Bitcoin atms

[SanahGrat]

What are your opinions on them? Good for crypto? Unneeded? Beneficial? Unsafe? I see many pros of them but I worry about the safety of these machines, although I have to admit I don't fully understand how they operate. Could skimmers be a thing? Could bad actors put in nefarious code to retrieve your information when you use them?https://omegle.onl/  vshare

[MusaMohamed]

Good for cryptocurrency market because ATM is more popular to people. They can buy or sell small Bitcoin amount with fiat. In my perspective, Bitcoin ATM is very first way to join Bitcoin market for people who are not use Internet everyday.

If you use ATM, find the one that is not located in remote area that can put you into risky situation when you visit there in order to complete your Bitcoin trades.

https://coinatmradar.com/

[romero121]

Pros/Advantages

• Easy access - Provide KYC (contact number, address) withdraw the fund/buy what is needed.
• Fast Processing - Can receive the bitcoin in short time.
• Found commonly on high tech cities.
• Good Business - Privately we can setup bitcoin ATM.
• Easy of implementing and low capital.

Cons/Disadvantages

• High transaction/withdrawal fee.
• Found in limited locations.
• KYC is a mandatory.
• Regulatory issues.

[ranochigo]

No. You aren't supposed to provide them with any of your private information (possibly other than KYC) so a simple hidden camera can capture your identity. Most Bitcoin ATMs do not require any cards but only require your Bitcoin address so there is nothing to steal from except your money. It is okay for small purchases, which isn't so viable nowadays. Otherwise, it is a good first point of exposure for most people but terrible if you want to seriously use Bitcoin.

[MusaMohamed]

There are Bitcoin ATMs that have Lightning network integration. You will save lot of cost for transactions if you use Lightning network.

I never use Bitcoin ATM even there are a few locations near my place. I usually buy Bitcoin on peer to peer markekplaces and send them to my wallet or to exchanges.

You can use private key and import it into Electrum wallet. Use BIP39 when you import private key from Bitcoin ATM. Print you receive from ATM can be blurred, damaged, disappear after few months and you will lose access to your Bitcoin if you lose your private key.

[Charles-Tim]

Could skimmers be a thing? Could bad actors put in nefarious code to retrieve your information when you use them?

Bitcoin ATM has been existing for some years now, no complain yet that it resulted to stolen of Bitcoin or any other coin the ATM is supporting. The way the ATMs are operating, it will be difficult for attackers to make use of it to steal. Only what I know is possible is for attackers to physically attack someone like after Bitcoin has been exchanged to Fiat, thieves can look for way to steal the Fiat from you physically, that is why we need to be very careful while using bitcoin ATM, but about online attacker, this will be nearly impossible. There are even many cases of someone that even went to withdraw Fiat from bank ATM in which he/she was later physically attacked by theives.

[Jawhead999]

I think Bitcoin ATMs work similar just like traditional ATMs, but in Bitcoin atms what you need is phone number, pin code and your Bitcoin address.

There's some scam about Bitcoin ATMs [1] but the scam isn't technical thing, it's only targeting not educated person (e.g. send Bitcoin to other address, using other person QR code as receipt address)

[1] https://www.coolwallet.io/bitcoin-atm-btc-scam-security-guide/

[NeuroticFish]

KYC is a mandatory

Just a small clarification may be needed.
Afaik in many places/countries full KYC is mandatory only above certain amounts. So the only mandatory part may the phone number, which can be a prepaid number; in various countries you don't need ID for it.

so a simple hidden camera can capture your identity

Most do have cameras not hidden at all, but their primary use is to capture your identity if you hit the ATM with a sledgehammer 
Plus, the ATMs are in closed spaces and nowadays one needs a mask to enter closed spaces (in most countries), making the camera useless.

[DapanasFruit]

In most cases, ATM skimming is already a thing of the past based on what I know as the technology has improved a lot though we could not be sure if hackers can still do their business with ATM machines. Now, with that scenario, in my own view, ATM machines serves a lot of convenience to people who desire access to their coins anytime anywhere so this is a good option that should be available in the market...and another thing is that these ATMs are actually serving also as a great and attention-getting advertising mediums for Bitcoin.

[YOSHIE]

Could bad actors put in nefarious code to retrieve your information when you use them?

Ever since Bitcoin ATMs were issued, that's when it happened: The Pros & Cons of Using a Bitcoin ATM to Buy & Sell Bitcoin, but in some countries that have Bitcoin ATMs, especially Bitcoin users, they welcome it positively and become the best alternative for some Bitcoin users in making transactions.

For the OP, I have: A Complete Guide to Bitcoin ATMs, so that you can learn now and in the future, to find out the true meaning and use of Bitcoin ATMs.

