1st bidirectional ATM in Belgium

[Nono242]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

WEBSITE
www.ebtm.be

CONTACT
info@ebtm.be

VIDEO
https://www.youtube.com/watch?v=ZfpXjzBHRnA

PHOTO
http://imgur.com/tUwSC6y

New Bitcoin ATM at Breydelstraat, 28 in 2018 Anwterpen, Belgium located at Pizzeria "Leonardo da Vinci". You can enjoy their excellent pizza while waiting for the transaction's confirmations in case of a Bitcoin sale. Buying bitcoins is instantaneous.

The solution provider is Bitaccess and the ATM takes 5% fee on buy and 7% on sale of bitcoin, automatically calculated on the rate offered by the machine.

The place is safe, reliable and very friendly

OPENING HOURS (Pizzeria)
Monday to Sunday 11am to 10pm

EDITED 20160610: New location

[bitkoof]

Hi

Which exchange does it use?

Thanks

[Nono242]

Bitstamp

[noma]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

[Nono242]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

Bidirectional means that with this Bitcoin ATM you can:
1. Buy bitcoins with euro cash (immediately processing)
2. Sell bitcoins and receive euro cash (immediately processing for amount below or equal 20€) Above 20€, we ask for 2 confirmations from the Bitcoin network which takes around 20 minutes.

[Nono242]

Some changes have been done on the setup after feedback of our customers:

The daily limit without ID verification has been increased up to 250€. No need to introduce the Id card or passport below that threshold.

Another good news:To accelerate the sell process, the number of confirmation has been reduced to 1.Sell above 20€ will take less than 20 min!

[noma]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

Bidirectional means that with this Bitcoin ATM you can:
1. Buy bitcoins with euro cash (immediately processing)
2. Sell bitcoins and receive euro cash (immediately processing for amount below or equal 20€) Above 20€, we ask for 2 confirmations from the Bitcoin network which takes around 20 minutes.

Alright, thanks.  btw How do you handle double spends?

[Nono242]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

Bidirectional means that with this Bitcoin ATM you can:
1. Buy bitcoins with euro cash (immediately processing)
2. Sell bitcoins and receive euro cash (immediately processing for amount below or equal 20€) Above 20€, we ask for 2 confirmations from the Bitcoin network which takes around 20 minutes.

Alright, thanks.  btw How do you handle double spends?

The machine asks for a confirmation from the miners.

[Nono242]

Our partners at Coffeelabs, where our BTM is located, are now accepting Bitcoin payments for drinks and food.

[Nono242]

Enjoy our cyber Monday deal! This Monday only, get your Bitcoins for cash at an exceptionally low 2% commission rate! Come use the EBTM bitcoin machine at Coffeelabs. Sell your bitcoins at the same 2% commission rate

[Puppet]

The daily limit without ID verification has been increased up to 250€. No need to introduce the Id card or passport below that threshold.

Just curious, what would stop me from selling 250 euro worth of coins several time a day?

[Nono242]

The daily limit without ID verification has been increased up to 250€. No need to introduce the Id card or passport below that threshold.

Just curious, what would stop me from selling 250 euro worth of coins several time a day?

You need to register with your phone number. You put your phone number in and you receive back by SMS a code. If you have sell or buy in the same day you will be allowed only the difference between 250 and the sum of sell or buy of the day.

[noma]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

Bidirectional means that with this Bitcoin ATM you can:
1. Buy bitcoins with euro cash (immediately processing)
2. Sell bitcoins and receive euro cash (immediately processing for amount below or equal 20€) Above 20€, we ask for 2 confirmations from the Bitcoin network which takes around 20 minutes.

Nice, and how much is the difference between the rates for buying and selling bitcoins?
Also, can't people pay by double spending and withdraw 20 euros?

[Nono242]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

Bidirectional means that with this Bitcoin ATM you can:
1. Buy bitcoins with euro cash (immediately processing)
2. Sell bitcoins and receive euro cash (immediately processing for amount below or equal 20€) Above 20€, we ask for 2 confirmations from the Bitcoin network which takes around 20 minutes.

Nice, and how much is the difference between the rates for buying and selling bitcoins?
Also, can't people pay by double spending and withdraw 20 euros?

The rate is 5% for buying or selling bitcoins. The rate offered is increased by 5% for buying and decreased by 5% for selling.
We wait for a confirmation to avoid double spending attack from fraudulent customer.

[Nono242]

OFFICIAL BITCOINTALK ANNOUNCEMENT THREAD FOR BELGIAN BIDIRECTIONAL BITCOIN ATM

What does the bidirectional part mean?

Bidirectional means that with this Bitcoin ATM you can:
1. Buy bitcoins with euro cash (immediately processing)
2. Sell bitcoins and receive euro cash (immediately processing for amount below or equal 20€) Above 20€, we ask for 2 confirmations from the Bitcoin network which takes around 20 minutes.

Nice, and how much is the difference between the rates for buying and selling bitcoins?
Also, can't people pay by double spending and withdraw 20 euros?

The rate is 5% for buying or selling bitcoins. The rate offered is increased by 5% for buying and decreased by 5% for selling.
We wait for a confirmation to avoid double spending attack from fraudulent customer.

As of today, get €500 worth of Bitcoin easier! The new transaction limit is €500 without ID required. All you need is your phone and cash.

[Puppet]

Whats the reason for the limit and for it being raised? IM guessing there is some legal/KYC/anti money laundering regulation you have to comply with? Does that impose a firm limit on daily/weekly anonymous transactions like this?

