Grocery Stores In U.S Set To Install Bitcoin ATM

[pooya87]

My mode went down after reading the "Shiba Inu", lol.
It seems an advertisement for this shitcoin, using Bitcoin for their own benefits.

Bingo.
It is a clear advertisement for that shitcoin which I'm sure they are currently bag holding otherwise there were many much bigger shitcoins available that they could have considered here instead of this weak small one to advertise in their tweet.
I would also argue that usage of altcoins in ATMs is not enough to warrant installing them in first place, considering higher fees and existing better options.

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[Rikafip]

I wonder why a lot of crypto news blogs are focusing on Shiba Inu, the press release says:

Operating 59 stores in three states, including California, Arizona and Nevada, Cardenas Markets' customers will have access to Coin Cloud's DCMs to buy and sell Bitcoin, Ethereum and over 40 other digital currencies with cash.

so Shiba Inu is in "others". How much are some of those guys getting paid to pump these tokens?

Judging by the amount of comments in this thread that are focused on Shiba INU, many didn't bother reading your post and that article you shared.

It’s simply means that mass adoption of Bitcoin ATMs can’t be stopped.

I've used ATMs in the past, but now with so many different ways to buy and sell Bitcoin, I don't see a bright future for them. Unless they lower the fees significantly.

Unlike in the United Kingdom, they are calling Bitcoit ATM owners to cease operations in their country.

As far as I know, owners of BTC ATM in UK have to own licence to offer financial services and since none of them had that, they had to shut them down.

[mk4]

This is good news for Bitcoin though I am just hoping that there can be more and more patrons to be using these ATMs because at the end of the day if those machines will never be making some good money for operators then they will slowly be withdrawn from the market. Here in my own country, I still have to see a number of these machines and it can be because there is no market for it right now.

Because exchange apps are mostly better in pricing and far better in terms of convenience. I'm guessing that ATMs are just good for selling crypto for money when you don't have enough cash with you. Other than that, I don't really know.

[Henrobakkara]

today I read a lot of good news related to bitcoin and of course it adds to my optimism in holding bitcoin.
I'm one of those people who are curious to try a bitcoin ATM. since i heard in el salvador. I really want to try it and feel the sensation. I'm even looking for ways to use it.
such as the following.

how to buy atm in bitcoin
1. Set up an account with an ATM operator.
at this step you are required to create an ATM operator account before you can use the ATM machine. usually just by opening the id card or sim. quite easy steps.

So my concern about this which I also think is a piece of great news for Bitcoin global awareness, however, he issue of the KYC processing with The ATMs has been raised in both post

Good thing for the stores. A step towards mass adoption. However, I don't think that those who are concerned about privacy would want to use these bitcoin ATMs for purchasing Bitcoin. Because from what I understand, KYC will be required. What is the difference between these bitcoin ATMs and centralized exchanges like Binance and Coinbase. Secondly, how are the fees? I heard it's quite high and that it differs from one bitcoin atm to another.

Quite frankly, I don't know when something like a Bitcoin ATM will surface around my region but thinking about this issue of KYC before being able to use one of these machines, Does it mean you have to also feed in your Docs. into these ATMs along with other needed info as we would attach DOCs to CEXs before being able to transact? how easy would this be? I mean in terms of the Docs.  

So when you said setting up an account with the ATM operator, this means the process of creating an account where you submit all documentation for the account as we would do for CEXs and Banks and if I remember correctly most Bitcoiners seem not like the idea of KYC and if this is the case, how can these ATMs help Bitcoin usage if people don't want to do KYC? I think it is important we look at the process outside the fact that these ATMs can be available and I also read up there that the fees are kinda high too.

[Vaskiy]

I don't know how effective is the usage of bitcoin ATMs around the world. Years back itself convenience store chain, Circle K, began installing bitcoin ATMs in its stores. Same as that now 59 more bitcoin ATMs by Latino store adds to the number of available ATMs around USA. Based on Google data it looks like $10 on average is taken as fee for withdrawal of $100. On such stance will these many ATMs get to be used.

