Finally used a bitcoin ATM successfully!

[The Sceptical Chymist]

Just an off-topic comment before I talk about the bitcoin ATM:  I did finally purchase an e-bike last month, though I wasn’t able to buy it with bitcoin—there was just no easy way to do it, so I plunked down almost more money than I could afford in cash and took possession of the bad-ass machine.  And the reason I mention this here is because that bike was the only reason I was able to get to the second-nearest ATM which is about 15 miles away (I don’t have a car).  I wrote in a previous post a few months back that there’s a bitcoin ATM in my town, but when I tried to use it I wasn’t able to get it to work.

Anyway, the weather was pretty good today and my motivation was high, so I pedaled the 15 miles to the gas station in which the ATM is located.  I wasn’t really thinking of documenting my experience with video (or even photos, really), so I only took a few pics.  
I found it interesting that there was a sign on the storefront window advertising the fact that there was a bitcoin ATM inside—bigger than the Zig Zag rolling papers advert, too! (lol)





Compared to the previous machine that I tried to use, this one was extremely simple.  You basically agree to the fees, enter your mobile number to receive an SMS for verification, and then scan your wallet QR code.  I kinda had some difficulty doing that last step correctly, but that was probably my own ineptitude in trying to position my QR code correctly rather than a fault of the machine.  But as soon as it captured the image, it prompted me to insert cash.  

My budget as of late has been kind of tight, so I only fed the machine $50, two $20 bills and a $10.  After telling the machine I was done, I got this message:
I didn’t see the funds showing up on the network, but I took a chance and exited the convenience store and departed on my excellent e-bike.  About 10 minutes into my ride home, I got an alert that the bitcoin was received in my wallet.  

All in all, this was a pretty neat experience and I don’t regret spending my time, physical energy pedaling, or cash in order to finally try out a bitcoin ATM.  I’m relieved that it was an easy process, as opposed to my last experience.  Would I continue to buy bitcoin this way?  No, absolutely not.  I paid $50 for exactly $40 of bitcoin, and that just isn’t worth it, since I never have a dire need for crypto such that I’d pay that markup.  It’s too bad the fees were that high, and I think the future of bitcoin ATMs is going to hinge on those fees being lowered.  I can’t imagine there are many people who frequently need bitcoin so urgently that they’d continue to use ATMs at the present conversion rates.  

That’s a bitcoin sticker on the top tube of my bike, BTW, which I think I got from minerjones.  If I had more stickers I’d plaster them all over it.

So anyway, I wanted to share my pretty cool experience with the community.  Sorry if there aren't enough pics, but I'm not the best photographer and there was a terrible glare on the screen.  Feel free to share your own experiences buying bitcoin with ATMs.

Edit:  Hey, my images aren't displaying properly!  Can someone help me out?

[o_e_l_e_o]

Was your mobile number just to receive a confirmation text? Could you have done the transaction with a fake number or without a number at all? My local ATMs all seem to require KYC (although I admit I haven't checked them out in a while), but I don't think I've ever used a CoinCloud ATM like that one.

I notice the machine also says "Scan your ID for higher limits". Do you know what those limits were?

Edit:  Hey, my images aren't displaying properly!  Can someone help me out?

With imgur, you have to use the link to the image itself, rather than the imgur page with the image embedded on it. Add "i." (without quotations) after "https://" on each of your links. So for example turn https://imgur.com/HvKrsIh in to https://i.imgur.com/HvKrsIh.jpg. You can also get the correct link by opening the pages you have linked, right clicking on the image, and selecting "Show image", "View image", "Open image in new tab", or your browser's equivalent.

Edit: Change your [img] tag to [img width=500] (or a different number) to resize your massive images.

[The Sceptical Chymist]

Leo, you rock as usual.  Thanks for the image tips; it's been years since I posted images on this forum and even though I searched out how to do it, obviously I mucked it up.

Was your mobile number just to receive a confirmation text?

Yes.

Could you have done the transaction with a fake number or without a number at all?

Like I said, I had to receive an SMS text from them in order to proceed so a cell phone was definitely required.  I'm sure you could figure out ways to get that confirmation text without disclosing your own number (like using someone else's phone), but I wasn't concerned about that. 

I notice the machine also says "Scan your ID for higher limits". Do you know what those limits were?

Alas, I was tired and perspiring heavily from my 25km ride and I just didn't have the gumption to linger and read everything--so no, I don't know what the limits are.  But you know, I have a feeling that I might use that ATM again since it was so easy and motivated me to go for a decent bike ride.  Maybe next time I'm there I'll get some more details.