[Nono242]

Whats the reason for the limit and for it being raised? IM guessing there is some legal/KYC/anti money laundering regulation you have to comply with? Does that impose a firm limit on daily/weekly anonymous transactions like this?

Yes the reasons behind are KYC/AML. Laws are currently being changed  in Belgium regarding cash payments. We are studying the topic with our lawyer for a final threshold. Meanwhile, the threshold has been increased from €250 to €500.

[Puppet]

OK tried it today. Sold a little less than 1 BTC. Here is what I found;

The good news is that it works, and that by itself is pretty awesome. The exchange rate/ margin is doable for occasional use. The location where the atm is hosted  is brilliant, didnt know it, but its lovely internet/cafe/bistro/not sure what you have there, although one does look out of place without a laptop.

The not so good news;
First its a bit more cumbersome than I expected and than needed. First you register with your phone, confirm with an SMS code that arrives almost instantly. Fair enough, one comment perhaps is you might want to mention the phonenumber needs to be entered in international format. Selling itself is easy enough with QR code. After you sent your bitcoins, you have to wait for I believe 2 confirmations. Thats entirely reasonable, so far so good.

Once the 2 confirmations have arrived, you receive an SMS with a code and a msg that you can collect the cash. To use the code, you have to log in again with your phonenumber,  which is then validated again by yet another code via  SMS, you have to enter the code, then enter the code of the earlier sms to collect. That shouldnt be necessary. Just entering the code on the confirmation sms should be enough IMO.

Secondly, the atm was nearly out of cash. I hope thats not going to happen too frequently. This might partially explain my last problem; when I collected the cash, the atm spits out one note at the time, and does so reaaaly slowly. I looked like an idiot picking up a 5 euro note, waiting, a 10 euro note, waiting, another 5 euro note, waiting, over and over again with  only a few 20 euro notes and no 50 (let alone 100 euro). It took forever!

For tiny amounts, who cares, but I pity the guy that collects 500 euro there!

[Nono242]

OK tried it today. Sold a little less than 1 BTC. Here is what I found;

The good news is that it works, and that by itself is pretty awesome. The exchange rate/ margin is doable for occasional use. The location where the atm is hosted  is brilliant, didnt know it, but its lovely internet/cafe/bistro/not sure what you have there, although one does look out of place without a laptop.

The not so good news;
First its a bit more cumbersome than I expected and than needed. First you register with your phone, confirm with an SMS code that arrives almost instantly. Fair enough, one comment perhaps is you might want to mention the phonenumber needs to be entered in international format. Selling itself is easy enough with QR code. After you sent your bitcoins, you have to wait for I believe 2 confirmations. Thats entirely reasonable, so far so good.

Once the 2 confirmations have arrived, you receive an SMS with a code and a msg that you can collect the cash. To use the code, you have to log in again with your phonenumber,  which is then validated again by yet another code via  SMS, you have to enter the code, then enter the code of the earlier sms to collect. That shouldnt be necessary. Just entering the code on the confirmation sms should be enough IMO.

Secondly, the atm was nearly out of cash. I hope thats not going to happen too frequently. This might partially explain my last problem; when I collected the cash, the atm spits out one note at the time, and does so reaaaly slowly. I looked like an idiot picking up a 5 euro note, waiting, a 10 euro note, waiting, another 5 euro note, waiting, over and over again with  only a few 20 euro notes and no 50 (let alone 100 euro). It took forever!

For tiny amounts, who cares, but I pity the guy that collects 500 euro there!

Hi,

Thanks for reviewing our service and taking time to put it online for the Bitcoin community.

You mentioned some important things, one that it works! What counts is the user experience.

You are right in pointing out some flaws.

We totally agree that the sell process can be cumbersome and slow for large amounts.

On the day you were there, we had just had several big sales in a row. Yours sell has finally emptied the machine. You received all the bank notes that the machine was able to give (so all the 5, the 10 …). We are still in the early stages of our business and have not figured out sales or buy patterns totally yet. We will load the machine with much more larger notes.

Until a few weeks ago it was two confirmations for a sale. It has been lowered to 1. You have been unlucky with the confirmation by the miners. That’s why you waited so long. We apologise.

The reason there are several codes that have to be entered for a redeem is to avoid someone coming along and punching randomly a code and collecting someone’s cash.

As for the location, Coffeelabs, it is pretty fashionable and laptop-oriented and now accepts payment in BTC for food and beverages!

[Puppet]

On the day you were there, we had just had several big sales in a row. Yours sell has finally emptied the machine. You received all the bank notes that the machine was able to give (so all the 5, the 10 …). We are still in the early stages of our business and have not figured out sales or buy patterns totally yet. We will load the machine with much more larger notes.

Bigger notes would help. But surely the dispenser can be made a lot faster in a future version of the machine.
 I understand thats outside of your control, you just might want to pass it on to the manufacturer.

Until a few weeks ago it was two confirmations for a sale. It has been lowered to 1. You have been unlucky with the confirmation by the miners. That’s why you waited so long. We apologise.

No need, how fast blocks are found is outside of anyone's control, and in my case it was actually quite fast.

The reason there are several codes that have to be entered for a redeem is to avoid someone coming along and punching randomly a code and collecting someone’s cash.

I think thats easily avoidable. The code you have to enter to redeem, already was pretty long, something like 10 digits I believe ?  If need be, make it even longer. Include alphabetic characters.  What are the odds someone would successfully enter one out of,  I would guess maximum 5 concurrent pending withdrawals, with a 10+ character code? 5/36^10 = ~1/73000000000000. If anyone manages to guess my redemption code with less than a million attempts, he earned it