My first time using a Bitcoin ATM

[excro]

Hello everyone, I am writing this post, because yesterday, was the first time I ever used a Bitcoin ATM machine. I will be talking about my experience in this post.

So first off, I was asked a phone number for a verification code and then, I had to scan my Bitcoin address QR code. I then inserted 100$ of liquid money into the machine and recieved a notification on my phone telling me that the transaction went through successfully.

I was very surprised because I didn't think that the proccess would be that fast. To be honest, I will definitly buy from Bitcoin ATM's in the future as I clearly see this as the safest and most anonymous way to buy Bitcoin.

Regards, excro  

[enhu]

Haven't tried buying on ATM myself but does it mean your wallet is somehow linked to your phone number?  Which BTC wallet?

[GreatArkansas]

So first off, I was asked a phone number for a verification code and then, I had to scan my Bitcoin address QR code. I then inserted 100$ of liquid money into the machine and recieved a notification on my phone telling me that the transaction went through successfully.

Wow, it looks very easy and comfortable.

But I am curious why they still need a phone number verification? What is the use of it?
As we all know Bitcoin is decentralized, anyone can send Bitcoin to our address without any requirements?

And for OP, how many estimated minutes did you received your Bitcoin to your wallet?

[excro]

So first off, I was asked a phone number for a verification code and then, I had to scan my Bitcoin address QR code. I then inserted 100$ of liquid money into the machine and recieved a notification on my phone telling me that the transaction went through successfully.

Wow, it looks very easy and comfortable.

But I am curious why they still need a phone number verification? What is the use of it?
As we all know Bitcoin is decentralized, anyone can send Bitcoin to our address without any requirements?

And for OP, how many estimated minutes did you received your Bitcoin to your wallet?

I have no idea why they required my phone number, and for the transaction time, I don't know too, since I was in a hurry, all I know, is that I recieved a notification on my phone saying transaction was sent a few seconds after the trade.

[excro]

Haven't tried buying on ATM myself but does it mean your wallet is somehow linked to your phone number?  Which BTC wallet?

I don't think your wallet gets linked to your phone number after such a trade. As for which BTC wallet I don't think I understand what you mean...

[noorman0]

I have no idea why they required my phone number, and for the transaction time, I don't know too, since I was in a hurry, all I know, is that I recieved a notification on my phone saying transaction was sent a few seconds after the trade.

My assumption is the telephone number as a sign that you are registered as a customer of the ATM provider company (the process is similar to registering for social media with a verification code). Or worse, it's an attempt to collect bitcoin holder's phone number to spamming business and investment offers. So, stay tuned for the next few months. I hope my second assumption is wrong.

To be honest, I will definitly buy from Bitcoin ATM's in the future as I clearly see this as the safest and most anonymous way to buy Bitcoin.

I don't think it's completely anonymous once you gave your phone number.

I don't think your wallet gets linked to your phone number after such a trade.

You are right, the important thing is that you keep your private key safe.

[michellee]

I am curious about how long the process finishes but if it is not taking too long, that can be the safest and most anonymous way to buy bitcoin besides using the other third-party services. I have not to try to buy bitcoin using Bitcoin ATM, maybe later if I can find it in my city. But still, I do not want to give my main phone number as the verification so maybe I will try with a one-use phone number only.

Yes, that is a new experience for bitcoin users to attract people's attention passing through that ATM and make them curious.

[mk4]

Are you sure there isn't a CCTV camera nearby though? Because if there was, it's not as anonymous as you think. Also taken note that your phone number was taken, it's only anonymous if you're using a burner phone number.

[Jawhead999]

The most problem of Bitcoin ATM is the ridiculous fee they charge, even you're buy for investment purpose I would still recommend you to use decentralized exchange. It's much rather similar about the privacy concern, but offer lower fees.

However Bitcoin ATMs isn't really anonymous, yes you could use burner phone for the phone number verification. But don't forget usually they've a camera in the ATM.

[dupee419]

Haven't tried a BTC ATM before but I did a research few years ago regarding on how it functions, well, it functions like a normal ATM but with a few additional steps. Regarding to its security, I don't think it's the safest way to deposit nor withdraw your bitcoins because you are actually a target to thieves outside, it depends also on the location and area of the Bitcoin ATM but I can't agree with OP saying that it's the safest way to transact your Bitcoins, I guess it's safer than doing your transactions online but I think there are factors that makes Bitcoin ATM unsafe as well.

[slaman29]

Hey man that is so cool I never got the chance but that's because there isn't any ATM near me or I might have used it already, even with high fees or whatever, just to try it.

Interesting that the only KYC they asked for was a mobile phone. I thought nowadays it was all about personal ID documents.

Regarding the wallet, they were asking you which wallet YOU used. I assume you just got the private key printed out on paper? You should sweep it into your own wallet

[Upgrade00]

I clearly see this as the safest and most anonymous way to buy Bitcoin.

