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

[RewFrew]

Bitcoin is very popular cryptocurrency world wide. And many country legalized it. For it’s transaction smoothly, created many ATM booth where people can easily convert Bitcoin. Many country set new new ATM booth bor customers flexibility. But i never use Bitcoin ATM booth. Because Bitcoin is illegal in our country. Few month ago Some people wanted to set-up a ATM booth but they are not successful for considering about security issue. But i know our neighbor country set Bitcoin atm booth. I want to go there and use that bitcoin ATM booth.

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[summonerrk]

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I have never withdrawn money from ATMs created to withdraw bitcoin and other cryptocurrencies.
Firstly, there are not so many of them in the country where I live - probably only in the capital.
And secondly, I would not like to show my face as a person cashing out bitcoin. I am sure that there are cameras there, and if the laws are tightened to cryptocurrencies, then there will be a problem.
And thirdly, I am glad that we have P2P Binance, which allows you to withdraw money quickly, without commission, and you do not even need to leave home anywhere and risk your anonymity or security.

[n0ne]

To use bitcoin ATM is not a possible thing at the moment. To make use of it I need to have separate plans and proceed, because it isn't nearby. Maybe when I travel out of the country I'll get opportunity to use it. For now I'm not interested into it. The fee is very big, 15% - 20% as fee will never make people get interest into it. Maybe in future if the government takes a stand to support or legalise the usage of bitcoin I'll set-up one bitcoin ATM, because the revenue is quite good around 10% - 20%

[jeraldskie11]

I've never tried using a Bitcoin ATM since, first and foremost, they're not available in my area. If there is a Bitcoin ATM, I would never use it since many people are watching you and believe you are wealthy. So it will put your life in danger, especially today that there are so many bad individuals around hunting for a victim. If you're familiar with the $5 wrench attack , a security expert advises us not to tell anyone that we have a cryptocurrency. Aside from that, there has already been a situation when a Bitcoin ATM has been hacked, indicating that it is not secure.

[Obari]

for now we have not used bitcoin ATMs or seen bitcoin ATMs themselves because in my country it is not yet fully public for widespread adoption of bitcoin and also in coins it is still not officially legalized.so to make transactions or use bitcoin ATMs it has not been realized until now because these factors.but if bitcoin has begun to be accepted and adopted in various worlds, it is not impossible that we can also make legitimate transactions or use bitcoin ATMs to carry out a transaction process.

Same case also applies in my country and at some point I don't think they might want to build new bitcoin ATM in my country if it finally gets legalized in my country because I'm sure that the government  would want to seek for every way to task its users and they might simply just incorporate the bitcoin transactions in the regular ATM machines available  now in the country as that will even make it easier for the government  to task bitcoin  even on ATM withdrawals.
I've read of some news where it was stated that bitcoin  atm transactions are way expensive and cost more as compared to the online transactions.
So I wouldn't have to use the atm if the news is correct when I can simply do such same transaction with my phone.

[GeorgeJohn]

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 will say on my behalf concerning bitcoin ATM machine, for me I have not used Bitcoin ATM before and i only read the instructions and use the experience of fiat ATM machine to compare others, i believe that Bitcoin ATM not most people that knows exactly how it functions mostly people who is living in Africa party not all who knows Bitcoin or who is in forum knows how to make use of Bitcoin ATM machine.

[Blitzboy]

for now we have not used bitcoin ATMs or seen bitcoin ATMs themselves because in my country it is not yet fully public for widespread adoption of bitcoin and also in coins it is still not officially legalized.so to make transactions or use bitcoin ATMs it has not been realized until now because these factors.but if bitcoin has begun to be accepted and adopted in various worlds, it is not impossible that we can also make legitimate transactions or use bitcoin ATMs to carry out a transaction process.

