Would you normally trust a Bitcoin ATM?

[IceFire]

Hey,

I am wondering this myself. Is it a good idea to buy Bitcoins over a dedicated ATM?

I am currently looking at the options here http://coinoutletatm.com/

What do you think?

[Flashman]

Personally, since I've got enough "at risk" at the moment and don't need any extra risk factors, I'd give that crowd a few months in the market to see what use experiences are.

I'd trust CaVirtEx ATMs in known locations.

Note the specification of known locations, if a "CaVirtEx" ATM turned up at a local strip mall, with no announcement or confirmation of that location from the operators, I would not use it.

[Elwar]

Where is the risk in getting bitcoins?

You get the bitcoins...they can't be taken back.

[Pingu]

Buying coins from most of them seems pretty safe as long as you make sure you're in possession of the private keys you should be good. If it's one that prints out a QR code I'd import it ASAP. I wouldn't trust to buy an ATM from a brand new company though if that's what you're asking.

[Flashman]

Where is the risk in getting bitcoins?

You get the bitcoins...they can't be taken back.

Getting the bitcoins is the preferred outcome, however, there's a bit in the middle there where machine has your cash, and you have not got the bitcoins.

[cbeast]

Where is the risk in getting bitcoins?

You get the bitcoins...they can't be taken back.

Getting the bitcoins is the preferred outcome, however, there's a bit in the middle there where machine has your cash, and you have not got the bitcoins.

The same can be said about many businesses. Businesses depend on repeat and referral customers. They should take safety measures to ensure customer satisfaction.

[vabtc]

Before you even insert cash, the machine asks for your QR code. It makes sure it is a valid address before accepting any bills.  As long as your wallet and devices are secure(which is out of BTM's control), you should feel very comfortable using BTMs. They will not let you insert more money than they can cover. I have not used Skyhook, but the major BTM manufacturers have never had transaction issues I am aware of. Bitaccess, Lamassu, Robocoin, Genesis1 are all trustworthy machines.

[factor280]

I would as long as they have a cold wallet with a good amount of funds backing them. I don't see why not.

[bitcoinmind]

Where is the risk in getting bitcoins?

You get the bitcoins...they can't be taken back.

For you maybe there is no risk, but for newbies like me and many others - IS! Therefore, should be created educational projects!

[Flashman]

The same can be said about many businesses. Businesses depend on repeat and referral customers. They should take safety measures to ensure customer satisfaction.

Yes yes, real businesses want to build their business.... I'm just trying to say, don't run up to every flashy box in random location that says it's a bitcoin ATM and feed it bills, or bitcoin for that matter. Just saying that there's a chance that there are some scam ones out there. "Error 35412 please contact tech support 1-800-phone-that-never-picks-up" and it's gone the next day.

[cbeast]

The same can be said about many businesses. Businesses depend on repeat and referral customers. They should take safety measures to ensure customer satisfaction.

Yes yes, real businesses want to build their business.... I'm just trying to say, don't run up to every flashy box in random location that says it's a bitcoin ATM and feed it bills, or bitcoin for that matter. Just saying that there's a chance that there are some scam ones out there. "Error 35412 please contact tech support 1-800-phone-that-never-picks-up" and it's gone the next day.

There have been instances of people installing fake ATMs in busy places. You're right that bitcoin ATMs could also be fake.

[LordSonjai]

thats a good question,to think i would be so naive to trade bitcoins at a atm,ill think about if before i do now.

[cbeast]

thats a good question,to think i would be so naive to trade bitcoins at a atm,ill think about if before i do now.

That's the silliest thing I've read today. Thanks for the chuckle.

[LordSonjai]

Elaborate because i don't understand what is so silly about my comment.

[cbeast]

Elaborate because i don't understand what is so silly about my comment.

Because nobody uses ATMs for trading. Your comment made no sense at all. In fairness to you, please elaborate how an ATM can affect trading?

[junglist.massive]

I think that should be some trust certificate of ATM. Official deal with some exchange etc

[MicroGuy]

I am wondering this myself. Is it a good idea to buy Bitcoins over a dedicated ATM?

Minimal risk as you are dealing with a machine and a physical location.

[exoton]

I am wondering this myself. Is it a good idea to buy Bitcoins over a dedicated ATM?

Minimal risk as you are dealing with a machine and a physical location.

Just because it is a machine, does not mean the owner has not programmed it to scam users. For example, if the machine had the ability to buy bitcoin from someone, it could have the seller send bitcoin to a specific address and then never disburse any kind of cash.

[LordSonjai]

Elaborate because i don't understand what is so silly about my comment.

Because nobody uses ATMs for trading. Your comment made no sense at all. In fairness to you, please elaborate how an ATM can affect trading?

What the fuck are you talking about?when did I say anything about a ATM affecting trading,I clearly used the wrong terminology for my intention and you misconstrued and blew my comment out of proportion like a stupid motherfucker. Obviously ATMS aren't for trading dumbass. What I meant by trading was exchanging real currency for bitcoin,is that not a trade? I wish I could slap the fuck out of you.

[bornil267645]

Why not, haven't heard of any occurrence so far.