[Coyster]

Would I continue to buy bitcoin this way?  No, absolutely not.  I paid $50 for exactly $40 of bitcoin, and that just isn’t worth it, since I never have a dire need for crypto such that high, and I think the future of bitcoin ATMs is going to hinge on those fees being lowered.

I too may also not be using bitcoin ATM's (because of the Tx fees and i'd have to travel miles to use one in my country for now) but that'll be after my first successful attempt/experience; i think as a bitcoin enthusiast, trying a btc ATM at least once is an experience we should have. Just reading your topic, i already feel like wanting to use one; my country recently launched her first bitcoin ATM and it's in a different state from mine, and I've not visited there for over two years or so, i may prolly make something up just to go there and try it out, gosh now I wish I had an e-bike

[Upgrade00]

I notice the machine also says "Scan your ID for higher limits". Do you know what those limits were?

I got from their faq that;

The limits to purchase/sell Bitcoin are a limit of $2,999 per transaction and $10,000 per day with a verified account. To verify your account, you will need to submit a valid driver's license or passport book.

They also stated in their faq that transactions would usually take up to 10-15 minutes to be confirmed, so that should settle the fears of most users of their service.

[TopTort777]

This story lacks full picture of your bike with its full description. Just joking  
Anyway, great experience. Nice that you share it with others, because many don't have a chance not only to try to spend $50 just for a test; but even try to use such ATMs.

P.S. I have a Xiaomi m365 electric scooter, might gonna ride it to buy some crypto.

[LeGaulois]

Congratz @The Pharmacist you're not BTM virgin anymore  Coincloud has one of the higher fees btw.
@o_e_l_e_o with this issuer the limit is up to $2000 you need a phone number. For anything above (and up to $10k per day) you need to scan your ID. To compare, with Shitcoins.club they can buy up to €10k without ID

[Kakmakr]

Never speed read someone's post, you might miss the details.. I read through your post and saw $50... 2 x $20 and a $10 and my quick assuption was that you fed the machine $100 (50 + 20 + 20 + 10) and then saw you posted that you got $40 worth of Bitcoin.... wanted to reply with ...."You got robbed, because I thought they charged you $60 in fees to get $40 worth of bitcoin.     ((Luckily I read it slowly again and I spot my mistake))

I have to say, Bitcoin ATM's are charging way too much fees for people to even consider converting their fiat to Bitcoin. I did it once and I promised myself NEVER to do it again.    ((If they consider to lower the fees, more people would use it and they would make more profit))

[Charles-Tim]

I have not used bitcoin atm before but I have watched several videos, while selling bitcoin to receive money may require you to input your phone number or email to get a message when you will be able to withdraw the money and a QR code is printed out. But when using it to sell bitcoin, no phone number is not needed for anything. The videos I watched was way back in 2019 and I think bitcoin atm is being modified.

I think, bitcoin atms are getting modified in a way to reduce privacy. After the high transaction fee, you still have to use phone number for verification, and the atm needs to verify you for higher transaction amount. I even watched a video now because the phone number verification for buying is strange.

https://m.youtube.com/watch?v=xajKjxxRL04

[The Sceptical Chymist]

This story lacks full picture of your bike with its full description. Just joking  

It might be a tad bit off-topic, but this is my thread so:




It's a Specialized Turbo Vado 5.0, which was the bike I was looking to purchase with bitcoin, and I'd asked the community how I could go about making that happen (and created another thread about it that apparently got deleted) but to no avail.  I didn't just want to buy the bike with bitcoin; I really wanted the bike, period.  

I'm very happy with it and have no regrets buying it, even though it cost a pretty penny.  

[ololajulo]

I think the process look very simple for anyone to adopt and I think the adoption of the ATM will grow fast across all continent as year passes. I only think purchase of bitcoin with fiat will be appropriate than spending your crypto on daily need, it is a better way to save fast in asset, I wish the transaction fee was mentioned and the period from purchase and deposit was observed.

[Sanugarid]

I got a bike too and willing to pedal a mile long road to test this out if we have it here haha. Now it's kinda clear to me the steps into buying bitcoin with this machine, I'm just wondering if they also print the receipts with the Tx on it, it would be cool to keep those things tho. I would not be buying on these if the fee is too high, could just do it with any local wallet with lesser fees and effort.

