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Author Topic: Bitcoin ATM's  (Read 59 times)
vy99
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August 07, 2018, 05:37:56 PM
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Anyone here use a Bitcoin ATM anywhere? What was your experience like with them?

I saw these two articles that talk about the popularity of these ATM's and how much they're growing every day.

https://coinatmradar.com/charts/?utm_source=The+Daily+Bit&utm_campaign=920580fa66-EMAIL_CAMPAIGN_2018_08_07_01_35&utm_medium=email&utm_term=0_74539b8bec-920580fa66-38042251#by-country

and

https://bitcoinist.com/the-future-of-cryptocurrency-atms-has-arrived/

My other question is if people are worried about the security of these things.

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August 08, 2018, 06:44:08 AM
 #2

The problem using Bitcoin ATM's in my opinion:

1. The high fees
2. The need to wait (until the transaction get confirmations) and you receive an SMS to withdraw the money - Hopefully this gets solved with LN in the future.
3. Asking for passport (ATMs have cameras) after certain limit. Probably due to regulations but still...

Aside from that, they're really handy and the companies behind them (in my case Bitaccess) are very helpful and have a fast support. I had a transaction where things went wrong, I contacted them and they refunded me.

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August 08, 2018, 07:13:38 AM
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Since 2014 Belgrade, Serbia has a total number of Bitcoin ATMs / Tellers in and around Belgrade: 4. Guys who running that crypto business also have cryptocurrencies exchange very often organize a BTC day at some restaurants that accept BTC where you can get a discount on that occasion. Anyway, we don't have legal regulation for cryptomarket here.
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August 13, 2018, 08:22:35 PM
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The problem using Bitcoin ATM's in my opinion:

1. The high fees
2. The need to wait (until the transaction get confirmations) and you receive an SMS to withdraw the money - Hopefully this gets solved with LN in the future.
3. Asking for passport (ATMs have cameras) after certain limit. Probably due to regulations but still...

Aside from that, they're really handy and the companies behind them (in my case Bitaccess) are very helpful and have a fast support. I had a transaction where things went wrong, I contacted them and they refunded me.


lols, do you think all this can be possible if ATM is planted and during withdrawal they started asking for passport and the rest details in the machine, this makes no sense beside just as you said that the fee will much and we can't qeue  for all the confirmations before the bitcoin can be dispense from the machine after receiving the transaction alert from our cellphones.

although in my country i haven't seen any machine that uses or dispenses bitcoin.
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August 13, 2018, 08:36:59 PM
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Most of the Bitcoin ATMs are only usable to make a purchase. It can be very hard to find a machine doing both buying AND selling. People are not worried to use it, the majority is using just for fun and in small amounts. It's like when you get your very first Visa, you use it at the ATM even if you don't need money lol. They also have no problem to provide their ID card since it's just for a few bucks, it's not like if they were trying to sell the BTC they got underground.

It's still too soon to see ATMs becoming popular and profitables, maybe in 5-10 years but as for now I don't see any use other than getting fun

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August 14, 2018, 06:57:21 PM
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lols, do you think all this can be possible if ATM is planted and during withdrawal they started asking for passport and the rest details in the machine, this makes no sense beside just as you said that the fee will much and we can't qeue  for all the confirmations before the bitcoin can be dispense from the machine after receiving the transaction alert from our cellphones.

although in my country i haven't seen any machine that uses or dispenses bitcoin.

It's going to be an automatic process If I remember correctly (there is a camera in the ATMs). Or, in Bitaccess case for example, you could complete the verification online so you don't have to worry when you are withdrawing the money: https://app.bitaccess.co/

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August 21, 2018, 01:01:55 PM
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A good idea. Bitcoin ATM, that would be Bitcoin's future. When it is recognized by the world, of course this will happen without any thought.
Everyone can withdraw cash at ATMs that use credit cards with BTC to trade, which is really convenient, useful for life. I believe this will become a reality.
BeeRoach
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August 21, 2018, 02:27:07 PM
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The problem using Bitcoin ATM's in my opinion:

1. The high fees
2. The need to wait (until the transaction get confirmations) and you receive an SMS to withdraw the money - Hopefully this gets solved with LN in the future.
3. Asking for passport (ATMs have cameras) after certain limit. Probably due to regulations but still...

Aside from that, they're really handy and the companies behind them (in my case Bitaccess) are very helpful and have a fast support. I had a transaction where things went wrong, I contacted them and they refunded me.

Anonimity is expensive unfortunately so high fees is something natural in this situation. I was never asked for passport though, that's something I did not know of.
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August 21, 2018, 02:33:26 PM
 #9

The few I've seen in my area had high fees and had a small maximum amount you could purchase.  Right now bitcoin AtMs are not very appealing but at least they are helping more newbies get introduced to cryptocurrency.  We would be better off with more fiat to btc exchanges instead of high fee ATMs.

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August 21, 2018, 02:47:43 PM
 #10

I do not remember which country it is in, I had a chance to experience it once. they seem to be useful. but some hacking stories are turning. I am uncertain whether they are safe or not.
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