Are Bitcoin ATM's reliable?

[BTCgrinders.com]

https://www.reddit.com/r/btcgrinders/comments/bxs5l7/bond_street_bitcoin_atm_spitting_out_tons_of_money/

There are issues less severe than the above.

[Astvile]

Bitcoin  ATM's are reliable for sure there are alot of member here who already have experience using it.Regarding with the video im pretty sure its just a  common system malfunction that just happen to destroy the machine and spit out money good thing security fast enough to ensure funds not get stolen.Theres an easy fix to that atm machine

[batang_bitcoin]

It doesn't have anything to do with bitcoin but it's about the manufacturer of that machine. I've read few of the comments on that reddit post and those post were recognizable and has valid points that it's the fault of the manufacturer's developers wrong code. It spits money and its obvious that the machine has the problem, not bitcoin or anything about bitcoins network and other things connected to it.

[gentlemand]

Obviously that one has a wee problem, but it is a valid question. I remember a fair few comments from people who used ATMs and got nothing out of them.

If I were ever to use one, and I wouldn't because they're almost always far, far too expensive, I would check that it had active and easily obtained support. They have the potential to be a black hole and you're turning up and trusting faceless strangers.

[BL46K 7193R]

Yes Bitcoin ATM Reliable So far, no fraudulent charges were heard on Bitcoin ATM. And those who have used Bitcoin ATMs are going to hear positive words from them. So, considering all aspects, Bitcoin ATM is reliable.

[Ailmand]

Unexpected error and technical malfunction usually happen in ATM machines even in Bitcoin ATMs.
The mistake isn't considered as an error from Bitcoin but I think it's because of the ATM. As per users reviews, Bitcoin ATMs are reliable and functioning well so far.

[kryptqnick]

I think that ATMs are reliable (at least, from a customer's perspective). Surely,  there were some reports of robberies and malfunctions, but I believe this does not put your money in danger, it's the money of the company that made the ATM. So if a machine starts giving away a lot of money or is damaged and robbed, the money in your wallet is still the money in your wallet, it's not your loss. However, I don't use ATMs not only because they are not particularly common, but also because their fees are usually not worth it. Exchanging money via local exchange websites seems cheaper (at least, in my country).

[buwaytress]

Fun, as always. Surprised the guard let someone film it, so it's probably just something normal. Googled the bond street ATM and it's got a lot of coverage in the news (well relatively a lot anyway). Glitchy, now spitting money. Someone in the comments suggests it's really easy to hack the ATM from the back console. I wouldn't know, but "sounds" legit;)

This is of course completely different from getting Bitcoin itself hacked!

[Cryptof11k]

Ok I have never really come across one before, do they exist ?? Lol

[1Referee]

I have never heard of the same problem with other bitcoin ATMs though (not even with the normal ATMs even).

I have seen legacy ATM's mess up badly too.

Some spit out twice or tiple as much money as you commanded it to withdraw, where others don't spit out money at all. The latter is the worst error because you have to provide evidence that it didn't spit out money, but where is your evidence? You need to be lucky enough to have the camera be pointed so that that it can see whether or not it spit out the money. Most cameras are only pointed so that they record your face.

In the end, software steering hardware to do X or Y can and will mess up at some point. It sucks for the ATM operator though.

[Nadziratel]

What I'm most curious about is the commissions. For example, how much commission does it receive for a 1 BTC trade?

[AjithBtc]

Bitcoin ATMs are good, but for some reason the usage is found less. Maybe when days pass ATMs will get increased access and will be much more reliable. Now it is like the testing phase, even the much used fiat ATMs malfunction quite often. Now more new firms were getting into the development of bitcoin ATMs, so service renders should also be considered.

[gentlemand]

What I'm most curious about is the commissions. For example, how much commission does it receive for a 1 BTC trade?

More you'll be willing to pay in most cases.

It's not unusual when buying to be charged up to 10%, even more sometimes. The average is often 6-7%

This site - https://coinatmradar.com finds ATMs and often list the costs too.

[casperBGD]

when using crypto commission is really low, but transition from fiat to crypto and vice-versa is still an issue and commissions are high
it would be great when these could be lowered by ATM's

[bittick]

What I'm most curious about is the commissions. For example, how much commission does it receive for a 1 BTC trade?

More you'll be willing to pay in most cases.

It's not unusual when buying to be charged up to 10%, even more sometimes. The average is often 6-7%

This site - https://coinatmradar.com finds ATMs and often list the costs too.

That's kinda high not to mention whether the transaction fee is included on that 6-7% or not but seeing from the perspective of the business owner, they need to pay rent for place, electricity and maintenance I guess that does make sense. But with the majority of people still have no idea or not using bitcoin this ATM seems a bit impractical and costly for maintenance I guess, I hope it will find more of its users by the time being.

[gentlemand]

That's kinda high not to mention whether the transaction fee is included on that 6-7% or not but seeing from the perspective of the business owner, they need to pay rent for place, electricity and maintenance I guess that does make sense. But with the majority of people still have no idea or not using bitcoin this ATM seems a bit impractical and costly for maintenance I guess, I hope it will find more of its users by the time being.

I've no doubt the expenses are pretty considerable but if I were running an ATM I do something to encourage repeat custom like lower rates for account holders or something. They must be throwing away an awful lot of business once people realise how expensive it is to go through them. I imagine in quite a few cases they're only used once or twice before customers wise up.

[marcbitcoins]

https://www.reddit.com/r/btcgrinders/comments/bxs5l7/bond_street_bitcoin_atm_spitting_out_tons_of_money/

There are issues less severe than the above.

This Bitcoin ATM malfunction is just an isolated case in which it will occur sometimes like some banks ATM's. If Bitcoin ATM is not reliable then it will not multiply or will not exist in other countries in which commonly used by most of the crypto users today. If ever you will encountered a situation like this personally you should not be worry as the balance in our wallets will not be affected.

[Haunebu]

That's kinda high not to mention whether the transaction fee is included on that 6-7% or not but seeing from the perspective of the business owner, they need to pay rent for place, electricity and maintenance I guess that does make sense. But with the majority of people still have no idea or not using bitcoin this ATM seems a bit impractical and costly for maintenance I guess, I hope it will find more of its users by the time being.

These ATMs are pointless if you ask me at the moment since 99.9% of the crypto community deal with digital transactions online itself. Why bother going all the way to an ATM when you can simply trade on a site like LBC on your mobile?

If they do offer some additional perks like lower TX fees etc, people will start using them more often though this is impractical due to the costs required to maintain these ATMs. This could change in the future thanks to technological developments.

[dothebeats]

They are up to a certain extent. Bitcoin ATMs should be reliable, else people will lose interest on them and operators would practically just lose an income stream. There are some reports in which ATMs placed on shady locations end up being stolen, and users end up being mugged by unknown assailants of their cash or bitcoins. As for the fees, it's normal and should be expected that such machines would be asking for 10% tops depending on what kind of transaction is to be done. All in all, I can say bitcoin ATMs are quite good, but not excellent. I have used one and what I really hate most, perhaps, are the fees.

[akamit]

Happy to see some guys are protecting the money, otherwise nasty minds may have tried to pocket some of the malfunctioned money.