[ChrisPop]

That's good news although they should have kept them Bitcoin only. I don't see why anyone else besides gamblers and kids looking to do smth "new" with their money would buy Shiba Inu.
I'm not sure about the rates and fees of these ATMs. At least in my country we have some Bitcoin ATMs in malls and places with high traffic, but afaik you need to pay a serious premium over the market price for the "convenience".

If you are a true Bitcoiner you know that every satoshi counts in the stack

I don't know how effective is the usage of bitcoin ATMs around the world. Years back itself convenience store chain, Circle K, began installing bitcoin ATMs in its stores. Same as that now 59 more bitcoin ATMs by Latino store adds to the number of available ATMs around USA. Based on Google data it looks like $10 on average is taken as fee for withdrawal of $100. On such stance will these many ATMs get to be used.

As long as they increase the number of ATMs, it means they're profitable.

[Poker Player]

I have been an advocate of Bitcoin ATMs over time but the major recent challenges in using Bitcoin ATMs are the fees charged on transactions and the need for identity verification before usage. This has been a major setback for most Bitcoin enthusiast who does not find it appealing to use Bitcoin ATMs under those conditions.

I think OP could lock the thread after this comment.

I don't know about this case, but from what I've read previously, ATMs in the USA require KYC, and I don't think these are going to be an exception. There are still machines in some countries that do not require KYC below certain transaction levels but the future trend will be fully KYC for everything.

So why do I want to buy (or sell) Bitcoin in a machine paying much more fees, if I also have to provide KYC docs?

I don't see much future for them. I guess that only people who don't have much idea will buy, and while they go to buy groceries they will take $10 in Bitcoin as the one who buys a lottery ticket.

[Hold-n-play]

today I read a lot of good news related to bitcoin and of course it adds to my optimism in holding bitcoin.
I'm one of those people who are curious to try a bitcoin ATM. since i heard in el salvador. I really want to try it and feel the sensation. I'm even looking for ways to use it.
such as the following.

how to buy atm in bitcoin
1. Set up an account with an ATM operator.
at this step you are required to create an ATM operator account before you can use the ATM machine. usually just by opening the id card or sim. quite easy steps.

2. Enter the required wallet information.
at this step you will be asked to enter your wallet information at the ATM, either via a QR code or an alphanumeric key.

3. Enter cash.
you just need to enter the cash you want to convert into bitcoin. The amount of money you enter and the amount of Bitcoin you will receive as an imbalance will be shown on the screen.
Your Bitcoin wallet address and the amount to be sent will also appear.

4. Confirmation of purchase.
Confirm your purchase details and hit the submit button. Once confirmed then the machine will issue the amount of Bitcoin that corresponds to your wallet. and it worked.

these are the steps i read. please correct by people who have tried it. because I haven't tried it myself.

Is there a concern about the safety of these BTC ATM machines in terms of potential hacks?

[Ahli38]

Is there a concern about the safety of these BTC ATM machines in terms of potential hacks?

Actually I also have the same concern regarding the security of this bitcoin ATM. is it vulnerable to hackers or not. because last year I read about a statement from Kraken Security Labs which said that a large number of Bitcoin (BTC) ATMs are vulnerable to hacking because administrators never change the default admin QR code.

"Kraken Security Labs reported the vulnerability to General Bytes on April 20, 2021, they released patches to their backend systems (CAS) and notified their customers, but full fixes for some issues may still require hardware revisions."

but I think the current bitcoin ATM must have been in the works to fix the vulnerability. However, I still have some reservations about KYC. But I understand that data is needed for security. but I hope in the future there will be a more practical bitcoin atm machine without kyc but still safe.

[Hold-n-play]

Is there a concern about the safety of these BTC ATM machines in terms of potential hacks?

