How Not To Sell BTC On Crypto ATM!

[Lucius]

Buying and selling crypto via ATM is very popular, even though it's probably the most expensive way considering fees. But other than that you need to make sure that ATM is legitimate and that some hacker did not mess it with the software, you should be aware that some crypto ATMs only have small notes, like 20 EUR or similar.

What happened to one man who apparently sold a large amount of BTC or some other coin is that ATM had a lot of trouble paying off the amount. So if you want to do something similar, be sure to bring a big bag and have a security guard nearby



I know its old news, but I didn't find it posted on the forum.

[FanatMonet]

Oh, these underground millionaires . According to the behavior of the dude, you might think that every day he goes to ATMs and takes such amounts, the situation for him is not at all something too emotional. I could just keep the bag at the very place where the notes were issued, and such chaos would not have happened.

[Sanugarid]

I've never use a bitcoin ATM machine yet but hell yeah, I agree that would cost a lot of fee.

Is it too ironic? We have been using bitcoin as a safe currency in the internet then we are going to withdraw it like a normal currency. The atm owner could have put it in a lot safer places like malls, schools and airports not just in the subway where people can just enter. And the money dispensing, omg, it looks like a high school project, the company should have done it nicely like a supreme cash gun 

[Lucius]

The guy didn't look worried, probably a safe place in a safe country...

I didn't write in the OP but the location is London. And yes, he seems pretty relaxed and the whole situation is pretty fun for him. Although I'm not sure how smart it is to expose yourself this way, because no matter what country we are in, it's not very smart to walk around with a bag full of money.

Is it too ironic? We have been using bitcoin as a safe currency in the internet then we are going to withdraw it like a normal currency.

Sometimes we just have no choice, to spend BTC we have to convert it to fiat. I personally always look for the option to pay in crypto, but if that's not possible and I need something, than I have to do the same thing as this guy, but still not in such a dramatic way.

[asu]

I laughed hard how the machine dumped the Fiat.
It seems like the Bitcoin ATM machine doesn't like Fiat, just like how satoshi created Bitcoin though.

[sheenshane]

What the... even the ATM machine didn't like the fiat. This is a good ad to Bitcoin during this pandemic, even Bitcoin ATM machines are afraid of being infected with the virus and rejected the fiat currency.

Technically, I have doubt that it is possible a machine programming error. The manufacturer of this machine should be blamed by the owner of the machine that might the reason for losing money.

Anyway, I found this posted on Reddit. https://www.reddit.com/r/Bitcoin/comments/bxhypk/bond_street_bitcoin_atm_spitting_out_tons_of_money/

[hugeblack]

We cannot generalize it as a whole because I think the purpose of the video is to show it like this, it is fun to see money flowing like this especially if you bought Bitcoin cheaply.
ATM machines are for withdrawing a small amount of money when you have no way to reach the cash or when you travel to another country.

[pawanjain]

Which ATM spits out money like this ? I have only seen ATMs giving out money in bundles.
Never have I ever seen an ATM spitting out money like this   
Must be fun seeing raining money.

[seoincorporation]

The best part is the hands in the pockets, i mean, why should he use the hands to receive the money if he can just watch it falling down to the floor while he makes his best 'Maradona Moves'  lmao.

Great video OP, thanks for sharing it!

[kawetsriyanto]

It's funny. I doubt if he's in panic, he looks a little confused by collecting money with his feet.  
Anyway, I think the ATM isn't placed on the right location and less of security. How can the ATM placed openly, it should be put in the room with CCTV (surveillance/monitoring cameras).

[SeaBits]

This is great, but what ATM does that?? I've even used the sketchy ones and they still hold the money like it's still not yours.

[malevolent]

I know its old news, but I didn't find it posted on the forum.

It was posted here: https://bitcointalk.org/index.php?topic=5151756.0;all

and here: https://bitcointalk.org/index.php?topic=5153318.0;all (and probably elsewhere, too)

I remembered because I made some posts in the first thread.

[Lucius]

malevolent, I obviously didn't use the right keywords in search option, so I didn't find anything relevant to this event. And I also completely missed it when it was posted in the forum...

But to some members this was also something new, and maybe it really helps someone if they decide to use crypto ATM to sell a larger amount of coins.

Great video OP, thanks for sharing it!

You're welcome, I think we need something fun in the current situation, and this is definitely something like that

[adeandro]

I'm not sure that ATM is as popular as you say.

[CryptoPam]

Haha, this sure is something fun for the current situation!  I've been missing watching people come in to use the machines at my favourite cafés.  Those people have never gotten this much money though so maybe that's why they've never looked so relaxed 

Thanks for posting!

[coolcoinz]

I'm not sure that ATM is as popular as you say.

Those ATMs that are still anonymous are popular but I've seen ATMs that scan your ID. That I wouldn't use, ever.
As for the video, I also remember it being posted. It was a malfunction, it shouldn't spit like that, but still coming to an ATM to exchange 100k EUR or GBP because if I remember correctly it happened in London, is a dumb idea. Even if it worked fine you're still going to be seen packing piles of cash into a bag in a busy place.

[UserU]

Damn, if this happens in my country I think the poor soul might have to fight off both the patrons and security guards

[Artemis3]

In many countries you would be shot right there to get the bag stolen. It is enough money to pay for the hit, if you get the meaning. But yeah, UK is probably the kind of place you could do such things...

Of course this is nearly as stupid as going to the bank to withdraw a similar amount in cash. Sure you might be safe while in the bank, but then after you leave you'll get tailed, intercepted, etc.

The only solution is to never exchange into fiat in the first place.

[kryptqnick]

The guy didn't look worried, probably a safe place in a safe country...

I didn't write in the OP but the location is London. And yes, he seems pretty relaxed and the whole situation is pretty fun for him. Although I'm not sure how smart it is to expose yourself this way, because no matter what country we are in, it's not very smart to walk around with a bag full of money.

Is it too ironic? We have been using bitcoin as a safe currency in the internet then we are going to withdraw it like a normal currency.

Sometimes we just have no choice, to spend BTC we have to convert it to fiat. I personally always look for the option to pay in crypto, but if that's not possible and I need something, than I have to do the same thing as this guy, but still not in such a dramatic way.

I would be very worried about a situation like that, and walking around with a bag of money is definitely uncomfortable and dangerous! I don't use BTC ATMs because of the fees and because I have trouble trusting them (that everything will be fine, that there's no malware or bugs and that nobody's waiting to rob around the corner), so I honestly don't understand why people use them. Are there places where a BTC ATM is the only choice, and one can't use an online exchange? I do agree with you that we still need to convert BTC to fiat, I do that regularly because I cannot simply pay for groceries with BTC, but I don't understand why ATM.

[Cleidimar]

It looks strange when they came up with a digital currency, but they want to make it ordinary. That's why they invented an ATM. Crazy.