BTC ATMs, I would love to try out one!!!

[finaleshot2016]

If you want a secured way of using BTC I think ATMs will just be hole for your privacy and security. I don't use ATMs, when I'm starting crypto, it's also fun to experience that but when I learned more ways, I just want a simple p2p now, store it on your digital wallets or burner accounts. BTC ATM doesn't have a major benefit and even because you risk when withdrawing a money, you're disclosing that you're a crypto guy which can be a target nowadays and also this is affiliated to regulated platforms right? So, the point of using BTC or crypto as a whole will be gone.

[Phobos_Quake]

The common issue i see of Bitcoin ATMs are the high fees or exchange rate for using them.

But... if your country is censoring and controlling finances to the extend that you really need to use a Bitcoin ATM. Wouldn't this mean that your country won't allow to have Bitcoin ATMs?

[CryptoHeadlineNews]

I haven't seen or used a BTC ATM before but I will definitely love to try out one
What do you think:
Does your country have a Bitcoin ATM?
Have you ever used one before, would you trust it over an exchange?

As a Bitcoin enthusiast, I'm pretty sure using it's ATM machine to withdraw cash is one experience everybody will love to. But however, the region you find yourself is also another factor to consider before exploring it's use. Because I have the German government did actually tracked down over $200,000 that was used through a Bitcoin ATM.. While secondly, using a Bitcoin ATM machine actually has a higher fees, compared to buying through p2p.

[satscraper]

~
Have you ever used one before, would you trust it over an exchange?

Before using any of them make sure the one you've chosen isn't the fake Bitcoin ATM ^{which may look completely indistinguishable from the real thing}. Otherwise, you risk losing your money unless you live in Texas,where they don't stand on ceremony with fake Bitcoin ATM, and  if anything bad happens, they use the grinder to deal with them informally  :

[Don Pedro Dinero]

Does your country have a Bitcoin ATM?
Have you ever used one before, would you trust it over an exchange?

Yes, there are, and I have used them. Today, I would not 'trust' them because they require KYC. When they did not require it, I had no problem using them. The downside is that in exchange for privacy, you had to pay high fees. I don't know how they are maintained today because I think KYC has been implemented in a lot of countries and Bitcoin ATMs are still working. I guess the fees have gone down, otherwise it makes no sense to use them.

[Stepstowealth]

I haven't seen or used a BTC ATM before but I will definitely love to try out one
What do you think:

You are among the many others who are very interested in trying out a bitcoin ATM, but since many countries, talking about the government have not yet accepted bitcoins, seeing bitcoin ATM's around is not expected. Bitcoin ATM's will later be common when adoption becomes normal amongst countries, but if you are in a hurry and cannot wait for that time to come in your location, maybe you should consider traveling to one of these countries where they already have these ATM's in use, just for the opportunity to use one.

would you trust it over an exchange?

Exchanges have existed longer, so I will trust them more than the ATM's which are newer.

[macson]

Does your country have a Bitcoin ATM?

My country does not have Bitcoin ATMs because the provision of such machines is restricted by the authorities. Companies that want to set up ATMs must comply with banking regulations, and as we know, Bitcoin is not a banking product, so according to the regulations, no provider can have Bitcoin ATMs here.

I don't know what will happen in the future, but the rules should change in line with the development of the crypto market here and the needs of the people.

Have you ever used one before, would you trust it over an exchange?

I've never used one before. But from what people have said, Bitcoin ATMs have higher fees than exchanges, so I might prefer using exchanges for that reason.

[adaseb]

Yeah I used a Bitcoin ATM before, maybe 10 years ago and honestly I am glad we got exchanges instead. Here are the issues with them

They have huge fees. I am not talking about 0.1% or 0.25% like in an exchange, they are around 10%.

Many of them have issues where you need to contact the management and get it resolved. This usually happened when selling bitcoin for cash. And many times when you wanted the ATM to sell for cash, the cash out option wasnt available.

They were also located in sketchy stores. Like you had to go to some vape store or bong accessory store to access one, now they got them in malls which is better. But I still rather use a regular bitcoin exchange.

[Publictalk792]

Bitcoin ATMs are so good as they serve as fast and easy link between digital crypto and real world cash, and it is clear that accessibility is key to adoption since cash users and people without bank accounts can easily use Bitcoin. Although I cannot, public data shows that currently, there are no working Bitcoin ATMs in my country Pakistan, but in case of a choice, between ATM and Centralized Exchange, you should use ATM in case of small and quick needs because of its instant speed and quick control over your coins, self-custody, but you should use CEX in case of large investments because of better prices and lower fees, which are much lower than very high fees of the ATM, 6 to 20 percent and higher.

[NewRanger]

By the way, isn't accessibility adoption?