It is definitely not the safest or most anonymous way to buy Bitcoin;
• You go to a public location where the machine is, and anyone can see you and guess your purpose,
• You provided your phone number which can be used to track you after the purchase and get your other details, if you use your actual phone line,
• The ATM probably has cameras attached to it, so your physical identity is already known and recorded.

I can think of so many other ways to transact that is safer and more anonymous.

[bitterguy28]

Hello everyone, I am writing this post, because yesterday, was the first time I ever used a Bitcoin ATM machine. I will be talking about my experience in this post.

So first off, I was asked a phone number for a verification code and then, I had to scan my Bitcoin address QR code. I then inserted 100$ of liquid money into the machine and recieved a notification on my phone telling me that the transaction went through successfully.

I was very surprised because I didn't think that the proccess would be that fast. To be honest, I will definitly buy from Bitcoin ATM's in the future as I clearly see this as the safest and most anonymous way to buy Bitcoin.

Regards, excro  

congratulations then though as far as i remember you are the fifth account posting about their experiences using bitcoin ATM though some  of us
have already used ATM machines but never come to ;post here .

Haven't tried buying on ATM myself but does it mean your wallet is somehow linked to your phone number?  Which BTC wallet?

It is for sure that's why you must use a Number that disposable and not a Phone Number that linked to your personal details because you are risking yourself from bad use in future.

[cryptoaddictchie]

Thanks for the experienced shared here. Personally I wanted to try this out but of course there are so limited machine here in our place but there is a part of me want to know the process first by others before trying this out. Glad that you mentioned it. Im sure its gonna be fast like lightning have you tried if the process is withdrawal?

[sirminesalot]

Offline transaction usually used lightning network to boost the transaction speed with a very small fee. This is why bitcoin ATM should be able to used around the world and bitcoin transaction also could apply even in small stores.
We hope in the future, the fee and the transaction speed sending bitcoin between address within the internet have the similiar speed to lightning network, with that, bitcoin is really potential to become world main currency in the future

[bakasabo]

Are you sure there isn't a CCTV camera nearby though? Because if there was, it's not as anonymous as you think. Also taken note that your phone number was taken, it's only anonymous if you're using a burner phone number.

I can give a 200% that there were CCTV cameras around. Such expensive hardware are never left unprotected. Even coffee vending machines and snack machines now has 360 degree cameras in front panel or on small visor to prevent vandalism. excro totally lost his anonymity, now his face can easily be matches with his identity by phone number.

Btw, excro, you have forgotten to share most important - how much BTC did you get for $100? What was the exchange rate ATM use and the fee amount?

[mk4]

I can give a 200% that there were CCTV cameras around. Such expensive hardware are never left unprotected. Even coffee vending machines and snack machines now has 360 degree cameras in front panel or on small visor to prevent vandalism. excro totally lost his anonymity, now his face can easily be matches with his identity by phone number.

Yep that's definitely most likely the case. It will hugely depend on what country OP is in though, because there are still countries/cities(especially the poorer ones) that doesn't have CCTV cameras left and right.

[DdmrDdmr]

<…> Interesting that the only KYC they asked for was a mobile phone. I thought nowadays it was all about personal ID documents.<…>

Most ATMs will require a mobile number under a certain amount that is being purchased/sold. If the quantity exceeds a certain threshold (and sometimes if there are consecutive TXs that surpass a certain value on aggregate), you will likely be required to provide further KYC documentation (Ids and such).

The mobile number is really a way to identify the user with ulterior steps if need be. It constitutes a minimum set of data which authorities could, if required, use to cross against other databases in order to determine de full ID of a given person. The industry in some countries is considering enhancing requirements, believing that a phone number is too laxed.

[cheezcarls]

Hello everyone, I am writing this post, because yesterday, was the first time I ever used a Bitcoin ATM machine. I will be talking about my experience in this post.

So first off, I was asked a phone number for a verification code and then, I had to scan my Bitcoin address QR code. I then inserted 100$ of liquid money into the machine and recieved a notification on my phone telling me that the transaction went through successfully.

I was very surprised because I didn't think that the proccess would be that fast. To be honest, I will definitly buy from Bitcoin ATM's in the future as I clearly see this as the safest and most anonymous way to buy Bitcoin.

Regards, excro  

Good for you. The first time I’ve experienced using a Bitcoin ATM was in a mall in Singapore. So I’ve tried to convert my BTC from Blockchain wallet to SGD and it took me at least 45 minutes for the transaction to confirm.

At first I was kinda confused because you know it’s my first time. Now at least I know how to withdraw my BTC to SGD in that Bitcoin ATM. But not all Bitcoin ATMs are exactly the same as they have different user interfaces.

[worle1bm]

You can easily use bitcoin Atm as there are plenty of available now and more and more counties are seeing increasing rate of bitcoin ATM's now and as you said it's quite easy to use it like you scan your qr code and then deposit the money and then all the procedures.I have not used it till now as most of the time i make transaction from wallet only but will surely try it once to have real time experience of the same.