Bitcoin atms

[Renampun]

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 atm machine for me is great...

the creation of a bitcoin atm machine, of course, to make it easier for tourists or other workers to exchange their fiat into bitcoin or vice versa. in my city there is no bitcoin atm machine because the government still prohibits it but it would be great if it was available.

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[huu78]

Needed? yes, .. useful? yes, safe?.. of course.. I think the security of an atm will be disturbed if a third party does it. Such as planting third applications and recording devices, of course this can happen if we as users are not vigilant. This really helps crypto users to earn money without having to open a market right? I imagine this is already happening where I am, it's amazing..

[markdario112616]

Needed? yes, .. useful? yes, safe?.. of course.. I think the security of an atm will be disturbed if a third party does it. Such as planting third applications and recording devices, of course this can happen if we as users are not vigilant. This really helps crypto users to earn money without having to open a market right? I imagine this is already happening where I am, it's amazing..

Needed? Not necessarily
Useful? It's kind of taking away the main thought of having digital/virtual currency.
Safe? Since there's no physical money stored in that ATM (IF that atm's main purpose is just to transact from one to another, without the withdrawal function. The physical ATM itself is safe).

But the fact that most of the countries are still not fond of Cryptos. Who will create, facilitate and maintain a Crypto ATM Machine?

Having that said, Let's go back to the Safeness of these machines. Most likely the government will not fund this, and only the private sectors in which has the capacity to create and maintain one can. Thus, the anonymity of the Crypto holder be safe? We are speaking of ATMs right, Since the chance, some will access their wallets (main or the other) in this machine/s will be exposed? Why? All ATMs has it's own Camera and this can be penetrated by Hackers.

[2double0]

Security is taken care of when giving users access to these atms, but if you are much concerned about your privacy then you should avoid using them as kyc may be needed which will also be accessible to the companies who are in charge of those atms. Bitcoin atms are needed just for those who want to spend their bitcoins anytime anywhere but again, they are withdrawing fiat only so if the cash value would be huge, they may be in trouble if someone (like thief) tracks them down.

[bL4nkcode]

but if you are much concerned about your privacy then you should avoid using them as kyc may be needed

Some atms do, but for a certain amount only. Mostly ask for phone numbers for verification purposes though still its part of user's privacy. So if you're a private person, bitcoin atm is a no-no.

[Welsh]

They probably bring more advantages than disadvantages, and I think a lot of users here are neglecting the fact that the Bitcoin ATMs bring exposure to Bitcoin. If your a member of the public, and you're just strolling through town, and see the ATM your likely to be quite intrigued, and that alone creates positive exposure to Bitcoin. The thing with ATMs, people are so used to using them, they have come inclined to trust them, which by having a Bitcoin ATM we are effectively creating that trust by making Bitcoin appear more legit, because don't forget the average person likely thinks Bitcoin is still "play" money or used by criminals.

Unfortunately, their high fees do quite a lot of damage to the use of them, and the exposure they bring, as soon as people see the fees they aren't as interested. 

[isaac_clarke22]

~

Surely not all ATMs are gonna require you to do KYC, so you don't have to worry about having your information be at risk or anything.
Here in my country, BTC ATMs are quite rare to be honest since not many people still use it and most of it just buy it online with their cards. It is somehow beneficial for convenience of buying your Bitcoins, though I am not sure how fees would go.

[Welsh]

Surely not all ATMs are gonna require you to do KYC, so you don't have to worry about having your information be at risk or anything.
Here in my country, BTC ATMs are quite rare to be honest since not many people still use it and most of it just buy it online with their cards. It is somehow beneficial for convenience of buying your Bitcoins, though I am not sure how fees would go.

The way the world is going, it'll likely be a legal requirement for a ATM to require Know Your Customer (KYC). I know that the UK, and the USA are particularly trying to introduce KYC so everything they can. I've said previously I partly understand why, although I don't agree on the implementation of it.

From what I can gather, and have seen the fees are extremely high almost to the point that any regular Bitcoin user who has access to an exchange or Peer To Peer (P2P) will probably opt to use them instead. At least for regular transactions.

[dificanovi]

that's the development of the times, it's time for Bitcoin ATMs to circulate so that Bitcoin users can easily take, send and exchange Bitcoins into real money.
Everything will be easy after Bitcoin ATMs can be used in all countries, maybe this is the brightest point in the future because bitcoin is increasingly popular.

[2double0]

but if you are much concerned about your privacy then you should avoid using them as kyc may be needed

Some atms do, but for a certain amount only. Mostly ask for phone numbers for verification purposes though still its part of user's privacy. So if you're a private person, bitcoin atm is a no-no.

I do P2P face to face most of the times or go for Binance P2P, I know it asks for kyc too but I am more comfortable giving my documents to Binance than to an atm based third party whom I know nothing about, and it also increases doubts in my mind that how will they use my kyc documents. Getting doxxed has now become mandatory on most exchanges and I hate it, but to exchange our coins to fiat, we are bound by these exchanges to give out our personal data.