For those who already have such ATMs in their area, I can say that this is a major step towards more physical and accessible crypto usage. In my country such ATMs don't exist, let alone are officially recognized by the government. I assume they should have been available to meet the demand of the large population of users already involved in the crypto world.

The reason is quite simple cause these assets are not yet legally recognized as a medium of exchange and are currently only recognized as commodities, not yet classified. Even if such ATM were to be available, they would be more for public awareness at certain events, as they demonstrate how they work. I also see a few drawbacks, just like other fiat ATM, in that withdrawals also have limits.

[PepeLapiu]

In my early days of bitcoin venture, I bough $10 of bitcoin in Canada at a BTC ATM. I found it rather expensive. I got only $7 of BTC for a $10 price

Fast forward to 2 days ago, I needed fiat papers here in BEAUTIFUL El Salvador. So I went to a Chivo ATM and I sold $400.13 of bitcoin for $400 of cash. There was no fees or mark up of any kind. The 13¢ difference is likely to account for the miner fee, or spot price discrepancy.

You have to provide your phone number. But you can provide a number from outside the country. And it's honestly easy to spoof if you care about privacy.

There is a max of $1000 per day per phone number.

Not sure about weekly or monthly limits.

And the most amazing part of it all: I sent the coin to the QR displayed on the ATM screen, and it spit out the cash in less than 10 seconds. Even though it took over 15 minutes for the first confirmation. I don't know how they manage to not get ripped off all the time.

There was a camera, yes. But still.

People complain about the Chivo wallet all the time. I don't know about that, but I do love the Chivo ATMs so far.

[Riginac111]

Using Bitcoin ATM machine for transaction is less easier for you know how to operate it, but the problem is that bitcoin ATM machine request high fee than exchange, despite that it doesn't require KYC, but partially it requires KYC, because I believe it has a camera that capture your face during the transaction process. Another thing is that not all countries that have bitcoin ATM stands and even the country that has bitcoin ATM machine, it's  on strategic point you found bitcoin machines, so it will be better for you to be using the one you know and accessible for you, until ATM machine is close to your location, many persons intend to use ATM machine but they are discouraged because the machine is not close to their location.

[Satofan44]

Fast forward to 2 days ago, I needed fiat papers here in BEAUTIFUL El Salvador. So I went to a Chivo ATM and I sold $400.13 of bitcoin for $400 of cash. There was no fees or mark up of any kind. The 13¢ difference is likely to account for the miner fee, or spot price discrepancy.

That's very nice. This is what should happen naturally if there is sufficient competition. However, in most cases ATM providers are scarce and thus they dictate the rules. You can charge 10% when there are not other alternatives. This can also happen when cartels form as in the case of traditional remittances. I think a fee of 1-3% is reasonable. Unless it is public funded, the operator must make some profit. Maintaining the machine has its costs and if they ever want to expend they definitely need revenue.

And the most amazing part of it all: I sent the coin to the QR displayed on the ATM screen, and it spit out the cash in less than 10 seconds. Even though it took over 15 minutes for the first confirmation. I don't know how they manage to not get ripped off all the time.

Double spending is not easy to do as it sounds. You can trying doing an RBF but other than that it is pretty difficult. Do you want to risk being sent to an El Salvador prison because of a double spend on a Bitcoin ATM? That's how they are not getting ripped off. 

There was a camera, yes. But still.

Probably for additional verification if it has KYC tiers or it just came with the machine.

[tread93]

I haven't used a bitcoin ATM and the one in my state is very far from my house. However, I don't bother if I don't use it or not because using a bitcoin ATM can endanger your life and make you a target for robbers which since anyone can just relax and watch whoever is using it and trace them. It's good to keep your bitcoin involvement in a low profile and avoid any practice that will draw attention to you.

I prefer to use a decentralized exchange for privacy instead of bitcoin ATM. The charge rate of using bitcoin ATM is also expensive. Crypto investors are now the target for robbers.

Honestly that's a wild take i haven't heard on Bitcoin ATMs, I mean anyone can just stalk any ATM and probably have way better luck with just regular ATMs. The time it takes to use a Bitcoin ATM are not that long but much much longer than a regular ATM so maybe you have a good point there. Have there been any instances of what you're saying here Ruttishi? I am curious to know. Convenience is why people use then but fees are extremely high.

[CryptoYar]

[...]

Main problem with Bitcoin ATM is that it is very costly and is not easily found, usually not being put anywhere near most people. These are high fees because of high costs of ATM companies in terms of keeping things working and security, and they charge more on quick and physical service of changing cash into crypto. You are right that so called freedom of so called KYC is never full, small trades might not go through ID checks, but machine will always have camera to keep things safe, and big money moves will need full KYC. As ATMs are mostly hard to get to and costly, most smart choice to most people is to keep using well known, easy and less costly online exchange until Bitcoin ATMs are as common and cheap as normal bank machines.

