Bitcoin ATM

[Windpower]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

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[Yakamoto]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Well, I don't know. ATMs kind of allow for people to get exposed to Bitcoin as they just see it during everyday life, and some people also might want to directly withdraw as opposed to go through the multitude of verification processes that most other online exchanges require.

[OROBTC]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Well, I don't know. ATMs kind of allow for people to get exposed to Bitcoin as they just see it during everyday life, and some people also might want to directly withdraw as opposed to go through the multitude of verification processes that most other online exchanges require.

Yakamoto

I agree, they are a visible sign that Bitcoin is catching on...  The only drawback (in my case) is that the local BTC ATMs ("BTM") require an ID scan as well as an SMS message to my cellphone.

Once (say about two years ago) I used an BTM that did NOT require any ID, and the premium was some 7% or 8% IIRC.  I emptied almost all the CA$H I had in my wallet to get BTC, and then used a regular ATM to get cash.

[Yakamoto]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Well, I don't know. ATMs kind of allow for people to get exposed to Bitcoin as they just see it during everyday life, and some people also might want to directly withdraw as opposed to go through the multitude of verification processes that most other online exchanges require.

Yakamoto

I agree, they are a visible sign that Bitcoin is catching on...  The only drawback (in my case) is that the local BTC ATMs ("BTM") require an ID scan as well as an SMS message to my cellphone.

Once (say about two years ago) I used an BTM that did NOT require any ID, and the premium was some 7% or 8% IIRC.  I emptied almost all the CA$H I had in my wallet to get BTC, and then used a regular ATM to get cash.

That's true, they do require ID scans and the SMS verification. I guess I only remember the old days when there were wild ATMs at different places that didn't need such a thing.

I haven't bought any Bitcoin from one of the ATMs though, only ever withdrew.

[phibay]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Well, I don't know. ATMs kind of allow for people to get exposed to Bitcoin as they just see it during everyday life, and some people also might want to directly withdraw as opposed to go through the multitude of verification processes that most other online exchanges require.

Yakamoto

I agree, they are a visible sign that Bitcoin is catching on...  The only drawback (in my case) is that the local BTC ATMs ("BTM") require an ID scan as well as an SMS message to my cellphone.

Once (say about two years ago) I used an BTM that did NOT require any ID, and the premium was some 7% or 8% IIRC.  I emptied almost all the CA$H I had in my wallet to get BTC, and then used a regular ATM to get cash.

That's true, they do require ID scans and the SMS verification. I guess I only remember the old days when there were wild ATMs at different places that didn't need such a thing.

I haven't bought any Bitcoin from one of the ATMs though, only ever withdrew.

There is a brand of BTM which does not require ID for purchase or withdraw- called Lamassu. The fee is probably around 7-8%. It's a good looking machine, but not sure if there are many around.

https://lamassu.is

[Nandiwal]

Yes. I also want a BTC ATM. but when i think about security and other advantage of virtual currency then i think that its not a good idea. when we will got BTC ATM everywhere then we will do only one thing with BTC. but if there is no any other ATM then we use BTC for all kind of work.

[ekoice]

I don't see why you would need bitcoin ATMs. You are making something digital physical again, which is totally stupid imo.

There are so many ways to load your mobile wallet with bitcoins outside of ATMs, that they don't really have a place imo. It is also much faster and more convenient to do it online, as you don't have to scour your area for an atm to load up. Just buy and have them transfered from behind your pc.

They may be useful if there are not convenient online options available to you, but at least in The Netherlands nothing beats using iDeal to pay and instantly get your coins sent to you.

Still Bitcoin ATMs would be useful since everyone can use it to encash their BTCs or to transfer their funds without internet or laptop. Every facility in the world has its importance and benefit and so do are the ATMs.
would suggest BTC ATMs in all countries for smooth transactions and to facilitate BTC users.

[jethrorn99]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

But if you need fiat fast, BTC ATM is a good thing. Bitcoin is still not accepted everywhere now, you still need fiat to buy things on the wet market or such.

Using the exchange took too long if you need instant cash. BTC ATM is useful.

[withche.07]

I really wanted to have that kind ATMs here.
I would definitely use them to get some coffee etc.

[OROBTC]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Well, I don't know. ATMs kind of allow for people to get exposed to Bitcoin as they just see it during everyday life, and some people also might want to directly withdraw as opposed to go through the multitude of verification processes that most other online exchanges require.

Yakamoto

I agree, they are a visible sign that Bitcoin is catching on...  The only drawback (in my case) is that the local BTC ATMs ("BTM") require an ID scan as well as an SMS message to my cellphone.

Once (say about two years ago) I used an BTM that did NOT require any ID, and the premium was some 7% or 8% IIRC.  I emptied almost all the CA$H I had in my wallet to get BTC, and then used a regular ATM to get cash.

That's true, they do require ID scans and the SMS verification. I guess I only remember the old days when there were wild ATMs at different places that didn't need such a thing.

I haven't bought any Bitcoin from one of the ATMs though, only ever withdrew.