Same case also applies in my country and at some point I don't think they might want to build new bitcoin ATM in my country if it finally gets legalized in my country because I'm sure that the government  would want to seek for every way to task its users and they might simply just incorporate the bitcoin transactions in the regular ATM machines available  now in the country as that will even make it easier for the government  to task bitcoin  even on ATM withdrawals.
I've read of some news where it was stated that bitcoin  atm transactions are way expensive and cost more as compared to the online transactions.
So I wouldn't have to use the atm if the news is correct when I can simply do such same transaction with my phone.

Your Bitcoin ATM perspective is intriguing, no doubt. Governments eyeing Bitcoin taxes? A prickly topic. Bitcoin was the ultimate tax-free haven, but now with its rising star, governments want in on the crypto action.

On the Bitcoin ATMs, your doubts seem valid. Sure, they might have steeper fees than online dealings, but consider this: their unique selling points include unmatched access and secrecy - benefits sometimes elusive online.

But if costs skyrocket, are we better off online? Let's chew on this, friends. Do the pros of Bitcoin ATMs justify the price?

[yazher]

We don't have it in our city yet, and as soon as we have it available here, I want to try and post my review in this community. Maybe there are not many businessmen willing to take the risk here or they don't have enough knowledge. Perhaps if there are some Bitcoin events in our city, they will consider installing some here too. I would like to try to withdraw from it and I wonder how long it will take because it depends on its speed when people want to use it or not.

[BenCodie]

We don't have it in our city yet, and as soon as we have it available here, I want to try and post my review in this community. Maybe there are not many businessmen willing to take the risk here or they don't have enough knowledge. Perhaps if there are some Bitcoin events in our city, they will consider installing some here too. I would like to try to withdraw from it and I wonder how long it will take because it depends on its speed when people want to use it or not.

Generally withdrawals and are instant if the network fee is 100℅ likely to be accepted and does not have RBF (replace by fee) enabled within the transactions. The main problem are fees and lack of privacy, since you are in a public place. The moment you go to a Bitcoin ATM, you open yourself up to the public knowing you have both cash and Bitcoin on you. That's a large risk. The next problem is the generally exorbitant fee that comes with using them.

[nullama]

~snip~
Generally withdrawals and are instant if the network fee is 100℅ likely to be accepted and does not have RBF (replace by fee) enabled within the transactions. The main problem are fees and lack of privacy, since you are in a public place. The moment you go to a Bitcoin ATM, you open yourself up to the public knowing you have both cash and Bitcoin on you. That's a large risk. The next problem is the generally exorbitant fee that comes with using them.

There are limits though, so a Bitcoin ATM is not that different to a legacy ATM. I would say most people are comfortable to go to a cash ATM, so they should be comfortable to go to a Bitcoin ATM.

It's just what's funding the cash withdrawal that is different.

But yeah, the fees are crazy. Although it's the price of convenience. You might use them from time to time when visiting a new country, that's fine. For everyday transactions of course there are better ways.

[bayu7adi]

Many people disagree with excessively high fees, but after watching this video, I became intrigued to give it a try.
https://www.youtube.com/watch?v=rXXPuHRBhB8

In the video, the transaction process appeared incredibly straightforward, and it seems that neither a private key nor KYC is required, thus ensuring anonymity for the funds. Furthermore, the units used are based on FIAT currency. So, when you wish to withdraw $10 from your BTC wallet, the machine automatically generates a QR code for a transaction that needs to be completed with the equivalent amount of BTC valued at $10. I still find it comfortable to use.

Regarding the fee issue, I haven't obtained complete information about it since there are no BTMs in my country. If there were Bitcoin ATMs here, I would be highly interested in trying out fund withdrawals.

[crypticj]

 No, because I know how to buy bitcoin and don't want to pay a fee for that.

But I think Bitcoin ATMs are a good thing because they rise Bitcoin awareness and help people who don't want to buy bitcoin fast using cash to do it. I think any idea that will popularise is a great thing.

Now you literally can buy it on the street lol. Looks like mass adoption people were talking about for years.

