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Author Topic: Saw my 1st 'hybrid' Bitcoin ATM this morning.  (Read 237 times)
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November 26, 2021, 03:23:52 PM
Merited by NeuroticFish (1), ETFbitcoin (1), buwaytress (1), dkbit98 (1), Jawhead999 (1)
 #1

Was at a small shop in NYC. Rates were not great 5% on either side of the trade. But it was interesting. The ATM handles no cash. If you wanted to buy you spoke to the cashier, gave him cash and you got a receipt with a barcode that you went to the machine with the receipt scanned the barcode and then a QR code for your address and poof BTC in your wallet. To sell you went to the machine and send BTC to the address it gave you and it printed a receipt that you brought to the cashier. Who could then make a judgement call as to wait for a certain number of conformations or just hand you the cash.

I heard mention of them a few years ago, never saw one before.

I think the name of the place was Superior convenience (or close to it) somewhere on Manhattan Ave in the 130s. Was wet and cold and just ran in for a cup of coffee and saw the BATM.

-Dave

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November 26, 2021, 04:19:25 PM
 #2

This is so so nice. I haven't tried yet but it seems very interesting to me. As far as I know, BATM is fully centralized, did it ask for any phone number or KYC documents from you while you using it? I did not use Bitcoin ATM due to my personal anonymity,
Your description does not specify anything about using phone numbers or KYC. Can you kindly inform me a little bit about this since you have witnessed it first hand?




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November 26, 2021, 04:35:59 PM
Merited by Minor Miner (1)
 #3

This is so so nice. I haven't tried yet but it seems very interesting to me. As far as I know, BATM is fully centralized, did it ask for any phone number or KYC documents from you while you using it? I did not use Bitcoin ATM due to my personal anonymity,
Your description does not specify anything about using phone numbers or KYC. Can you kindly inform me a little bit about this since you have witnessed it first hand?

The sign on the machine said Valid ID needed for all transactions, max $1000 / day. *BUT* it not ask me for anything. I don't know if it's up to the cashier or some other limit or thing. I just did $20 out and $50 in to play with it.
The 5% each way was just too much to do more. And the coffee sucked so I was not sticking around.
Will be back in the area after the new year so if nobody else gets there I will check again then.

-Dave

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November 26, 2021, 07:20:18 PM
 #4

This is so so nice. I haven't tried yet but it seems very interesting to me. As far as I know, BATM is fully centralized, did it ask for any phone number or KYC documents from you while you using it? I did not use Bitcoin ATM due to my personal anonymity,

Ehh I really don't see how it's a nice thing. It just adds unnecessary steps for most peeps, with the only positive advantage is that new users of the ATM has a customer support ready by default.

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November 26, 2021, 07:57:30 PM
 #5

This is so cool. I really wish I can see one myself. I will be very interesting to see how these can change a lot of things in the crypto space.

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November 26, 2021, 07:59:18 PM
 #6

I on the other hand... like the idea ...and I think we need innovation of any kind to push adoption. The cashier, if well trained... will be a asset to Bitcoin adoption and it will even be better if they accepted Bitcoin as a payment option.  Wink

The barrier to entry for Bitcoin adoption in 3rd world countries are education and a educated cashier in a scenario like this, will put bitcoins in the hands of even uneducated people or older people that might struggle with the technology.  Wink

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November 26, 2021, 08:05:18 PM
 #7

Was at a small shop in NYC. Rates were not great 5% on either side of the trade. But it was interesting. The ATM handles no cash. If you wanted to buy you spoke to the cashier, gave him cash and you got a receipt with a barcode that you went to the machine with the receipt scanned the barcode and then a QR code for your address and poof BTC in your wallet. To sell you went to the machine and send BTC to the address it gave you and it printed a receipt that you brought to the cashier. Who could then make a judgement call as to wait for a certain number of conformations or just hand you the cash.

I heard mention of them a few years ago, never saw one before.

I think the name of the place was Superior convenience (or close to it) somewhere on Manhattan Ave in the 130s. Was wet and cold and just ran in for a cup of coffee and saw the BATM.

-Dave

It's certainly great to see more uptake of this and have it accessible to a wider range of people, but it certainly feels like quite a clunky setup. I doubt many shops carry a lot of cash to prevent themselves getting robbed, so there must be fairly low inputs and outputs that they can allow for the machine. It's a bit of a pain that it requires input from a third party (the cashier) who is required to validate a step and this might put a few buyers off. Last of all the time it takes to confirm might also vary and unless the miner fee is set quite high then a customer might have to wait around a long time for the transaction to confirm or the business might actually be unaware and put itself at risk if they don't want for adequate confirmations.