[justinlamode]

Bitcoin ATMs have not been much of a successful project because most of them failed. There used to be two of them in my country but they have packed up due to several reasons. I think people will also site security concerns as reasons to avoid using such services as we have seen several incidence of people being assaulted for simply owning cryptocurrency. However, there are still places you can use BTC ATMs if you are still bent on trying it, just use Google and that will give you the list of places where they are still operational.

[MarjorieZimmermanGinger]

I haven't seen or used a BTC ATM before but I will definitely love to try out one
What do you think:
Does your country have a Bitcoin ATM?
Have you ever used one before, would you trust it over an exchange?

It seems like there used to be Bitcoin ATMs in our country, but so far I don't know more about them or whether they still exist. I've also never used a Bitcoin ATM because if it's only used for transactions, an exchange can be an alternative, as your transactions won't be seen by anyone. Imagine if you entered a Bitcoin ATM and someone with malicious intent was watching you. This could be the beginning of a crime spree, as they might assume you have a lot of money due to frequent Bitcoin ATM visits, and attempt to rob or extort. Personally, I'm more comfortable using an exchange for transactions because it can help protect against crime, because sometimes people act because of opportunities.

[X-ray]

They are completely closed now, they will stop it because of some improvements, which makes us think that Bitcoin ATMs are closed, it is not like that. There is some problem in their machines, due to which this is happening, but after some improvements, they will fix it, which is a good thing, but you don't understand why. It has also been stopped because they did not have a license to have this machine, due to which they closed it, which is illegal. If they re-issue its license, they will start Bitcoin ATMs again. But this is not so important because why go out and do something from an ATM that we can do online, and anyway, going out and seeing so much money in cash can also cause some loss.

Well some people just like getting money from ATM.

Anyway it'd be a banger to have bitcoin ATM but we all know since it needs license and so on, the fee charged will be high. Even if those closed down ATM were to reopen, the fee definitely gonna skyrocket.

[adaseb]

In my early days of bitcoin venture, I bough $10 of bitcoin in Canada at a BTC ATM. I found it rather expensive. I got only $7 of BTC for a $10 price

Fast forward to 2 days ago, I needed fiat papers here in BEAUTIFUL El Salvador. So I went to a Chivo ATM and I sold $400.13 of bitcoin for $400 of cash. There was no fees or mark up of any kind. The 13¢ difference is likely to account for the miner fee, or spot price discrepancy.

You have to provide your phone number. But you can provide a number from outside the country. And it's honestly easy to spoof if you care about privacy.

There is a max of $1000 per day per phone number.

Not sure about weekly or monthly limits.

And the most amazing part of it all: I sent the coin to the QR displayed on the ATM screen, and it spit out the cash in less than 10 seconds. Even though it took over 15 minutes for the first confirmation. I don't know how they manage to not get ripped off all the time.

There was a camera, yes. But still.

People complain about the Chivo wallet all the time. I don't know about that, but I do love the Chivo ATMs so far.

Yeah I also bought some bitcoin and sold some in Canada. Back then you didn't need to provide a phone number or any type of ID. They gave you a receipt with a QR code for proof in case the ATM malfunctioned.

The fees were high but never 30% like you stated. I think the highest was maybe 12-15% or so. However when you wanted to sell bitcoin, you actually got the spot price. There were no fees for selling because usually the ATM was out of Bitcoins to sell, so they were always looking to buy.

[MinMan]

Regarding your questions, yes, I saw some ATMs, but didn't use them - mainly due to fees and having all the same tools to do the same right in my phone / place of choice...While also having the ability to do it on DEXes and so on.

I think BTC powered ATMs are mainly designed to those seniors or mature people that are not that techy as us teenagers to do almost all things on our phones. The machine is also convenient like for example if our device is on their low battery state and can't use them properly, or if we left them accidentally on our place.

I am not really sure how BTC ATM works. Does it mean that will deposit money on the machine and have the BTC delivered to our desired addresses? Or it can also work the opposite way, just like on how the traditional ATM machine works? But that is also cool, for us to have an immediate cash that we will be using to shop nearby.

But... if your country is censoring and controlling finances to the extend that you really need to use a Bitcoin ATM. Wouldn't this mean that your country won't allow to have Bitcoin ATMs?

Yeah, they may not have it for the same said reason. Not only that but online source of obtaining a Bitcoin such as the exchanges can also be restricted. BTC powered ATMs might still be rare despite the popularity of BTC, so a lot of people can get curious of trying it as long as it is available in their country or place. They will not mind its high fees for a while.

For some, they can develop a liking with it because it is much instant just like a regular ATM, so they won't still mind the high fees imposed to it and for sure they will just ensure to convert a much higher amount for the transaction to be worth it.