[Ahli38]

There is no Bitcoin ATM here in my city as far as I am informed and if there were some, I am almost sure I would not use them. It is rather a very poor decision, keeping in mind the poor administration of justice in this country.

I would rather people around me and all strangers to continue to be ignorant on the fact I hold some satoshis... actually, people interested in Bitcoin here hold on it to safely save their money from both inflation and crooks.

It's the same as in my country, namely currently in my country there are no Bitcoin ATM machines. So even though many bitcoin users in my country and even the government also support crypto learning for the community, because in this country Bitcoin and all crypto coins are only considered as commodity assets. then of course with a status that is still illegal as a means of payment in this country. then of course there will be no bitcoin ATM operating here. although in the past I had heard that around 2014 to 2018 Bitcoin ATM machines had also existed in my country. but now everything is not working.

I personally might like to have some experience in using a Bitcoin ATM. But I have to hold back my desire because it's not available here.

[BenCodie]

~snip~
Generally withdrawals and are instant if the network fee is 100℅ likely to be accepted and does not have RBF (replace by fee) enabled within the transactions. The main problem are fees and lack of privacy, since you are in a public place. The moment you go to a Bitcoin ATM, you open yourself up to the public knowing you have both cash and Bitcoin on you. That's a large risk. The next problem is the generally exorbitant fee that comes with using them.

There are limits though, so a Bitcoin ATM is not that different to a legacy ATM. I would say most people are comfortable to go to a cash ATM, so they should be comfortable to go to a Bitcoin ATM.

It's just what's funding the cash withdrawal that is different.

But yeah, the fees are crazy. Although it's the price of convenience. You might use them from time to time when visiting a new country, that's fine. For everyday transactions of course there are better ways.

I think that the key difference is that if someone tracked you and hit you with a wrench, told you to open your bank account and send them your money...not only would authorities and banks be able to easily track who the perpetrator was, it would be an act that no one could really get away with in this day and age.

On the other hand, if the same thing happened with Bitcoin, how could one possibly find the perpetrator if they managed to evade surveillance?

When looking at it from this perspective, you can see that the funding source is not the only difference - so is the risk.

[Z390]

 I have never used a bitcoin ATM machine before but I always feel like crying or not unfortunately the opportunity last never arrive although I would like to say that bitcoin ATM doesn't really matter much because it is clear that bitcoin can never replace Fiat currency so

I expect less countries to install bitcoin ATM anyways because it's not widely accepted as means of payment, even most Bitcoin investors don't see a big reason to use a Bitcoin ATM,. Another worrying part of Bitcoin ATM machine is the transaction fee there will always be an extra charges when you use any ATM machine or maybe I'm just wrong?

I would like to know more about this anyway if anyone can drop my information if users are going to spend more money on the transaction because they're using a bitcoin ATM machine then it will make less of sense to them.

[tjtonmoy]

I thought Bitcoin ATMs were decentralized. But after reading some of the replies,
it seems clear to me that, it is not. Why do you need to provide personal data to withdraw Bitcoin from ATM? I have no experience with Bitcoin ATMs, but after hearing this and that, all the good things about them, I really wanted to try that out. But now it seems illogical.
Isn't it better to us CEX than Bitcoin ATMs? You can be anywhere in the world and still use it through internet banking. But with ATMs, that's not possible and it is quite a hassle. Not to mention the fees! I don't see why should we use something like this! Maybe a hype of new things/concept that will lead people to use it. But I doubt they will use it for a long time. When the hype is over, they will lose interest too.
For experimental purposes, I may use it once. But doing it over and over is not a choice for me.

[bitterguy28]

I manage to try using a Bitcoin ATM when i visit a place somewhere far from my location ( as there are only 2 ATM for Bitcoin at that time in my country) and yes am happy having used the machine but suddenly the ATM was closed year after my using.

and if having a chance to have there agaiN? yes I will use Bitcoin ATM again and Again.