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November 26, 2021, 08:11:19 PM
 #8

I'm yet to see a BATM, it will be something exciting that i look forward to. Would have loved to say that we will be seeing BATM's in my country, but i doubt that it will be soon, my government is still busy discouraging cryptocurrency adoption and use and clamping down on young people associated with cryptocurrency. Hopefully things will change in the near future.

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November 26, 2021, 08:29:32 PM
 #9

Was at a small shop in NYC. Rates were not great 5% on either side of the trade. But it was interesting. The ATM handles no cash. If you wanted to buy you spoke to the cashier, gave him cash and you got a receipt with a barcode that you went to the machine with the receipt scanned the barcode and then a QR code for your address and poof BTC in your wallet. To sell you went to the machine and send BTC to the address it gave you and it printed a receipt that you brought to the cashier. Who could then make a judgement call as to wait for a certain number of conformations or just hand you the cash.
That's interesting. Something good to know.

I suppose we're still a little away from cutting out the middle men but for an ATM with the idea to become adopted by the non-tech savvy people is still a good option. I hope the queue is not putting people off from transacting BTC. Though, I suppose we ought to respect the progress Grin
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November 26, 2021, 08:39:21 PM
 #10

This is so so nice. I haven't tried yet but it seems very interesting to me. As far as I know, BATM is fully centralized, did it ask for any phone number or KYC documents from you while you using it? I did not use Bitcoin ATM due to my personal anonymity,

Ehh I really don't see how it's a nice thing. It just adds unnecessary steps for most peeps, with the only positive advantage is that new users of the ATM has a customer support ready by default.
I suppose that this is just to attract the random "John Doe's" that hear about BTC and want to say that they somehow also have BTC of their own. Even being capped at $100/day I wouldn't feel at rest by just going to a cashier and asking him/her to give me the equivalent in BTC - I just think that it would open myself to being a target.

On a curious note, would this[1] be the shop @DaveF? I've searched around Manhattan Avenue and this is the closest one available. If not, I suppose you could submit[2] the location to their website.

[1]https://coinatmradar.com/bitcoin_atm/574/bitcoin-atm-cryptocurrency-atm-harlem-apollo-deli-fruit/
[2]https://coinatmradar.com/submit/

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November 26, 2021, 11:47:53 PM
 #11

Nice idea, I guess it will be lessen the stolen of bitcoin ATMs, in some way. (another incident happened in barcelona just this month)

Regardless the fees I guess I will still be excited using it even just once if there's available nearby.
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November 27, 2021, 01:34:39 AM
 #12

This is so so nice. I haven't tried yet but it seems very interesting to me. As far as I know, BATM is fully centralized, did it ask for any phone number or KYC documents from you while you using it? I did not use Bitcoin ATM due to my personal anonymity,

Ehh I really don't see how it's a nice thing. It just adds unnecessary steps for most peeps, with the only positive advantage is that new users of the ATM has a customer support ready by default.
I suppose that this is just to attract the random "John Doe's" that hear about BTC and want to say that they somehow also have BTC of their own. Even being capped at $100/day I wouldn't feel at rest by just going to a cashier and asking him/her to give me the equivalent in BTC - I just think that it would open myself to being a target.

On a curious note, would this[1] be the shop @DaveF? I've searched around Manhattan Avenue and this is the closest one available. If not, I suppose you could submit[2] the location to their website.

[1]https://coinatmradar.com/bitcoin_atm/574/bitcoin-atm-cryptocurrency-atm-harlem-apollo-deli-fruit/
[2]https://coinatmradar.com/submit/

That was not it, I don't see it listed at all, I don't have the exact address it was raining and still dark out. I just kind of ducked into the 1st place I saw open that had coffee. It was probably after the change from Manhattan Ave to St Nicholas Ave. Still think it was in the 130s but could have been high 120s to low 140s. I was walking for a while at that point and not really paying attention since I knew it was going to be a long, cold, wet, walk.


... Last of all the time it takes to confirm might also vary and unless the miner fee is set quite high then a customer might have to wait around a long time for the transaction to confirm or the business might actually be unaware and put itself at risk if they don't want for adequate confirmations.

So long as there is 1 conf you are usually good to go. But it does give them a bit of play. No RBF and a high enough fee and a small enough amount then you can give the person his cash and let them leave. RBF and low fee, sorry buy another cup of our bad coffee and wait...

It was an unbranded machine. No logos or anything, but it looked well built. So I don't know if it was a custom built thing or a new unit that I have not seen yet or something else.

