Have you, or would you ever use a Bitcoin ATM?

[SmallDoggy]

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

Found some similar threads in the past.

• My first time using a Bitcoin ATM
• Finally used a bitcoin ATM successfully!
• What do you think about Bitcoin ATMs?
• Bitcoin/ Crypto ATM's

Personally, I have used one, but the fees is expensive as per discussions on the threads above. I'm not sure if this is viable as a gift though, you might want to look at Opendime: https://opendime.com/

Thank you for the link to those posts. I didn't expect that so many people have never even seen one IRL. I just took it for granted, like it would be a common thing. But most people writing in these threads have never seen one...and it makes me wonder about a few things now. Especially someone mentioning a camera would be recording (because someone mentioned it was "anonymous") ...it's certainly interesting to hear the experiences of people who have used one.
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Regarding opendime, that is an interesting option. At about $20 a device it would make sense on a 100+ gift, especially if they reuse it or re-gift it.

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[The Cryptovator]

Your title says something and post saying something else that question related to the gift card. However, I haven't used Bitcoin ATM ever since Bitcoin is not legal in my jurisdiction. Even during live abroad hadn't used it since the situation was the same in my jurisdiction. It really depends on the jurisdiction where you are, and the availability of Bitcoin ATMs. No idea how Bitcoin gift card works, there shouldn't be pre-generated private keys anyway.

[gabbie2010]

This is a great question.  I had looked in to using an ATM before but once I did the research, I decided against it.  I was first looking to see how much money you could exchange for bitcoin without having to provide a lot of personal details.  There was some sort of small amount, one hundred bucks or so then you had to provided personal data for anything else.  I think I had limits of like 2-4k a day for buying and selling, something like that ( don't quote me 100% on that).  At the end of the day I came to realize it was just too much of a pain and too expensive.

I also got some replies from people in another post. I also have never used a Bitcoin ATM because in my country it is not installed and Bitcoin is not really legal in my country yet. But since using them means requiring KYC I would definitely be against them, I think the government is trying to control us through the use of Bitcoin ATM.

We are have few Bitcoin ATM machines installed in some major cities in my country, though the government had also banned the use of cryptocurrencies, nevertheless majority of citizens are still using bitcoin, unfortunately I was far from those cities, however I am sure I will someday have the opportunity of using those bitcoin ATM machines and have a real live experience of using it, aside the comments made by some members here who had used it before.

[SmallDoggy]

Your title says something and post saying something else that question related to the gift card. However, I haven't used Bitcoin ATM ever since Bitcoin is not legal in my jurisdiction. Even during live abroad hadn't used it since the situation was the same in my jurisdiction. It really depends on the jurisdiction where you are, and the availability of Bitcoin ATMs. No idea how Bitcoin gift card works, there shouldn't be pre-generated private keys anyway.

You are correct. I personally didn't think I would use a BTC ATM, unless it was for a quick (last minute) purchase as a gift to someone. In which case I assumed they would print out a paper wallet that has private keys. Hearing from other members, I was very far off on my assumptions, and that is probably not how it works.

[Rikafip]

Ahh...ok even 1% may be a lot depending...

Believe me, 1% is nothing when buying and selling BTC. Its tough at the beginning to get used to high fees, but there's not many options if you want to stay anonymous. Even when you want to buy/sell from someone directly, people tend to ask for 1-2% fee. For me personally, everything up to 4-5% is ok. Realistically, even that is high but it is what it is.

You didn't mention, does the ATM actually give you dollar or euro bills? That would be interesting...and maybe the "future" of banking... Actually my mind is kind of blown right now  

It gives you the money depending on the official currency of the country where ATM is (like any other ATM machine), so in your case you will get dollars. I am from Croatia and I am getting our own currency ( Croatian kuna ) and next year we are getting euro so BTC ATMs will adjust accordingly.

[coupable]

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

According to recent researches made by coinatmradar, three thousands Btc ATMa have been installed in first quarter 2022. Everybody will get an easy access to use them a day or another.
Personally, if it's something that may dangerously harm my privacy at certain critical levels, i would ignore it at all costs.

[SmallDoggy]

It gives you the money depending on the official currency of the country where ATM is (like any other ATM machine), so in your case you will get dollars. I am from Croatia and I am getting our own currency ( Croatian kuna ) and next year we are getting euro so BTC ATMs will adjust accordingly.

Although it might seem like common sense, I never considered that would be possible. Since the exchanges I've used before ask for a lot of personal information for withdrawing to a bank (even just the bank info is a lot), getting cash from a BTC ATM is still blowing my mind!

[jostorres]

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

Are you sure bitcoin atm is the one your talking about? Because, I think it isn't. I think bitcoin atm doesn't work like that, they won't give you a private key but they will only dispense money. You might be referring to the btc gift cards. They are the one's that give you a private key so that someone can use the btc later on.

It is trusted as long as the brand or the store your buying is also trusted but if you experience any problem like if the coins are top upped already, you can always go back to the store or call the brand supplier directly to complain and ask for a  replacement. Pretty sure they will replace it or refund you, if they are honest. For a btc atm, someone says that their fees are high. When you use it make sure your going to convert higher amounts.