[kizlod]

I don't have Bitcoin ATMs in my city, but I wouldn't use them anyway. Why would I? I can purchase and keep my coins in OWNR wallet, and I don't even need to get out to do that. Crypto is about the future, and ATMs are technology of the past.

[JayJuanGee]

I have never used a bitcoin ATM machine before but I always feel like crying or not unfortunately the opportunity last never arrive although I would like to say that bitcoin ATM doesn't really matter much because it is clear that bitcoin can never replace Fiat currency so

I expect less countries to install bitcoin ATM anyways because it's not widely accepted as means of payment, even most Bitcoin investors don't see a big reason to use a Bitcoin ATM,. Another worrying part of Bitcoin ATM machine is the transaction fee there will always be an extra charges when you use any ATM machine or maybe I'm just wrong?

I would like to know more about this anyway if anyone can drop my information if users are going to spend more money on the transaction because they're using a bitcoin ATM machine then it will make less of sense to them.

There do not need to be higher fees, and there had been some B ATMs that had been set up in such a way that they try to maintain balance in order that they do not have to be serviced as frequently. So if the machine has a shortage of cash, then they would have lower fees for buyers, and if the machine has excess cash, then they would have lower fees for sellers.

But, yeah, BATMs are likely to attract less usage, if people perceive that they have other (and even better) options in regards to fees - and fees would not be the ONLY factor.. but surely KYC and even some of the security concerns of going to a BATM, then there is some element of potentially being known, found out or even followed (so various costs/risks to account for rather than merely accounting for fees).

I thought Bitcoin ATMs were decentralized. But after reading some of the replies,
it seems clear to me that, it is not. Why do you need to provide personal data to withdraw Bitcoin from ATM? I have no experience with Bitcoin ATMs, but after hearing this and that, all the good things about them, I really wanted to try that out. But now it seems illogical.
Isn't it better to us CEX than Bitcoin ATMs? You can be anywhere in the world and still use it through internet banking. But with ATMs, that's not possible and it is quite a hassle. Not to mention the fees! I don't see why should we use something like this! Maybe a hype of new things/concept that will lead people to use it. But I doubt they will use it for a long time. When the hype is over, they will lose interest too.
For experimental purposes, I may use it once. But doing it over and over is not a choice for me.

You are not being imaginative enough tjtonmoy.

Someone traveling might want to get local cash, and a B ATM could give them a potential option... does not mean it is the best option, but it becomes an additional option if it is available.

Another case, someone might want to buy BTC, but they do not have or want to create a CEX account.  BATM gives them an option... and there may or may not be KYC, depending on the amount transacted and depending on the jurisdiction.

Sure there may well be "rouge BATMs" especially in the earlier days of bitcoin, but many countries (or even local governments) are going to have rules about some of those kinds of operations, so there could be some rouge-ness, but if they find out about some activities happening (such as BATMs), they might crack down on them, even if they might not have had any previous rules agains them, they might choose to crack down on them based on "concerns" that are reported.  Difficult to be decentralized when there is a physical device - and yeah there likely are some operating in obscure locations - but they would be difficult to find out about or do you want to go to the basement of "Johnny's bar" to conduct your BATM transaction?  Maybe your ok with that as long as you know and trust Johnny or someone who had referred yo to such private BATM... and meet-ups can be similar in terms of finding someone to conduct a direct transaction, there might be some level of trust - or maybe preference to meet in public in order to feel less vulnerable in regards to certain kinds of attacks that might end up happening.

[cafter]

i just seen bitcoin atm's in images of el Salvador, I think there is no private key or anything like that in bitcoin atms, it works like this the amount of cash you want to exchange for bitcoin is inserted into the atm, then you need to enter your wallet's address in the machine. the cash will be exchanged for Bitcoin at the current market rate and sent to your given btc address.

i would like to use bitcoin atm's if it will become legal tender in my country and it is good choice if fee of exchanging are lower then online exchange.