-Dave

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November 27, 2021, 01:53:55 AM
 #13



Ideally, this is not what we are expecting of a BATM should be however since we are still in the pioneering adoption stage of cryptocurrency this kind of a set-up can still be acceptable. At least, a user can easily deal with any problem because there is someone who can assist him. I am sure that eventually, the system will be gradually changed into like a real ATM we see around. I am just wondering if this outlet is making some good amount of transactions with the machine or if it is already a good business to deal with...

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November 27, 2021, 02:29:44 AM
 #14

An ATM with human intervention seems to defeat the purpose of an ATM, but if it eliminates the need to wait for minutes in order to finish a transaction, then perhaps it is justified, somewhat. Most bitcoin ATMs I've come across operate like a normal ATM, though with a higher fee (7% on either trade) and only require 1 confirmation before the trade is a done deal. Never tried one though, as I don't think the rates are even justified even though it provided some form of convenience.

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November 27, 2021, 02:41:05 AM
 #15

This is so so nice. I haven't tried yet but it seems very interesting to me. As far as I know, BATM is fully centralized, did it ask for any phone number or KYC documents from you while you using it? I did not use Bitcoin ATM due to my personal anonymity,

Ehh I really don't see how it's a nice thing. It just adds unnecessary steps for most peeps, with the only positive advantage is that new users of the ATM has a customer support ready by default.
It is good for the new users. Apart from this it is a nice way that anyone who doesn't have much of technical knowledge can also buy with ease. With the mentioned location, almost everyone are good with technology. With third world countries or over the rural areas of a country these way of support for bitcoin buying and selling will increase adoption.

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November 27, 2021, 02:57:35 AM
 #16

This is so cool. I really wish I can see one myself. I will be very interesting to see how these can change a lot of things in the crypto space.

Its so cool to see this interesting development of crypto space. As a matter of fact it is long term dream coming true where you can cash out your crypto assets only by using your mobile device and and bar code. I wish I could see these ATMs in every major street of every country. I joined crypto space back in 2017 when we saw Bitcoin being discussed in all main stream media and Bitcoin saw 20K price though later it fell down to around 3K but this is normal when you look at history of Bitocin which bounces back even stronger than it falls down.

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November 27, 2021, 05:57:26 AM
 #17

I'm yet to see a BATM, it will be something exciting that i look forward to. Would have loved to say that we will be seeing BATM's in my country, but i doubt that it will be soon, my government is still busy discouraging cryptocurrency adoption and use and clamping down on young people associated with cryptocurrency. Hopefully things will change in the near future.
I have personally not used it as there are not any on my side also about which i feel sad and also want to explore the usage of bitcoin ATM and feel happy when members share their experience about using it and i suppose there are hundreds of ATM's set up across US and you could find them on gas stations as well which is nice thing to see but really hope the adoption is everywhere and we also get the same chance maybe soon.

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November 27, 2021, 08:01:09 AM
 #18

That is just beginning because sooner or later, many more BATM will install in many places that can give an easiness for people who wants to try to buy and sell bitcoin to fiat or vice versa. It will grow for more if the government supports and help to search for the strategies places to install that machine so it will help people have bitcoin without going too far from their home. But if we want to buy or sell bitcoin in a large amount, we should use the other way to attract the bad guy to play with their trick.

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November 27, 2021, 12:05:35 PM
 #19

Ehh I really don't see how it's a nice thing. It just adds unnecessary steps for most peeps, with the only positive advantage is that new users of the ATM has a customer support ready by default.

This is the first time I've heard of such an ATM, and I have to admit it makes sense because there is customer support in the form of a live person who can help if needed. However, I was positively surprised that the fee is only 5%, considering that crypto ATMs usually have a higher fee, and here we also have the cost of a person working as a cashier.

Still, wouldn't it be easier if instead of an ATM, the cashier had a simple monitor through which transactions would be performed using QR codes?

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November 27, 2021, 12:17:22 PM
 #20

I'm yet to see a BATM, it will be something exciting that i look forward to. Would have loved to say that we will be seeing BATM's in my country, but i doubt that it will be soon, my government is still busy discouraging cryptocurrency adoption and use and clamping down on young people associated with cryptocurrency. Hopefully things will change in the near future.
Depends on where you're from because if you're from a different place, there's a possibility that bitcoin isn't that prominent in that place like in my country of Philippines, there's not a lot of people who knows about crypto here besides Axie Infinity due to the rise of its popularity this few months, change will definitely come although the pace for each country will be different.

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