"Kraken Security Labs reported the vulnerability to General Bytes on April 20, 2021, they released patches to their backend systems (CAS) and notified their customers, but full fixes for some issues may still require hardware revisions."

This does not sound great to me, more like uncertainty. I would want to see the actual data on safety

[worle1bm]

Installation of Bitcoin ATM's are becoming common topics these days and you would see them in most parts of US like gas stations also but the thing is how many people are using them? Some of them are charging high fees along with the identification process which is hard for people so my way is going through P2P ways or other ways for security purposes.

[Mauser]

New Bitcoin ATMs are set to be installed in 59 Latino grocery stores around the United States.

Why are they only being installed in Latino grocery stores? It would be nice if all supermarkets get crypto ATMs. I am not so familiar with the landscape of American grocery shopping, but aren't supermarkets for everybody? In my country there isn't really a difference in customers by groups. Would be nice to know if Latinos on average are using crypto currencies more often than the rest of the population for shopping. I expect there to be no real difference between people from Europe, Asia or Latin America. Crypto investors are all around the world and using ATM comes down to if they are actually needed. In my country so far I haven't seen any Bitcoin ATMs, would be nice to have some here at least. Once they start coming to supermarkets I would use them a few times to check them out and see how high the fees are. If it's cheaper than my bank fees I would switch to cryptos to pay for my groceries.

[Rikafip]

I don't know about this case, but from what I've read previously, ATMs in the USA require KYC, and I don't think these are going to be an exception. There are still machines in some countries that do not require KYC below certain transaction levels but the future trend will be fully KYC for everything.

Yep, having KYC for BTC ATM makes it a very bad way to buy/sell bitcoin as no KYC was usually the only advantage that BATM had. Remove that and you get no reason to use it.

Why are they only being installed in Latino grocery stores? It would be nice if all supermarkets get crypto ATMs. I am not so familiar with the landscape of American grocery shopping, but aren't supermarkets for everybody? In my country there isn't really a difference in customers by groups. Would be nice to know if Latinos on average are using crypto currencies more often than the rest of the population for shopping.

This doesn't have anything to do with latinos spending more crypto or something like that. It is simply due fact that Coin Cloud (BATM operator) signed partnership with Cardenas Market which is a big hispanic supermarket chain.

[wiss19]

I don't know about this case, but from what I've read previously, ATMs in the USA require KYC, and I don't think these are going to be an exception. There are still machines in some countries that do not require KYC below certain transaction levels but the future trend will be fully KYC for everything.

Yep, having KYC for BTC ATM makes it a very bad way to buy/sell bitcoin as no KYC was usually the only advantage that BATM had. Remove that and you get no reason to use it.

I don't know, there is still a good reason to use it. I get that it may not be ideal because KYC is a good reason why we should use BATM and not exchanges, but in that case you could go with P2P as well. The main reason why it makes sense to me is the fact that you could cash out your crypto very quickly from those places when you need it, and that is a very good thing to do.

I know that it's not going to be an easy thing, because if you suddenly need money then you are going to have to face the fact that you need to fill out KYC before you can cash out, and in a sudden need of cash, that is a long term thing that will not be easy to handle right away. But at least, that option is available and there. Plus most of them charge high commissions so it's more about just being forced to use it.

[Rikafip]

I don't know, there is still a good reason to use it. I get that it may not be ideal because KYC is a good reason why we should use BATM and not exchanges, but in that case you could go with P2P as well. The main reason why it makes sense to me is the fact that you could cash out your crypto very quickly from those places when you need it, and that is a very good thing to do.

hen I said that there is no reason to use it, I mainly though about using as a main option.

I've been using BATM for years to buy and sell bitcoin, back then when we didn't have so many options as we have now. Even though I was able to do it without KYC, I eventually stopped as I got sick of high fees ( last time I visited my local BATM fee was 6%). I mean, why pay 6% when there are ways to do it for 2-3% fee, and also without KYC. So now I use BATM only as a sort of last resort, and thank God that I didn't have to use it in a year or so.

