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Author Topic: BITCOIN ATM MACHINES  (Read 7839 times)
virasog
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May 06, 2017, 08:51:02 PM
 #101

This is a good idea, with the presence of ATM bitcoin ensure easy bitcoin users conduct transactions mainly take the money without having to use the services of the exchangers.

Yeah, i want this idea, transactions will be made so easy and fast. No need for us to wait for more confirmation to come before we receieve the money. But this will take no banks if so? I hope not.  Before using the ATM, we need to find a way to speed up the confirmation time and only then Bitcoin ATM can be fruitful.

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May 07, 2017, 10:08:03 AM
 #102

Yeah, i want this idea, transactions will be made so easy and fast. No need for us to wait for more confirmation to come before we receive the money. But this will take no banks if so? I hope not.  Before using the ATM, we need to find a way to speed up the confirmation time and only then Bitcoin ATM can be fruitful.
The GB BATM three ( https://www.generalbytes.com/batmthree/ ) does exactly this. zero-confirmation withdrawals allow for instant cash-out (up to a certain amount) of cash from the Bitcoin ATM. The ATM sees the incoming transaction, calculates the risks of double spend or other problems (for example, too low fee) and decides to make end-user wait for confirmation or.... in most cases, dispense cash immediately. This has quietly revolutionized the Bitcoin ATM industry, lowered the number of support calls to operators and in general makes the whole user experience a lot smoother.

BTW: None of the other Bitcoin ATM manufacturers offer this feature at this time, only the GB BATM3 models.

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May 07, 2017, 11:04:18 AM
Last edit: May 07, 2017, 11:35:54 AM by freedomno1
 #103

Yeah, i want this idea, transactions will be made so easy and fast. No need for us to wait for more confirmation to come before we receive the money. But this will take no banks if so? I hope not.  Before using the ATM, we need to find a way to speed up the confirmation time and only then Bitcoin ATM can be fruitful.
The GB BATM three ( https://www.generalbytes.com/batmthree/ ) does exactly this. zero-confirmation withdrawals allow for instant cash-out (up to a certain amount) of cash from the Bitcoin ATM. The ATM sees the incoming transaction, calculates the risks of double spend or other problems (for example, too low fee) and decides to make end-user wait for confirmation or.... in most cases, dispense cash immediately. This has quietly revolutionized the Bitcoin ATM industry, lowered the number of support calls to operators and in general makes the whole user experience a lot smoother.

BTW: None of the other Bitcoin ATM manufacturers offer this feature at this time, only the GB BATM3 models.



This sounds like a smart feature base it on transaction fee time it takes a while for the confirmation but double spends are likely uncommon. Out of curiosity though I wonder why lamassu and genesis avoid it.
https://coinatmradar.com/blog/revenue-and-costs-of-running-a-bitcoin-atm/
Seems related though but GB does seem cheaper it is also a smaller unit so perhaps the risk of stealing is higher but the back-end is also important and how many issues there are with them.
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May 07, 2017, 11:21:39 AM
 #104

It's a trust problem, how can you trust the ATM not to take your wallet.dat files?

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May 07, 2017, 12:07:53 PM
 #105

a bitcoin atm machine would be cool.   plug in your USB stick that contains your wallet.dat, and withdrawal the amount of Cash you need.   
Yes it be cool and nicer for us who using bitcoin but pluging USB to cover bitcoin wallet? Maybe it will be virus and will be stolen by someone else or so called hacker internet even a atm machine are not safe isn't it maybe technology are now implemented this kind of machine.
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May 07, 2017, 01:38:47 PM
 #106

a bitcoin atm machine would be cool.   plug in your USB stick that contains your wallet.dat, and withdrawal the amount of Cash you need.   
Yes it be cool and nicer for us who using bitcoin but pluging USB to cover bitcoin wallet? Maybe it will be virus and will be stolen by someone else or so called hacker internet even a atm machine are not safe isn't it maybe technology are now implemented this kind of machine.

As far as I know Bitcoin ATMs don´t work like that. The mechanism is simpler, the machine shows you a QR addres that you scan with your device, you send the coins to that address and the ATM gives you the money. If you want to buy bitoin the ATM scans you QR address on you device, you put the money into de ATM and the system sends you the coins.