Imagine a guy on your back tell you to stop, '' now send me the bitcoin you bought or imma shoot your head'', lol

[azmirihaque]

This is a very good experience. I have first time listened the real and practical experience of using bitcoin ATM. This is surely one of the great advancement of bitcoin exploration. Though this access is very limited, it will help others to spread this opportunity all over the world.  Very few countries have permitted such facilities and very few people are enjoying it still now. But we expect, one day we will be able to use Bitcoin for all types of transaction and this facility will be available for us.   

[KrisAlex18]

I haven't tried any bitcoin ATM because we don't have that kind of ATM her in our Country, I think it would be a great thing if we also have that so whenever we want to buy something or we need money we can use our phone for pulling out our money and it would be great so we don't need to go for some remittance center and fall in line just to get our converted fiat money but I think it wouldn't be possible because our country banned the cryptocurrency but there are still many people who are using it for some online transaction and doing some crypto activities.

This story lacks full picture of your bike with its full description. Just joking  
Anyway, great experience. Nice that you share it with others, because many don't have a chance not only to try to spend $50 just for a test; but even try to use such ATMs.

P.S. I have a Xiaomi m365 electric scooter, might gonna ride it to buy some crypto.

Thats true, many people wanted to try that ATM, it would be a great feeling for all of the bitcoin user. Hoping that we would have that kind of ATM in our country.

[The Cryptovator]

Congrats for your first BTM use. Feeling excited, but fortunately I don't have, such as an opportunity. I am curious about how you input USD into the machine (sorry if I am missing something on the OP). I mean, did you used a credit / debit card to buy bitcoin? And is there required credit/debit card if you want to sell your bitcoin?

Sadly fee is quite high, but at least there is an opportunity buy/sell your bitcoin in emergency case. Wondering you paid fee $10 to buy $50. Is it will increase if you buy $2K comparatively? Or its fixed fee for a single transaction? If its fixed for a single transaction, then likely it would reasonable when someone buy higher amount. Otherwise really fees are high.

[amishmanish]

Congrats Pharamacist for the e-bike and your first transaction. And 15 miles back and forth for bitcoin ATM on your first e-bike must totally be worth it. The fees of course is outrageous. Did they charge it just for transfer or some form of "convenience fee' is also billed on the receipt?

That’s a bitcoin sticker on the top tube of my bike, BTW, which I think I got from minerjones.  If I had more stickers I’d plaster them all over it.

SOMEBODY GIVE THIS MAN A "STICKER"...@minerjones

[Debonaire217]

I often saw OP's thread about buying this kind of bike through bitcoin, I am happy for you even though you haven't bought it directly from bitcoin.

I just want to share, we also have a convenient way of buying bitcoin. I guess we cannot really escape from huge convenience/transaction fee, or whatever the fee is when converting fiat to bitcoin. The process is like this:

You open up your mobile wallet app Coins ph.
Click cash in and type how much you like.
Show the receipt to 7/11.
pay it.

Then you have your bitcoins already. If they could make this process purely automated, it will be a big business to start with. More people are now engaging to bitcoin and having bitcoin ATM will give you tons of cash.

[davis196]

It doesn't matter if it's via ATM or via online purchasing.The giant transactions fees will always be a problem,when buying Bitcoins.
Traveling 15 miles and paying such transaction fee seems like a big sacrifice.
There aren't any bitcoin ATMs in the region where I live,but if there are some ATMs installed,I'll most likely refuse to use them.
I don't know what to say-congratulations for using that ATM or not congratulating you for wasting your time,money and energy.

[Wexnident]

It doesn't matter if it's via ATM or via online purchasing.The giant transactions fees will always be a problem,when buying Bitcoins.
Traveling 15 miles and paying such transaction fee seems like a big sacrifice.
There aren't any bitcoin ATMs in the region where I live,but if there are some ATMs installed,I'll most likely refuse to use them.
I don't know what to say-congratulations for using that ATM or not congratulating you for wasting your time,money and energy.

Well, it's the experience that counts I suppose. He didn't deposit that much so I suppose the transaction fees aren't that much of a problem. But really, based on price for when I checked right now, can I assume that the fee for the transaction is around ~20%? Damn, Crypto-ATM's are really there to suck the money out of your wallets. Congrats on that 15mile travel that costed you around $20 I think?

[slaman29]

Well done to you! I have never seen a Bitcoin ATM up close, I live too far in the suburbs to make the very long journey to the city where I know there is one. Never actually also saw anyone I know use it so it's interesting to see. I doubt we will ever have a lot of business here (the local currency is cheap so $50 is a LOT of bills) and most people are afraid of ATMs that don't have guards:) Enjoy your life and e-bike OP:)