Visited my first Bitcoin ATM in Chicago today

[wmikrut]

Freakin awesome!!!   Nuff said!!!!

[1714945723]

1714945723

[1714945723]

1714945723

[1714945723]

1714945723

[pedrog]

Can you make a little description of the process?

I've seen some videos of other models and it's a nightmare to use.

[dopecoindude]

Can you make a little description of the process?

I've seen some videos of other models and it's a nightmare to use.

I agree. Some of these machines are a nightmare.

[wmikrut]

To be honest... I was very nervous not knowing what to expect.
It was easy as could be.

When I walked up the machine I clicked start.
You enter your mobile phone number and get an SMS code.
Enter that code, and you continue.

You are asked if you want to buy or sell.... in my case, I tried a sales today to 1 BTC.

I click on 'Sell Bitcoin'
Next it asked me to enter a dollar amount --- so I typed in $500.

Next I was presented with a QR code on the screen -- saying I have 5 minutes to send BTC to that address.
I opened my mobile wallet, scanned the QR code and clicked send.

Within seconds the screen confirmed a transaction had been started.

I was told I need to wait for 1 confirm (up to 10 minutes) for the transaction.
I would receive another SMS when the transaction was ready.

About 10 minutes later I was sent an SMS with a Redeem Code.
I returned to the machine.


Same process.. enter phone number, then confirm the SMS code.
Now I click on 'Redeem Code'  and typed in my code.

After I typed it in...the machine proceeded to dispense $500 in cash!
As easy as could be!!

[pedrog]

Nice!

So, KYC/AML is phone number + machine camera?

[wmikrut]

Nice!

So, KYC/AML is phone number + machine camera?

Ok, I could have used a pre-paid phone with no tracking.
There is a camera on the machine.

The nice part, I can buy and sell right there.. and there is a 5% fee to the bank operating the equipment.
Overall, it was a pretty neat experience.

[TimeWatch]

Freakin awesome!!!   Nuff said!!!!

It's lousy as seen on many reviews is this one awesome to you.They said it takes a long duration to complete the transaction with ATMs

[haploid23]

Awesome! I have yet to experience my first bitcoin ATM. It's nice that this one did not make you privide Drivers License or scan fingerprints. It seems easy enough, although I see the 1 confirmation thing a pretty big turnoff for the mainstream. If people want their cash right away, they will not wait an average of 10 minutes.

The exchange rate seems reasonable enough. Was that 5% fee added on top of the displayed exchange rate?

[wmikrut]

Awesome! I have yet to experience my first bitcoin ATM. It's nice that this one did not make you privide Drivers License or scan fingerprints. It seems easy enough, although I see the 1 confirmation thing a pretty big turnoff for the mainstream. If people want their cash right away, they will not wait an average of 10 minutes.

The exchange rate seems reasonable enough. Was that 5% fee added on top of the displayed exchange rate?

The 5% was accounted for on the going rate... so when I typed in the amount I wanted I didn't get that amount -5%

As for the 10 minute wait... this BTM was located inside a small restaurant.   I could have started the transaction, ordered a quick bite to eat, and finished with collecting on my way out.

[panju1]

Smooth.
Buying bitcoins should probably be quicker.

[Meuh6879]

The nice part, I can buy and sell right there.. and there is a 5% fee to the bank operating the equipment.

yes, good point (for the "need to wait the 1 confirmation"). 

[master-P]

To be honest... I was very nervous not knowing what to expect.
It was easy as could be.

When I walked up the machine I clicked start.
You enter your mobile phone number and get an SMS code.
Enter that code, and you continue.

You are asked if you want to buy or sell.... in my case, I tried a sales today to 1 BTC.

I click on 'Sell Bitcoin'
Next it asked me to enter a dollar amount --- so I typed in $500.

Next I was presented with a QR code on the screen -- saying I have 5 minutes to send BTC to that address.
I opened my mobile wallet, scanned the QR code and clicked send.

Within seconds the screen confirmed a transaction had been started.

I was told I need to wait for 1 confirm (up to 10 minutes) for the transaction.
I would receive another SMS when the transaction was ready.

About 10 minutes later I was sent an SMS with a Redeem Code.
I returned to the machine.


Same process.. enter phone number, then confirm the SMS code.
Now I click on 'Redeem Code'  and typed in my code.

After I typed it in...the machine proceeded to dispense $500 in cash!
As easy as could be!!

This sounds like a very smooth process. Do you know if there are any limits as to how much you can buy/sell per day?

I also don't see an address as to where the ATM is located in case anyone (like myself) might be interested.

[LiteCoinGuy]

Can you make a little description of the process?

I've seen some videos of other models and it's a nightmare to use.

I agree. Some of these machines are a nightmare.

robocoin  ?

[dougg]

I don't understand why you'd do this since the fees are so extortionate... it just doesn't make sense...

[itsAj]

Awesome! I have yet to experience my first bitcoin ATM. It's nice that this one did not make you privide Drivers License or scan fingerprints. It seems easy enough, although I see the 1 confirmation thing a pretty big turnoff for the mainstream. If people want their cash right away, they will not wait an average of 10 minutes.

The exchange rate seems reasonable enough. Was that 5% fee added on top of the displayed exchange rate?

The 5% was accounted for on the going rate... so when I typed in the amount I wanted I didn't get that amount -5%

As for the 10 minute wait... this BTM was located inside a small restaurant.   I could have started the transaction, ordered a quick bite to eat, and finished with collecting on my way out.

Did you type in the fiat amount, or the bitcoin amount? Your post above says you typed in $500 for 1 bitcoin (I would just be surprised that the price would be exactly that much).

I think it is exciting to have more 2 way bitcoin ATMs around the country. I think it will really encourage commerce in bitcoin.

[r3wt]

hey thats awesome, but eventually the goal should be the extinction of fiat all together

[minerpumpkin]

All those hurdles and hoops you have to jump are merely due to regulatory reasons. It's a shame that such a simple technology has to adhere to those things, but we can't change that, it seems. Also the premium you pay for using an ATM is still unreasonably high!

[Rapidx]

Very cool , you can convert FIAT TO BTC there only or BTC to FIAT also?

[Gleb Gamow]

https://www.youtube.com/watch?v=htezYytwiGs

I'm curious as to why it wasn't mentioned in the OP, nor anybody cared to ask what restaurant this is located in.

http://www.bitaccess.co/btminfo/us/chicago/buy_bitcoin_in_chicago_01/

http://www.midwestbtc.com/

You can find us at Cassava in Chicago located at 3338 N Clark St, Chicago, IL 60657.

The people who own the BTC company own the restaurant. No big fuckin' deal, so why the obfuscation?

Actually, I know why, but will leave that for some other thread.

[oceans]

It's really nice to hear from someone who has used one of these and had an easy time with it. I was someone that had read a lot about these being a pain to use and very daunting but it seems your experience was the complete opposite. I am still yet to use one of these however I now know when I get the chance not to be as worried, it seems pretty easy!