Bitcoin Atms

[LordSonjai]

i don't think they are really useful either, just a plus for merchant nothing else

Amph, I think you underestimate how many people will buy the coins from the atm that, without which, wouldnt purchase bitcoin/know how to purchase it at all.

Honestly,I don't know why someone would use a bitcoin Atm I'm not sure if I mentioned that in my post but if you do a little research you would find it is easier to buy over the web. I started buying bitcoin on coinbase day 1 from home.

It is easier for USA based customers to use coinbase but it's a pain in the ass for others. And some people prefer to buy bitcoins anonymously without giving out their important documents, which they fear might get misused. And Bitcoins ATMs provide them just that.

They want to know my income, how much money I have, and they want me to upload my passport.

Why?

I am not asking for credit or anything like that, I just want to buy bitcoin using cleared funds.

Coinbase just wants your Debit Card information first and last name to make the online transactions. The ATMS are what take your ID and Handprint. But I do agree on the anonymous thing,I wish I bought bitcoin from people instead of the market tbh but I was new and knew that security is ultra sensitive with bitcoin,didnt want to be ripped off for my first few purchases (like what these atms are doing)

[fvs114]

Here in EU, ATM want's my phone number-i have to put it in, to get sms confirmation number for transaction, so if my phone is not prepaid one, then they already know who am I.

[bitkilo]

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

[LordSonjai]

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

yes they would be wonderful if they weren't ripping people off that was the whole idea of this post. These btms(if you will) are robbing people.

[sherbyspark]

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

yes they would be wonderful if they weren't ripping people off that was the whole idea of this post. These btms(if you will) are robbing people.

These atms can actually start at the low prices of 500$ and are risky to use to buy more than 200-300$.
Its best to stick to legit and reputable atms.

[LordSonjai]

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

yes they would be wonderful if they weren't ripping people off that was the whole idea of this post. These btms(if you will) are robbing people.

These atms can actually start at the low prices of 500$ and are risky to use to buy more than 200-300$.
Its best to stick to legit and reputable atms.

Im not using a Atm,but if their are reputable ATMs where are they?ha,are they in your location?Cause they pulled all of ours a while ago.

[bitkilo]

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

yes they would be wonderful if they weren't ripping people off that was the whole idea of this post. These btms(if you will) are robbing people.

Ok you got a point about the price, it was a bit of a mark up but you pay for convenence.
I think i put $20 in first time and got about $18-19 in btc, the fee wasn't to much to pay at that amount but it does increase with volume.

[bornil267645]

We don't have any bitcoin ATM here, so I guess I won't be able to use one even if I wanted to.

[yatsey87]

We don't have any bitcoin ATM here, so I guess I won't be able to use one even if I wanted to.

Where do you live. You might get one in the future. Maybe you could buy one? lol. Some are quite cheap. I may even purchase one at some point.

[LordSonjai]

Bitcoin atm or btm as they are now being called are a great idea.
I started buying my first coins almost a year ago from a lamasu brand machine and it was simple, put cash in scan QR code and thats it.
Its a good way for newbies to buy btc.
Wold be better to see more 2-way machines though.

yes they would be wonderful if they weren't ripping people off that was the whole idea of this post. These btms(if you will) are robbing people.

Ok you got a point about the price, it was a bit of a mark up but you pay for convenence.
I think i put $20 in first time and got about $18-19 in btc, the fee wasn't to much to pay at that amount but it does increase with volume.

Man I really want to agree with you,Honestly I do. But "paying for connivence"is just your way or their way of justifying highway robbery. What is more convenient than buying the coin over the internet?

[slacknation]

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

[LordSonjai]

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

You are right,normal people are just lazy and go with what ever is easiest even if it will cost them extra time and money.

[desired_username]

Bitcoin ATMs are beneficial in my opinion.

They are the easiest method for exchanging cash to BTC, raise awareness and force localbitcoin.com sellers to set acceptable fees.

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

Not everyone is happy to send their sensitive data and money to noname startups (basically all online btc exchanges).

With an ATM the risk of losing your money is a lot less.

[LordSonjai]

Bitcoin ATMs are beneficial in my opinion.

They are the easiest method for exchanging cash to BTC, raise awareness and force localbitcoin.com sellers to set acceptable fees.

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

Not everyone is happy to send their sensitive data and money to noname startups (basically all online btc exchanges).

With an ATM the risk of losing your money is a lot less.

Subjective.

[malaimult]

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

You also need to take into consideration the value of convenience. If you need to drive 100 miles in order to save $20 on a $500 purchase then it is not going to be worth it. If you have to jump through 20 hoops to get verified on an exchange then people are not going to want to buy from an exchange

[LordSonjai]

if people are savvy enough to do a comparison, they would not be using the atm to get their bitcoins, so it caters to a different market. normal people don't optimize their options

You also need to take into consideration the value of convenience. If you need to drive 100 miles in order to save $20 on a $500 purchase then it is not going to be worth it. If you have to jump through 20 hoops to get verified on an exchange then people are not going to want to buy from an exchange

I have a feeling you don't have a account on a exchange i was verified the same day on coinbase.

