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Author Topic: Bitcoin ATM(s)  (Read 970 times)
John.T.
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September 19, 2015, 02:26:19 AM
 #1

Hey guys,

I have a question about how these bitcoin ATM work. When someone needs some bitcoins they put inside some cash and they get a receipt with the bitcoins. Now, after that how the system works?? What is going on to the cash inside the ATM? Is the ATM connected at some network from a bigger company and the funds are being transferred there or the person who has the ATM buy bitcoins with the funds inside the ATM and then puts some or all of them inside the ATM??

Thanks!!
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crazywack
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September 19, 2015, 02:29:04 AM
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Many different kinds. Some just receive money and put out BTC (to mobile or QR recipt) others you can sell your BTC to.. What kind of ATM are you looking for?

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September 19, 2015, 02:48:33 AM
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Many different kinds. Some just receive money and put out BTC (to mobile or QR recipt) others you can sell your BTC to.. What kind of ATM are you looking for?

I'm living in Greece and right now with the illegal capital controls over our country the whole system is f$%^$d up and I'm trying to understand how the technology works because we are in chains and not be able to pay nothing outside the country. I also noticed that we have a lot of scammers everywhere trying to make Btc on locabitcoins and other sites and it got me really curious to check out if we can find some solution to help myself and more people like me to buy some bitcoins without the hassle.

You should look into what type of ATM you want. You can get them for as little as $1000 USD for a simple one that you only buy BTC from threw a local wallet on the machine or as much as 25-30k for ones that can buy and sell BTC. It really depends on your budget.

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September 19, 2015, 07:07:47 AM
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they probably work like a fiat atm, cash probably stay there because they are needed if someone wants to withdraw while deposits bitcoin

the fund are transferred only electronically
yingbb0301
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September 19, 2015, 07:25:07 AM
 #5

Are normal ATM machines working in greece?
If they are working then you can use bit-x debit cards.
Bit-x is the most trusted online exchange website.And they are providing there own debit card which can be used in a normal ATM,making the exchange process more easier.

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September 19, 2015, 12:37:06 PM
 #6

Many different kinds. Some just receive money and put out BTC (to mobile or QR recipt) others you can sell your BTC to.. What kind of ATM are you looking for?

I'm living in Greece and right now with the illegal capital controls over our country the whole system is f$%^$d up and I'm trying to understand how the technology works because we are in chains and not be able to pay nothing outside the country. I also noticed that we have a lot of scammers everywhere trying to make Btc on locabitcoins and other sites and it got me really curious to check out if we can find some solution to help myself and more people like me to buy some bitcoins without the hassle.

It's disgusting to see how people are profiting from other people's misery. The world has really become a f**ked up place.

As I know, ATMs are working just like regular Fiat ATMs. They take your money bills, and give you your bitcoins. Of course, if you pay with your credit card, then these ATMs are connected with their companies over the Internet and you are actually exchanging virtual Fiat to virtual BTCs.

Generally for smaller amounts you don't need your IDs scanned, etc. For bigger, you need to be verified.

Now this is how Bitcoin ATMs work in Europe, in general. I am not sure what were they obliged to do in Greece. Maybe someone can share this here with us, that has experience with operating Greek Bitcoin ATMs.
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October 15, 2015, 06:35:46 AM
 #7

Sorry for the reeeeaaaal late response guys!!
I appreciate a lot your help!
I really hope though that someday bitcoin is going to get into country economies, if we want a better world... Someday...

very tough, as long as there is a centralized autorithy, a decentralized system is not well seen, it take their control and throw it out of their hands

but those atm can help at least the early adoption of bitcoin
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October 15, 2015, 07:13:56 AM
 #8

A good source of information about Bitcoin ATM
https://www.youtube.com/results?search_query=bitcoin+ATM
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October 15, 2015, 02:25:00 PM
 #9

Would be great, and will help more to Bitcoin adoption, that the ATMs did just the oposite: give you cash for your BTC.

That way, people with BTC could go to the ATM and get some cash to pay for their needs. Bitcoin would be more useful.


Something like a method to send the bitcoins to the atm through your mobile, then getting cash from the ATM.


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October 15, 2015, 03:23:27 PM
 #10

ATMs are a total lottery by the sounds of it. Some are reasonably priced, others are totally outrageous. Some demand sperm samples, others don't care. Hopefully there'll be a gold standard that pops along at some point so you can count on some consistency.

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