[bL4nkcode]

What are your opinions on them? Good for crypto? Unneeded? Beneficial? Unsafe? I see many pros of them but I worry about the safety of these machines, although I have to admit I don't fully understand how they operate. Could skimmers be a thing? Could bad actors put in nefarious code to retrieve your information when you use them?

Bitcoin ATMs are somewhat beneficial on the adoption part of bitcoin.

On the other side, it's expensive buying and using it, fees are high. Though its still the same on common ATM where it can be stolen, atm skimming and other frauds made bad actors.

[Cling18]

It would be an advantage in the crypto industry because it could attract more users and investors since it would be more convenient to use. As we all know, some investors are having a hard time withdrawing their funds so I guess it would be an easier way for them to cash out. I just hope that there would be more Bitcoin ATMs that would exist.

[ChiBitCTy]

I have a good buddy who runs a few bitcoin ATMs and he normally has nothing but great things to say about them.  I think overall , and this is just my opinion, but I think overall that they are good for bitcoin and cryptocurrency as a whole.  The last time I saw a bitcoin ATM in a connivance store I asked the owner if he was used very much and he stated "all of the time'.  So overall I think it's great for adoption purposes.

[kryptqnick]

I believe there is at least one BTC ATM in my city, but I've never used it, even though I've been using Bitcoin for 6 years or so. I feel much safer making buy/sell orders online using local crypto exchanges than going somewhere to use an ATM. Maybe at some point I will, but I've never needed it before, and I've heard of crazy fees and sometimes of KYC requirements for BTC ATMs, so I don't think it's convenient or useful for me. But I guess the fact that they're out there makes Bitcoin more visible, and perhaps there are some people who prefer a good old ATM to websites. So my attitude to them is neutral: I don't think we need them for the crypto market to thrive, but they don't hurt either.

[Kittygalore]

Bitcoin ATM is not bad, and it certainly attracts some number of new investors.

The problem is that it's unregulated and FBI I think have already confirmed that these ATMs have been used for money laundering, a bit of regulation on these and I think that we are good to go with these ATMs.

[Mr.sprin]

i have long heard about bitcoin atm before i read on news bitcoin atm is already in big city in america new york and they have made cash withdrawals with bitcoin atm i hope bitcoin atm is also present where i live.

[dkbit98]

Bitcoin ATMs are certainly a good thing especially for those areas and businesses that don't accept Bitcoin directly, you can always pick up some cash even without verification and partially keep your privacy.
I personally know some people who are totally living like this, they don't have regular bank accounts or cards, so for paying their bills and buying food they use money from Bitcoin and other crypto ATMs.
There are some limitations for how much money you can withdraw without verification (up to $900 in one transaction) but it is still enough for this guy to live like this.
Good website to find Bitcoin crypto ATM near you:
https://coinatmradar.com/

[Charles-Tim]

Bitcoin ATMs are certainly a good thing especially for those areas and businesses that don't accept Bitcoin directly, you can always pick up some cash even without verification and partially keep your privacy.

As far as I know, Bitcoin ATM needs to verify user before you can use it for transaction, the verification can just be when your phone number is require during transaction below certain amount, it can be to the extent users that want to transact high amount will even need to provide ID card. Or, maybe the ATM works differently, is there no phone number required at any point during transaction with the Bitcoin ATMs in your location?

I personally know some people who are totally living like this, they don't have regular bank accounts or cards, so for paying their bills and buying food they use money from Bitcoin and other crypto ATMs.

What I do not yet like crypto ATMs is that the transaction fee is too high, about 10% or more of what you want to transact is the transaction fee.

[worldofcoins]

I have a good buddy who runs a few bitcoin ATMs and he normally has nothing but great things to say about them.  I think overall , and this is just my opinion, but I think overall that they are good for bitcoin and cryptocurrency as a whole.  The last time I saw a bitcoin ATM in a connivance store I asked the owner if he was used very much and he stated "all of the time'.  So overall I think it's great for adoption purposes.

"Most of the time" which makes it easy to understand.
I was thinking if there will be Local Bitcoin Banks and all their address will be monitored by the government for verification of the payments.

However, money laundering will be very easy.

[Kakmakr]

They can be good and bad.... depending on how they are used and where they are placed. I have seen some of these Bitcoin ATM's that are charging VERY high fees ...and this is killing any potential for adoption... because new people get the shock of their lives when they convert BTC/FIAT or visa versa and they see how much are charged for fees.

The fees for ATM's cannot be the same for 3rd world countries and 1st world countries. Also, if you place a ATM in a area where there are almost nobody that accepts Bitcoin as a payment option, then it will fail.