[solomon]

Not everyone wants to sign up for an exchange. ATMs have a role to play. And being expensive/high fee is not stealing. If they told you a price and then charged you more than that price, that would be stealing, having a high markup isn't, its charging for convenience.

[LordSonjai]

Not everyone wants to sign up for an exchange. ATMs have a role to play. And being expensive/high fee is not stealing. If they told you a price and then charged you more than that price, that would be stealing, having a high markup isn't, its charging for convenience.

Its crazy how I have people telling me about exchanges when they don't buy from a exchange and people telling me about atms when they don't buy from atms. The atms are stealing money,not giving up bitcoin after you purchase and not giving you money after you sell. The fact that you have to wait by the machine for a hour and the price is marked up so much is only the underlining problem. If you were stuck on the road and your car was on a flat,you wouldn't think I was robbing you if i charged you 1000 dollars?

[sykotik616]

I see a lot of hate towards bitcoin on the internet through google news but I came across this video.

https://www.youtube.com/watch?v=vnm4xFC2xNo

Not going to lie,the Atm is a scam,wish I saw this before I posted on that other thread about bitcoin atms and if they could be trusted. I now understand why the atms that existed in my town were pulled from the floor. I personally never used them.

In my opinion bitcoin Atms aren't necessary,it just seems like another jig to make money off of people,its certainly not convenient. Which is my opinion,but the proof is in the pudding. Personally I have never used a bitcoin ATM,even though their was 2 in my town at one point. Reason wasnt because I didnt trust it. But because I didnt feel like it.

In any event,these Atms give bitcoin a bad name,they aren't about pushing bitcoin forward they are about making money,its a scam.  

Im kind of upset at how ignorant you are to the actual struggle of obtaining Bitcoin.  Not only is instant Bitcoin hard to come by, you either have to supply all of your information like on coinbase to include a major credit card, which at the moment has to be a Visa.  Companies like Circle just switched their instant Bitcoin option down to $100 until you build a significant history.  Both compaines take 4 to 7 plus days to deliver otherwise.  

I am simply pointing out that Bitcoin Atms offer instant anonymous access to Bitcoin in a local setting.  You think major exchanges arent taking a piece of your cash?  Get real.  If someone here can get me more than $500 of instant Bitcoin at a time through a registered, insured, legally run MSB, get in touch with me, I have a serious job opportunity for you.  Until then, local Atms are a much better option than waiting 4 plus days for $150 worth of coin.

Furthermore,  how do you expect people offering these services to make money if not off Atm fees?  Do you think its free to run a business?  It takes time, and investment.  Most Atms require manual Bitcoin purchases and refills.  Not to mention business registrstion fees, MSB registration, accounting, taxes, office supplies, equipment,  utilities, wages, insurance, overhead costs, and any other costs a business may incur during its existance.

[sykotik616]

Not everyone wants to sign up for an exchange. ATMs have a role to play. And being expensive/high fee is not stealing. If they told you a price and then charged you more than that price, that would be stealing, having a high markup isn't, its charging for convenience.

Its crazy how I have people telling me about exchanges when they don't buy from a exchange and people telling me about atms when they don't buy from atms. The atms are stealing money,not giving up bitcoin after you purchase and not giving you money after you sell. The fact that you have to wait by the machine for a hour and the price is marked up so much is only the underlining problem. If you were stuck on the road and your car was on a flat,you wouldn't think I was robbing you if i charged you 1000 dollars?

Hows this then?  I am a person that not only holds a Coinbase account, but also a Circle account, and uses a Bitcoin Atm.  I can tell you for a fact that the Skyhook Atm I use transfers the correct amount, almost instantly every time I use it.  

Furthermore, Coinbase requires 3 levels of verification which still does not allow you to purchase Bitcoin instantly, you still have to have a Visa credit card.  Not a visa debit, but a major credit card.  Circle was great for a while, until they lowered their instant Bitcoin option from $500 to $100, and you can only do that every 3 or 4 days.  It has to clear your bank account before you get access to instant Bitcoin again.  

As we all know, holding or waiting on Bitcoin can cause serious losses so that knocks coinbase and circle out right there.  I dont know what Atm you are using, but if they were really stealing from you, you wouldnt be here posting this garbage, you would be opening a law suit against the company that stole your money.  And if you think 5 or even 10 percent is 'stealing', there are companies online charging 50 percent plus, for instant access.  FFS get on localbitcoins and see those up charges.