[SmallDoggy]

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

Are you sure bitcoin atm is the one your talking about? Because, I think it isn't. I think bitcoin atm doesn't work like that, they won't give you a private key but they will only dispense money. You might be referring to the btc gift cards. They are the one's that give you a private key so that someone can use the btc later on.

It is trusted as long as the brand or the store your buying is also trusted but if you experience any problem like if the coins are top upped already, you can always go back to the store or call the brand supplier directly to complain and ask for a  replacement. Pretty sure they will replace it or refund you, if they are honest. For a btc atm, someone says that their fees are high. When you use it make sure your going to convert higher amounts.

I realize I was just guessing that it way the works...spend money, get actual bitcoin, which would be a paper wallet, or maybe a qr code with a private key. I didn't realize that's not how it works. I mean it would make sense for me, that you can actually buy the value. However it seems it would just transfer the BTC to one of your accounts that are previously set up. In which case you can't really gift that to anyone. If I could print out a private key I would be able to gift that to someone, sort of like a paper wallet, which is just as good as the bitcoin itself, and would make a great gift if the fees weren't crazy high.

[barbara44]

Two facts that repel users from using Bitcoin ATM: 1) exchange fees are usually higher compared to making similar exchange on  exchanges, with users help or by using telegram bots (for example) 2) they dont offer 100% anonymity right now (have cameras close to where ATM is installed or ask to receive SMS for deal verification).

I would have used Bitcoin ATM, if there were one close to me. I definitely not gonna go there on purpose, as buying Bitcoin ATM from home is still more comfortable.

I did not mind the cameras, I mean I could be known that I am getting bitcoin from there, I have KYC from the exchanges that I use anyway so that doesn't really matter, they could literally have a copy of my ID card and I would be fine about that.

However, the fact that they charge more than regular exchanges means a lot, they have less competition. Exchanges have a huge amount of competition and that causes the fee's to drop, but ATM's do not have that, which is why they are expensive. Once up on a time I tried to get 750 dollars worth of bitcoin, and what I got was 680 dollars worth. The difference was 70 dollars! that is just not doable, not a good thing at all, never used it ever again.

[CaVO32]

Two facts that repel users from using Bitcoin ATM: 1) exchange fees are usually higher compared to making similar exchange on  exchanges, with users help or by using telegram bots (for example) 2) they dont offer 100% anonymity right now (have cameras close to where ATM is installed or ask to receive SMS for deal verification).

I would have used Bitcoin ATM, if there were one close to me. I definitely not gonna go there on purpose, as buying Bitcoin ATM from home is still more comfortable.

I did not mind the cameras, I mean I could be known that I am getting bitcoin from there, I have KYC from the exchanges that I use anyway so that doesn't really matter, they could literally have a copy of my ID card and I would be fine about that.

However, the fact that they charge more than regular exchanges means a lot, they have less competition. Exchanges have a huge amount of competition and that causes the fee's to drop, but ATM's do not have that, which is why they are expensive. Once up on a time I tried to get 750 dollars worth of bitcoin, and what I got was 680 dollars worth. The difference was 70 dollars! that is just not doable, not a good thing at all, never used it ever again.

The fees I believe, is one of the topmost consideration of most crypto users. Because these days, we can now trade and buy at different CEXs at a lower fee. Using BTC ATM is more on just convenience for me. Because let us admit that the fees using ATM is different from when you are using online trading platforms.

[Mahanton]

I've seen them pop up all around me, in small convenience stores and even restaurants. I was wondering if it's a good option to buy a gift for someone else, or are the fees too high and it's not worth it? Also I'm not sure how it works but figuring they give you a private key, and how safe is that?

I would love to make use of Bitcoin ATM machine and i could not really say on how its been done or on what things would really be happening once you do make out some transaction.
Since its just available only on the capital city on our country which im too far which i cant able to do so but hopeful one day i would be seeing nearby and make use of it personally.
Im watching youtube vids about on how its been done. https://www.youtube.com/watch?v=UpBPwcPQVD4

[nullama]

I think I would use a Bitcoin ATM in the future, when Bitcoin is more widely accepted.

Comparing this to a cash ATM, these days I only use them whenever a shop tells me they only accept cash, and not cards. I've noticed this is getting a bit more common recently with inflation and increasing fees from card companies.

In a similar way, in the future when most businesses accept Bitcoin, I would use the Bitcoin ATM for the few businesses that accept fiat only as I won't be carrying any fiat payment mechanism at that time.

[bakasabo]

Two facts that repel users from using Bitcoin ATM: 1) exchange fees are usually higher compared to making similar exchange on  exchanges, with users help or by using telegram bots (for example) 2) they dont offer 100% anonymity right now (have cameras close to where ATM is installed or ask to receive SMS for deal verification).

I would have used Bitcoin ATM, if there were one close to me. I definitely not gonna go there on purpose, as buying Bitcoin ATM from home is still more comfortable.

I did not mind the cameras, I mean I could be known that I am getting bitcoin from there, I have KYC from the exchanges that I use anyway so that doesn't really matter, they could literally have a copy of my ID card and I would be fine about that.