[lalabotax]

Bitcoin ATMs may be similar to the fiat ATM as usual in the world.d They are beneficial enough for they can help the users or Bitcoiners to use them at certain times, depositing money to buy BTC easily, cashing out, and others.
Moreover today, we can find out many more Bitcoin ATN in the world in which many more companies set their Bitcoin ATMs in certain public areas in order to reach many more users.
And about the security, I am sure that they have been completed and set up with high security. However, like other types of ATM, every technology may have weaknesses and it may also have a weakness in securit. But so far, there are no bad issues with them.

[Boov]

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?

Prior this bitcoin ATM has been established and installed to become accessible for public, every possible circumstances that might exist in future use was already intercepted. Given a chance that it might happen unexpectedly, I don't think all those errors mentioned here would radically burst out. Technical guys won't put things worst because of negligence, so let's trust the process that it will run smoothly along the way.

[just_Alice]

Safety is a major concern for me. There’s a high chance of being attacked while using ATMs overall and there’s even a higher chance with Bitcoin ATMs. Also, ATMs aren’t a priority for one caring for anonymity: people around can see you, plus there are cameras. We don’t have such in our city, but even if there were I doubt that many would use it.

[The Sceptical Chymist]

I've created several threads related to BTCATMs, here, here, and here, so I guess you could say I'm a bit of a fan of them.

Do I think they're necessary?  Not at all at the moment, especially when most merchants don't accept bitcoin and people are far more comfortable spending fiat than they are bitcoin. 

Are they convenient?  Yes, definitely.  But the drawback is that you pay dearly for that convenience, because most BTCATMs have huge markups (though it varies based on what type of machine it is).  Frankly you'd be much better off buying bitcoin or any of the other cryptos the ATMs offer through an exchange or any other means, because you would probably get a much better price.  And let's face it: nobody needs bitcoin so urgently that they need to buy it at their local gas station (though I'm sure there are exceptions).

Are they safe?  That one I'm not completely sure about.  There are a number of different manufacturers and owners of these machines, and I don't think any of them have an established track record of being above-board operations.  On the other hand, I haven't heard any horror stories about people getting ripped off using any of them.  What I don't like is that for all of the ones I've seen, you have to provide at least a phone number in order to make a purchase, and if you buy large amounts you have to basically take a selfie with your ID.  Who knows what they do with that information?  I barely trust exchanges with KYC info; BTCATM owners are to be trusted even less, IMO.

But in the end, I still remain a fan of these ATMs and they are popping up all over the US, so my guess is that they're probably profitable for the owners of them.  I just wonder how long they're going to exist with all of these new regulations that seem to be in the pipeline.  For all I know, they could be outlawed in the next couple of years.

[arwin100]

Safety is a major concern for me. There’s a high chance of being attacked while using ATMs overall and there’s even a higher chance with Bitcoin ATMs. Also, ATMs aren’t a priority for one caring for anonymity: people around can see you, plus there are cameras. We don’t have such in our city, but even if there were I doubt that many would use it.

I'm seeking this option to withdraw since my wallet provider gives us only few withdrawal monthly limits and anonymity is not a problem regarding on this discussion towards bitcoin ATM since in the first place I didn't do something illegal and my earnings in legal things here in crypto space. But I make sure that no one's watching while I'm processing my transaction and also I'm sure that no one will come next to you and watch what you are doing on ATM unless you do something suspicious by using it.

[XUNing]

Bitcoin ATMs are conducive to the spread and promotion of Bitcoin. Using them to withdraw cash abroad is cheaper than local ATMs. No permission from the government is required to transfer cash. Therefore, cryptocurrencies can be used without tax incidents.
But some of the apps you download require KYC, and some are just robbery at high fees and BTC prices, usually transaction fees are several times higher than the actual price.

[Nora Olin]

I think the fees charged should be high, so be careful. I haven't used them personally because they are not available in my country, but they seem to be safe and comply with government regulations, so I don't think safety will be your problem.

[Chato1977]

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?

Skimmers and impersonator are normal when it comes to crypto ATM's because more than anything this mostly not requiring KYC or we don't like providing one so the opportunity of negative effects are there.
but if you knew how to protect your coins and account  i think this will be a best operation in crypto areas.

[MusaMohamed]

Bitcoin ATMs are conducive to the spread and promotion of Bitcoin. Using them to withdraw cash abroad is cheaper than local ATMs. No permission from the government is required to transfer cash. Therefore, cryptocurrencies can be used without tax incidents.
But some of the apps you download require KYC, and some are just robbery at high fees and BTC prices, usually transaction fees are several times higher than the actual price.

It can be done via Bitcoin and Bitcoin ATM. You can bring your Bitcoin globally and you can cash it out to local fiat with Bitcoin ATM. It is very convenient.

I don't know the fee charge each time you cash it to fiat and I guess it depends on fee in the Bitcoin network. Fee charges by Bitcoin ATM is static and not dynamic.

Do you know limits of each trade with Bitcoin ATM? Like limit with withdrawal from your bank accounts at bank ATM

[JillianTaft]

Advantage
You don't want to deal with banks, ATM can help us solve this problem.
You can use cryptocurrency without internet
Any cryptocurrency can be traded, not just Bitcoin.

Shortcoming
The fees are high, and ATM will charge higher than ordinary Bitcoin transactions.
There is no anonymity, because ATM requires verification of mobile phone number.
Not easy to find. It may be difficult to find an ATM.