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May 07, 2017, 01:54:16 PM
 #107

It's a trust problem, how can you trust the ATM not to take your wallet.dat files?
Buying/selling bitcoin via manipulation/transfer of your private keys/wallet.dat shouldn't be allowed in BTM trading.
It doesn't matter whether BTM is trusted, there is always a problem with skimming fraud.
There is nothing wrong with normal on-chain transaction, that is the primary way BTC should be transferred.


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May 08, 2017, 03:05:06 PM
 #108

In my country there are two bitcoin atm's. One of them is a two way machine, that is, fiat to crypto and vice versa. It's a convenient way but is very expensive for frequent usage. Does anyone is happy paying a rate kraken+7%.

That's because there are few bitcoin ATM machines, there is not much competition, nor are there many other places where users can exchange their bitcoins for fiat money. As more ATMs are installed and more establishments offer the possibility of exchanging bitcoin for fiat or directly making purchases with bitcoin, then the fees will tend to be smaller.

There is only one Bitcoin ATM machine available here in our country. It is located in one of the cities in the capital which makes it unreachable for people, like me, in the provinces. We use other other available cards that supports bitcoin transactions which enables us to withdraw bitcoin into our currency and then to paper money.

I am from the Philippines and there is only one bitcoin ATM machine available here too. Since it's location is far from us too we use Paypal cards to withdraw our bitcoin by converting it first to our currency. Even though there is a fee, this method is very convenient for us since it is much easier and the fee for the transaction is lower compared to the fare from our location to the machine's location.

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May 08, 2017, 04:43:29 PM
 #109

I think bitcoin ATM was no used, because how can we used it? Digital currency was a numbers only, that appears in our account. However if Bitcoin currency is withdrawable to the ATM it's a big help to us to easily encash our money.
Bitcoin ATMs have appeared in many countries and I find that it is very easy to use in order to cash out your Bitcoin. I think you dont like it because there is not any BTM in your local area

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May 11, 2017, 11:25:19 AM
 #110

I think bitcoin ATM was no used, because how can we used it? Digital currency was a numbers only, that appears in our account. However if Bitcoin currency is withdrawable to the ATM it's a big help to us to easily encash our money.
Bitcoin ATMs have appeared in many countries and I find that it is very easy to use in order to cash out your Bitcoin. I think you dont like it because there is not any BTM in your local area
I don't mind using a bitcoin ATM to purchase coins if needed urgently but the markup the operators put on the btc price is often way too high to make it a sensible regular option.

Cashing out is a different story, of all the 2 way bitcoin ATM's i know of i would not use amy of them due to the personal information they require, copy of ID, palm print, probably a iris scan. It's just over the top and not what bitcoin is about.

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May 11, 2017, 11:38:05 AM
 #111

This is a good idea, with the presence of ATM bitcoin ensure easy bitcoin users conduct transactions mainly take the money without having to use the services of the exchangers.

Yeah, i want this idea, transactions will be made so easy and fast. No need for us to wait for more confirmation to come before we receieve the money. But this will take no banks if so? I hope not.  Before using the ATM, we need to find a way to speed up the confirmation time and only then Bitcoin ATM can be fruitful.

Indeed, having a bitcoin ATM machines will be a great idea because it can make transaction a lot more easier. However, there will be some conflicts like it might your flash drive will get some virus or it might be hacked and your fund will be stolen. So its better to think more solutions to avoid this problem.
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May 11, 2017, 11:46:29 AM
 #112

This is a good idea, with the presence of ATM bitcoin ensure easy bitcoin users conduct transactions mainly take the money without having to use the services of the exchangers.

Yeah, i want this idea, transactions will be made so easy and fast. No need for us to wait for more confirmation to come before we receieve the money. But this will take no banks if so? I hope not.  Before using the ATM, we need to find a way to speed up the confirmation time and only then Bitcoin ATM can be fruitful.

Indeed, having a bitcoin ATM machines will be a great idea because it can make transaction a lot more easier. However, there will be some conflicts like it might your flash drive will get some virus or it might be hacked and your fund will be stolen. So its better to think more solutions to avoid this problem.
There is no way a bitcoin ATM will make transactions any easier, they make purchasing a little easier but you pay a premium for that.

I think the name ATM is confusing a lot of people, it is better to think of these machines as a bitcoin kiosk or simply just a place to buy or sell bitcoins. You cannot use these machines to send  btc to your friend, these are just used to buy and sell bitcoins.

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