However, the fact that they charge more than regular exchanges means a lot, they have less competition. Exchanges have a huge amount of competition and that causes the fee's to drop, but ATM's do not have that, which is why they are expensive. Once up on a time I tried to get 750 dollars worth of bitcoin, and what I got was 680 dollars worth. The difference was 70 dollars! that is just not doable, not a good thing at all, never used it ever again.

I think Bitcoin ATM and to safe money does not stand together. When a person uses it, he should be ready to pay extra. With Bitcoin ATM this extra is time. When you buy Bitcoin from exchange, getting verified takes time. Sometimes it is few minutes, sometimes it takes days. During that time prices can severely change. How ever I've got your point, using ATM to buy Bitcoin is expensive.

In my country every telephone number is bind to ID. You cant buy a shady SIM (probably could, but it takes time and you have to know where to buy it), or buy just a SIM at a shop. ATMs sometimes ask to enter a code from SMS as a verification of a deal. The fact that my personal data is collected by someone is what bothers me most.

[suryana]

I only know that there are several countries that have adopted bitcoin and have even created several bitcoin ATMs to be able to make transactions, but for myself I have never done this because my country has not adopted bitcoin widely.so automatically there are no bitcoin ATMs that can be done to do this. transactions like those that occur in several other countries, but if all countries have agreed to the adoption of bitcoin then this can be realized

[taufik123]

I think Bitcoin ATM and to safe money does not stand together. When a person uses it, he should be ready to pay extra. With Bitcoin ATM this extra is time. When you buy Bitcoin from exchange, getting verified takes time. Sometimes it is few minutes, sometimes it takes days. During that time prices can severely change. How ever I've got your point, using ATM to buy Bitcoin is expensive.

In my country every telephone number is bind to ID. You cant buy a shady SIM (probably could, but it takes time and you have to know where to buy it), or buy just a SIM at a shop. ATMs sometimes ask to enter a code from SMS as a verification of a deal. The fact that my personal data is collected by someone is what bothers me most.

If time issues prevent you from being able to use bitcoin ATMs, Remember that the Lightning Bitcoin Network is already available and Bitcoin ATMs of course take advantage of the Lightning Network to process transactions faster and cheaper. That won't be a problem.

However, for data collection such as SMS verification, which is required and must know your personal number and some other information (KYC) it becomes optional, you can use it or not. But if bitcoin ATMs don't use KYC there will be a lot of money laundering done. Currently, several Bitcoin ATMs in the UK have been shut down because they do not have permits and are indicated to be places for criminal transactions.

Thus, Bitcoin ATMs currently still need some development that needs to be integrated with user needs as well as regulation and security of Bitcoin ATM users.

[Rikafip]

But if bitcoin ATMs don't use KYC there will be a lot of money laundering done.

Bs. I am glad that in the country I am currently living they don't think so I can freely buy and sell BTC via ATM, without need to provide any sort of info, including mobile phone number.

Currently, several Bitcoin ATMs in the UK have been shut down because they do not have permits and are indicated to be places for criminal transactions.

Not several, but all UK BTC ATMs have been shut. And no, not because they are "places for criminal activities" as you put it, but because companies operating them are not licensed with FCA to offer ATM services.

Thus, Bitcoin ATMs currently still need some development that needs to be integrated with user needs as well as regulation and security of Bitcoin ATM users.

You are mistaken if you think that KYC is there to protect you.

[JayTrain]

unfortunately, there are no such bitcoin ATMs in my city, but there are many alternative ways to buy bitcoin using the same bank card. I am sure and convinced that soon there will be a lot of such ATMs in developed countries, and this depends directly on the development and popularization of bitcoin in the world.

[Jasad]

unfortunately, there are no such bitcoin ATMs in my city, but there are many alternative ways to buy bitcoin using the same bank card. I am sure and convinced that soon there will be a lot of such ATMs in developed countries, and this depends directly on the development and popularization of bitcoin in the world.

Cash out trough Bitcoin ATM still not ability in my country but you were right have another way how to withdraw bitcoin to be cash money like withdrawing trough my local exchange. For deposit money to buy bitcoin available with my local exchange if success pas KYC and we can trade or withdraw bitcoin or altcoin to cash money. Not matter with bitcoin ATM still not available in my country still have several local exchange could withdraw and deposit well.

[Sebas.tian]

I only know that there are several countries that have adopted bitcoin and have even created several bitcoin ATMs to be able to make transactions, but for myself I have never done this because my country has not adopted bitcoin widely.so automatically there are no bitcoin ATMs that can be done to do this. transactions like those that occur in several other countries, but if all countries have agreed to the adoption of bitcoin then this can be realized

I think with time, many countries will adopt bitcoin because of this BTC ATM  machine many government has made available for their citizens to make transaction more easy in their countries. I believe, very soon all countries will start adopting bitcoin because of the low fees that involve in the BTC ATM transaction. This system will really attract other countries that rejected bitcoin some years ago to accept bitcoin, so that their citizens will be part of this freedom Satoshi has created for world to enjoy.

  Everything about the BTC ATM is well secured and safe in transaction compare to fiat ATM card that is too secure in terms of transaction.