Visited my first Bitcoin ATM in Chicago today

[BittBurger]

Freakin awesome!!!   Nuff said!!!!

Next time bring some electrical tape to put over that camera recording everything you do. 

-B-

[CryptoDomains]

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.

I am confused, the machine agreed to buy at your over priced entry of $500?

Yet clearly was selling to you at $479?

Please explain how you were able to just set the price you wanted and it wasn't pre determined (buy rate) by the machine. Or how this machine literally gives money away lol

Or there was a $21 rate change from when you sold at $500 and took the pic, doubtful but giving you a reason out.

[BittBurger]

Usually there's a huge "spread" of buy to sell on these things, which has rendered the entire Bitcoin ATM ecosystem a complete useless joke.  Maybe that's what happened.  When he finally got in there, surprise, the markup was fucking $21 just to purchase.  Greedy ATM owners have singlehandedly made this innovation pointless.

-B-

[the joint]

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 ANYthing but convenient. 

Let me get this straight...you had to return to the machine AFTER waiting 10 minutes for the first confirmation?

Yeah, no thanks.  Might be nice once in a while when you have an afternoon to kill and nowhere to be. 

[the joint]

Usually there's a huge "spread" of buy to sell on these things, which has rendered the entire Bitcoin ATM ecosystem a complete useless joke.  Maybe that's what happened.  When he finally got in there, surprise, the markup was fucking $21 just to purchase.  Greedy ATM owners have singlehandedly made this innovation pointless.

-B-

I agree.  This review has singlehandedly prevented me from checking out the ATM for myself.  I live in the Chicago area. 

[wmikrut]

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.

I am confused, the machine agreed to buy at your over priced entry of $500?

Yet clearly was selling to you at $479?

Please explain how you were able to just set the price you wanted and it wasn't pre determined (buy rate) by the machine. Or how this machine literally gives money away lol

Or there was a $21 rate change from when you sold at $500 and took the pic, doubtful but giving you a reason out.

Sorry for the confusion.   When entering the amount you want to withdraw you enter that amount in USD.  It then showed me a qr code asking for me to send 1.xx coins in.  It calculated my btc value to spend based on how much I wanted in USD.

Yeah, the 10 minute delay on transactions over $100 was a little bit of a put off... but its all still new, right!

[counter]

This is how I imagined a BTM(love the name) should work.  You shouldn't feel like your being tracked traced and data based just to get some money in general or for Bitcoin.  The "ATM" I've seen in action from video seem way to invasive.

Your review is very much appreciated and I'm glad you had a smooth transaction and overall good experience.

[wmikrut]

More updates!

So I went back for more 'processing' fun today!
In the middle of a transaction, the machine completely froze up.... not responding at all.

Luckily I saw a contact@ email address on the bottom of the screen.
Now mind you, it was Sunday at like 5pm -- who is gonna be on call, right?

I sent an email to the address listed stating I needed help with the machine in Chicago (Yes, Cassava Bread).
Within minutes I was contacted back and was on the phone with a support person for Midwest Bitcoin.

In 10 minutes they had fixed the problem, reset the machine, and I was able to complete my transaction.
Now THAT is customer service!!

 


Note:  I had previously not mentioned Cassava because I didn't stop to eat the first time.  Today, we did stop to eat.
Yes, the food was excellent!!

[hikedoon]

Apart from the high fee, this sounds like a good thing. The more ATM's the better.Competition should bring the fee's down in time.

[Lethn]

Usually there's a huge "spread" of buy to sell on these things, which has rendered the entire Bitcoin ATM ecosystem a complete useless joke.  Maybe that's what happened.  When he finally got in there, surprise, the markup was fucking $21 just to purchase.  Greedy ATM owners have singlehandedly made this innovation pointless.

-B-

This is what happens when there isn't enough competition, people will charge what they can get away with, look at the games industry for fucks sake lol I know it's a completely different industry but I can't help but think about how stupid the prices are for games in some genres with this sort of thing since it's both to do with digital products, the prices for some digital things are just crazy.

[icet208]

nicelooking ATM..How much till confirmation?

[DaNksta]

Haha that is so cool. I read theres one in Seattle and looked it up; Plan on visiting that at some point.
I hope they keep opening more, it would be awesome to have them in every city!! Think of the convenience!

[BTCmoons]

Usually there's a huge "spread" of buy to sell on these things, which has rendered the entire Bitcoin ATM ecosystem a complete useless joke.  Maybe that's what happened.  When he finally got in there, surprise, the markup was fucking $21 just to purchase.  Greedy ATM owners have singlehandedly made this innovation pointless.

-B-

This is what happens when there isn't enough competition, people will charge what they can get away with, look at the games industry for fucks sake lol I know it's a completely different industry but I can't help but think about how stupid the prices are for games in some genres with this sort of thing since it's both to do with digital products, the prices for some digital things are just crazy.

I think this also somewhat has to do with the connivance factor. If people can just go to a restaurant or a store with cash and buy bitcoin then they will be willing to pay more verses having to have an exchange linked to your bank account and waiting days for the deposit to confirm

[wmikrut]

nicelooking ATM..How much till confirmation?

The confirmation wait was low this time... less than 5 minutes.

[Waramp22]

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

For new bitcoiners it is unbelievably inconvenient to buy bitcoin. I live in Canada and i have scanned my ID, jumped through hoops, linked bank accounts, verified phone numbers you name it. Still, to this day i have never purchased bitcoin from an actual company.  I would use a BTM if i was in need of bitcoin that same day.

[CoinFan10076]

Thanks for sharing your experience. Have also heard many of these machines are a nightmare. Seems your experience was a serious time commitment. I'd hate to have to wait around for 10 minutes for confirmation. But, nevertheless, it is cool these machines are popping up, hopefully technology will start making this process a lot more convenient.

[mercistheman]

I like to think of this as today's IBM 5150 PC... We should not expect lightning speed or sub dollar fees at this early stage.
Even if this isn't your ideal experience it's still worth supporting if you want the technology to evolve.
10 minutes vs days from banks sounds better already... especially when you consider the history of the federal reserve mismanagement.

[betterchoice]

 THIS IS SO COOL!  Looks very nice!

[Hufflepuff]

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!!

That sounds very convenient. Hopefully these become more widespread.

[bitkilo]

Sounds pretty straight forward to me, only having to wait for 1 confirmation is easy, i thought they would want at least 2.
How do they prevent double spend with only 1 confirmation?
I use a one way Lamassu atm where i live all the time but have yet to try a 2-way machine.