fees that they have are really high compared to what you can get from either buying from and exchange or from another person, so my advise would be to look for a peer to peer platform where you can buy from other people like paxful or localbitcoin where you have more options in terms of price to chose from.

[20kevin20]

I dont wanna look too paranoid or anything but I fell like it's something that could definitely happen.

Stop being afraid to "be too paranoid". People who see you as "being paranoid" today will in the next few years wish they had been as paranoid as you are right now. In fact, I congratulate you of thinking and taking care. There are too few people who do nowadays - so few that we're considered weirdos/paranoid.

Every ATM chain is different. Sometimes, even the same chain has different ATMs. With that being said, you should first look up the ATM operator's website to see if there is anything about collecting your personal information or so. Some ATMs require fingerprints; some ATMs require ID validation; some ATMs require just SMS verification and some ATMs require nothing at all..

At the same time, there are ATMs that record your face or take a snapshot of it while you're transacting. On the other hand, there are ATMs that don't and only have cameras for QR code scanning or for theft prevention/protection/proof.

You could as well purchase a disposable SIM card and call the operator to ask your questions after which you throw the SIM away and then wait at least 5-7 days before actually going to the ATM (so that they don't link your voice/call to your face).

Will I need a QR code of my Bitcoin address?

For most ATMs, this is a must. However, here in Romania we've had terminals (they are not ATMs but rather paypoints) at which you could either manually write down the address or enter a bit.co.in (it's a Bitcoin address shortner) link into the terminal to make the purchase easier and faster. It depends on the device again. Typically however, you do have the option to either scan a QR code or manually type in your address.

[Wakate]

Hello all, I recently discovered that there is an InstaCoin crypto ATM located in a small chain convenience store in my city. I have a few questions so I figured I'll ask them here.

I would advise you to stick to what you are familiar with rather than going for an ATM which is just a new innovation from the block chain interface.

My second question is what do I need to know before I buy from the ATM? Will I need my ID or anything? Will I need a QR code of my Bitcoin address?

Anyways, I will update the topic later today when I'll be back from there. I will probably make a post talking about how my experience.

Regards, excro 

It would be better to make relevant research to know more information about how the ATM works. Make good research and know what you are putting your hand in before you will come back and lament about your contact with the use of the crypto ATM.

First of all, are there any risks/dangers regarding the ATM, is it possible for the owners to have done some modifications to the ATM? Could the ATM log my information and keep it/resell it somewhere? I dont wanna look too paranoid or anything but I fell like it's something that could definitely happen.

Why do you want to use an ATM when you don't even know how it works? Do you think that using an ATM is better than an exchange which is much friendly and easier?

[excro]

My second question is what do I need to know before I buy from the ATM? Will I need my ID or anything? Will I need a QR code of my Bitcoin address?

Anyways, I will update the topic later today when I'll be back from there. I will probably make a post talking about how my experience.

Regards, excro 

It would be better to make relevant research to know more information about how the ATM works. Make good research and know what you are putting your hand in before you will come back and lament about your contact with the use of the crypto ATM.

What do you think I'm doing right now? I'm doing research. 

[dkbit98]

First of all, are there any risks/dangers regarding the ATM, is it possible for the owners to have done some modifications to the ATM? Could the ATM log my information and keep it/resell it somewhere? I dont wanna look too paranoid or anything but I fell like it's something that could definitely happen.

It depends what type of ATM machines you are using, because some of them don't ask any verification for certain amount of money and for other ATM's you need to pass identity verification.
They will probably log and save all your information and coin address you used, camera will probably record your face, and you will pay higher percentage fees.
If you are paranoid maybe it's better to buy Bitcoin with P2P trading or using Bisq exchange.

My second question is what do I need to know before I buy from the ATM? Will I need my ID or anything? Will I need a QR code of my Bitcoin address?

If you want to be sure try to find some logo or name of ATM machine in your location and search for video or website instructions.
Here is one simple video explanation how to buy Bitcoin with Lamassu ATM machine with smartphone and cash, but like I said before procedure can be different with other manufacturers.
https://www.youtube.com/watch?v=BmCmfxPhMzs