[Lucius]

A bitcoin ATM is used to purchase and trade cryptocurrencies like bitcoin using cash. More than 10,000 bitcoin machines have been placed in various locations around the US since it first became available in 2015.

Only 10 000 crypto ATMs in the US? At first it seemed to me that the number was much higher than that, and I was right -> Total number of Bitcoin ATMs / Tellers in United States: 34066

In general, I don't mind someone setting up such devices, but it bothers me that people are literally robbed of fees when they use them (I've seen fees of up to 20%), and that they are increasingly used to promote some new alts and tokens, which is the case here. The average person usually always looks for a cheaper option when buying something, and some will always rather buy 100 coins for $10 than 0.00010000 BTC for the same price.

[ven7net]

New Bitcoin ATMs are set to be installed in 59 Latino grocery stores around the United States.


A bitcoin ATM is used to purchase and trade cryptocurrencies like bitcoin using cash. More than 10,000 bitcoin machines have been placed in various locations around the US since it first became available in 2015.
As its operation will appear safe and the same as using a regular ATM that they have been accustomed to for years, it looks more convenient and pleasant to be used with those who are new to cryptocurrencies.

The Bitcoin ATM brings a number of benefits to your company, including:
1. Standing out from other companies in terms of market competition
2. Increase revenue generation
3. Create space for more clients
4. Possibilities for marketing
5. Continuing the current financial vogue.

I think that using bitcoin ATMs is certainly a great solution, but it is not suitable for everyone. The thing is that buying BTC usually takes a long time to confirm, as well as large commissions. Based on this, this option is well suited for large buyers, and for the rest it will probably not be profitable. Personally, I see a solution to this problem, for example, using not only ATMs to buy BTC, but also to buy other cryptocurrencies. It would also be nice if transactions on the BTC network would be faster and fees lower, but this is apparently a question for the BTC developers. But be that as it may, the mass appearance of such ATMs would be a great action to increase access to the purchase of cryptocurrencies, thereby increasing the adoption of crypto in the world.

[virasisog]

It is great to see the Bitcoin ATM are installed on U.S . It has its advantages and also has disadvantages. The advantage of this is that it can be used to quickly convert Bitcoin into cash. But it will be a lot more expensive Bitcoin ATMs always charge high free.

It's still more convenient compared to withdrawal from crypto to banks. The existence of Bitcoin ATM is visible proof that Bitcoin is emerging in different areas. In most cases where we're having a hard time encashing our Bitcoins, these ATMs will provide convenience for us. I hope that more countries would consider installing Bitcoin ATMs. 

[CryptoHeadlineNews]

This is actually a wise step to increase a mass adoption of Bitcoin, but however, base on what I heard from online and other forums, I was told that withdrawing fiat from a Bitcoin ATM machine is quite expensive, as the operators charges high transaction fees just because they have only few of them, but if this number could be added, I think this will bring more competitors into the market, and as a result, cause a decrease in the transaction charges

[Lucius]

This is actually a wise step to increase a mass adoption of Bitcoin, but however, base on what I heard from online and other forums, I was told that withdrawing fiat from a Bitcoin ATM machine is quite expensive, as the operators charges high transaction fees just because they have only few of them, but if this number could be added, I think this will bring more competitors into the market, and as a result, cause a decrease in the transaction charges

If you missed reading my previous post, the US has over 34 000 crypto ATMs, and if I'm not mistaken with the ones located in Canada it holds over 90% of the total number of such ATMs globally. Regardless of the number of such devices, one should not hope that the fees will drop significantly, because the costs of purchasing, maintaining, and installing such devices are not cheap.

Maybe someday in the future every ATM will have a crypto option and then the fees will be much lower than today, but until then we should not expect to buy or sell Bitcoin on such devices cheaper than on online exchanges.