Bitcoin ATM Deposit Exchange Rate shocks

[DaveF]

Since someone made a private comment to me:

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Take out the cost of running the back end network.
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Take out the cost of running the back end server.
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Saying I listed the back end twice, the answer is no I just did not express it properly:

The back end 'network' is all the back end infrastructure you have to run to keep your office and the BATM BUSINESS running.
The back end 'server' or servers is what you need for the BATMs to talk to the outside world and send & receive transactions.

For the sake of security should be separate and discrete setups.

Too often they are not separate as they should be, but even so there are still a ton of costs to run BATMs

-Dave

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[death69]

Oh boi, aint technology a real wunder? One minut we're givin props to Bitcoin ATMs for bein all convenyent and low-key, and then the next thang you know we're all like "screw these mashines, they're just tryna play us". Ya know what they say, "with grate power comes grate responsibility" - but it seems like these mashines aint livin up to they're end of the bargan.

But let's not loos sight of the biger pitcher, ya feel me? This is just anuther example of how the world of crypto currency is still in it's baby stages. We're still tryin to figure stuff out, still testing the waters, and yeah, we'll make mistayks. It's like watchin a baby try to walk, they're bound to trip and fall, but eventually, they'll get the hang of it. And I got faith that we'll do the same with crypto currency. We'll learn from our mistayks and create a more dependable and trust-worthy system. In the meantime, let's not get too caught up and just enjoy the ride

[tread93]

Hearing about Bitcoin ATM machines in advanced countries makes me think it's the best and cheapest way to deposit and send crypto, especially for those who know little about crypto and don't want their identity revealed when buying it.

My cousin over in the U.S. wants to send me a few dollars from the US down here.
I suggested she buy cryptocurrency and send it over because the exchange rate is higher when I receive it in cryptocurrency rather than a direct bank deposit (CBN). She decided to use the ATM to deposit Bitcoin because it was closer to her and easier to use—no identity verification was required.

I just went through the receipts today and realized the machine price rate is far different from the real market price of 30,130 USD per bitcoin.

Out of the $1,000 deposited in cash
BTC worth $7,000 was only deposited to the provided address.
The same thing happened with 1,800 dollars' worth of bitcoin, and only 1377 dollars' worth of bitcoin was received at the address.
People's necks are being cut by these machines.

If this is how it's normally charged.. then I can't advise anyone to use ATMs to deposit bitcoin but rather buy a Bitcoin crypto card from Walmart shops.

Anytime you go to use a BTM there will be a 10-25% for the use of the machine. This is not ideal but if you have no other option then it’s good. Most legit operators are required to verify your identity and have KYC and AML in place. If not then it’s a sketch company who will eventually get shut down by US regulators. Just this week Bitcoin of America got shut down