There is a brand of BTM which does not require ID for purchase or withdraw- called Lamassu. The fee is probably around 7-8%. It's a good looking machine, but not sure if there are many around.

https://lamassu.is

Alas, phibay, the two Lamassu BTMs in my city DO require ID and SMS message.  I believe those are legal requirements, based on local or (US) state's law.  As they are "money transmitters"...

I am sure that my wonderful experience in NYC with the BTM requiring NO ID & NO messages is only a memory now.  Pity.

[phibay]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Well, I don't know. ATMs kind of allow for people to get exposed to Bitcoin as they just see it during everyday life, and some people also might want to directly withdraw as opposed to go through the multitude of verification processes that most other online exchanges require.

Yakamoto

I agree, they are a visible sign that Bitcoin is catching on...  The only drawback (in my case) is that the local BTC ATMs ("BTM") require an ID scan as well as an SMS message to my cellphone.

Once (say about two years ago) I used an BTM that did NOT require any ID, and the premium was some 7% or 8% IIRC.  I emptied almost all the CA$H I had in my wallet to get BTC, and then used a regular ATM to get cash.

That's true, they do require ID scans and the SMS verification. I guess I only remember the old days when there were wild ATMs at different places that didn't need such a thing.

I haven't bought any Bitcoin from one of the ATMs though, only ever withdrew.

There is a brand of BTM which does not require ID for purchase or withdraw- called Lamassu. The fee is probably around 7-8%. It's a good looking machine, but not sure if there are many around.

https://lamassu.is

Alas, phibay, the two Lamassu BTMs in my city DO require ID and SMS message.  I believe those are legal requirements, based on local or (US) state's law.  As they are "money transmitters"...

I am sure that my wonderful experience in NYC with the BTM requiring NO ID & NO messages is only a memory now.  Pity.

Interesting, thanks for the info. The Lamassu BTM near me (around SF) do not require an ID or any phone verification. Simply put cash in, it will spit out a receipt for you.

[teddy5145]

I really wanted to have that kind ATMs here.
I would definitely use them to get some coffee etc.

Well there's a cafe that accepts bitcoin as their payment, i forget where the exact location is but if im not wrong it's located at Bali
You picked your menu and then the waiter will give you a receipt with Bitcoin address QR code for you to scan along with money you need to pay, once you do that the food is delivered and you go back home with a happy face

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

But if you need fiat fast, BTC ATM is a good thing. Bitcoin is still not accepted everywhere now, you still need fiat to buy things on the wet market or such.

Using the exchange took too long if you need instant cash. BTC ATM is useful.

or you know what's faster ?
Using localbitcoins to convert your money instead of exchange if you really need it asap

[romero121]

I don't really think that there is any use for a Bitcoin ATM. Just buy Bitcoins from an exchange and then sell Bitcoins to that exchange. Easy.

Just think, if your buying and selling is made automated with certain card system how you would feel?

[richmcrich]

That's relatively possible but not easy from where I'm living, There are few in canada but on another region other than mine, also the fee is relatively high compared to a person to person localbitcoin exchange, but more comfortable certainly.

[Iseecookies]

Some of these bitcoin atms offer a p2p meet up for larger amounts over $3k and I was wondering if they still need personal details for Know Your Client Rules? Thinking they would have to explain large amounts being moved around.

[fravia]

Some of these bitcoin atms offer a p2p meet up for larger amounts over $3k and I was wondering if they still need personal details for Know Your Client Rules? Thinking they would have to explain large amounts being moved around.

if people buy bitcoins one from another they most probably do not have to provide any documents or something like that as the deal is done in person

we surely need more atms in order to make the bitcoin more popular than it is right now, with the bigger popularity we could reach the new heights soon

[Iseecookies]

Some of these bitcoin atms offer a p2p meet up for larger amounts over $3k and I was wondering if they still need personal details for Know Your Client Rules? Thinking they would have to explain large amounts being moved around.

if people buy bitcoins one from another they most probably do not have to provide any documents or something like that as the deal is done in person

we surely need more atms in order to make the bitcoin more popular than it is right now, with the bigger popularity we could reach the new heights soon

Would think they would have to keep track otherwise a audit would have to explain large sums being moved around from their bank accounts. The guys I see running these atm services do not come across like they have a lot of liquid cash sitting around to just do this type of transaction with. Might be wrong though.

[simonloff]

ATM's are useful relatively when buying bitcoins, They are easier and less personal than person to person exchanges.... there are only few at the area and the closest is few hours by car so can barely use them.

[sachung]

Bitcoin ATM's are convenient when they are close and easy to use, definitely better than regular exchanges and don't require any document verification, the fees are relatively high though.

[bitbunnny]

Bitcoin ATM's are convenient when they are close and easy to use, definitely better than regular exchanges and don't require any document verification, the fees are relatively high though.

That is true. But still, there are no many BTC ATMs, at least not in my country, so when they enlarge the number they will become much more convenient. But people are showing interest and ATM network i slowly growing.