do bitcoin ATMs really suck this much?

[CokeCoin]

It's not bitcoin, it's the KYC laws

[TheTruth4]

Just 11 simple steps, with one of the steps including a 15 minute wait..
So futuristic. 

[unexecuted]

If you have not watched the Tested video of them buying bitcoin from an ATM it is so worthwhile:
http://www.tested.com/tech/concepts/460600-tested-we-buy-bitcoin/
Watch as the guy goes from enthusiastic confident bitcoin proponent to angry hater in just 15 minutes

[CoolBliss]

I view it as setting up a bank account because after the initial set up I can return to the ATM and simply buy Bitcoin just like I would withdraw cash from a normal ATM. Also, I had a pleasant experience.

[sandykho47]

I think we don't need bitcoin ATm
You just waste money to create Bitcoin ATM

I think we just need 1 smartphone (with bitcoin wallet) & barcode address (or you can show barcode image on your smartphone)
It's much more simpler & faster 

I think Bitcoin ATM will fail  & closed

[romerun]

I just got the Circle invite. Very useful. It can use bitcoin to pay credit card bill directly (visa/master with limitation of $500 a week or so), by passing bank.

[wasserman99]

I used a bitcoin ATM for the 1st time yesterday. It was a Lamassu one and it was so easy to use. 3 steps, push start, scan QR code and insert money, done.
No fingerprint, no eye scan just easy bitcoin purchase they way it should be.

The main problem is that the unit makes it easy as heck
But the question is how do they maintain Know Your Client and Anti-Money Laundering compliance on the machine
Government regulations on money service businesses means that it is a giant pain to get it complying or risk getting in trouble with gov.

They do follow these types of rules. That is why you need to give them a scan of your hand, your ID and let them take your picture. All this is for record keeping compliance purposes.

Also regardless of if the ATM operator follows the AML/KYC rules you would generally not get in trouble if you were to the machine unless you were structuring your transactions (doing several transactions that are under the reporting threshold over several days - and the sole purpose of these smaller transactions is to avoid reporting).

[freedomno1]

I used a bitcoin ATM for the 1st time yesterday. It was a Lamassu one and it was so easy to use. 3 steps, push start, scan QR code and insert money, done.
No fingerprint, no eye scan just easy bitcoin purchase they way it should be.

The main problem is that the unit makes it easy as heck
But the question is how do they maintain Know Your Client and Anti-Money Laundering compliance on the machine
Government regulations on money service businesses means that it is a giant pain to get it complying or risk getting in trouble with gov.

They do follow these types of rules. That is why you need to give them a scan of your hand, your ID and let them take your picture. All this is for record keeping compliance purposes.

Also regardless of if the ATM operator follows the AML/KYC rules you would generally not get in trouble if you were to the machine unless you were structuring your transactions (doing several transactions that are under the reporting threshold over several days - and the sole purpose of these smaller transactions is to avoid reporting).

What I meant is that it gets expensive quickly
But your right the users aren't the ones who get in trouble its the operators that take the risk as annoyingorange pointed out without all that extra stuff this is what a Bitcoin transaction would look like.

This is the fault of government regulation. This is what a bitcoin ATM that ignores regulation looks like.
http://instagram.com/p/oGedybhnQF/

[wordman267645]

The process is too slow..I have not seen such like ATM machine.That is so stupid..

[elasticband]

Bitcoin ATM's are a scam to line the opperator pockets with 6% vommision. More than using a traditional currwncy exchange.

The procedure is hirrible to watch. .... teuat me i watched a man try and buy €10000 from a ATM, the painful process of him inserting all those notes..... atleast €8000 was in €10 notrs. Oh the cringe i got watching thia going on in a public coffee house.

[bornil267645]

They aRE TRYING TO MAKE BITCOIN LOOK BAD...DONT GET INTO IT...BITCOIN RULES...

[Bitbirdhunt]

They are being too much cautious. Normal atm machines requires no hand/thumb impressions..haha.

[elasticband]

They are being too much cautious. Normal atm machines requires no hand/thumb impressions..haha.

Normal fiat bank run ATM's require the use of a card which has KYC regulations following it  around.

[CreamyPie]

Giving id, phone number and hand print, that's a sick level of security.

They might remove it in future..

[MilesJohan]

That sucks really bad, its worse then atm machine just typing password...

[RodeoX]

I view it as setting up a bank account because after the initial set up I can return to the ATM and simply buy Bitcoin just like I would withdraw cash from a normal ATM. Also, I had a pleasant experience.

+1
These laws apply to all money. It's not like there was a chance that bitcoin would be magical tax free money. For example, can you use an ATM machine without a bank account?
I know a lot of people here would be fine taking the legal risk of using a non-compliant machine. However you are not going to find someone willing to risk their capitol and their freedom so you can break the law. 

[onlyu]

This is the fault of government regulation. This is what a bitcoin ATM that ignores regulation looks like.
http://instagram.com/p/oGedybhnQF/

This is a very nice ATM.

Where is it located and is it legal?

[MoonRise]

I fastforwarded the video, got the idea..

They are trying to make btc atms too much secure

[Wealthy]

Where the video is from? Are BTC atms available to public? Are they legal?

[Nagle]

There's one at Hacker Dojo in Silicon Valley. It's similar to the one in the video, with the hand scanner and license scanner.  There's about a 15% spread between the buy and sell price, plus a $5 fee. Nobody uses it.