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Jawhead999

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Quote from: molsewid on November 08, 2020, 09:20:42 AM

Not yet, but I would love to try it if the fee of using this Bitcoin ATM is reasonable or if the fee is cheaper compared to the local exchanger in our country.

AFAIK Bitcoin ATMs required the most highest fee among all exchanges around 7-10% [1] [2] while average local exchange only took 1-3% fee. Bitcoin ATMs aren't good option if you want use it regularly because the fee is insane.

[1] https://coinatmradar.com/charts/buy-fees/
[2] https://coinatmradar.com/charts/sell-fees/

CODE200

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Quote from: Alert31 on November 08, 2020, 08:47:12 AM

Quote from: mk4 on November 08, 2020, 08:25:51 AM

Nope. Haven't tried using one, and up to today I'm still quite baffled on how Bitcoin ATMs manage to be profitable business(assumingly) knowing how big the fees are. Bitcoin ATM businesses being profitable(and not shutting down), means that they actually have enough customers to keep the ATMs afloat. Idk, I'd think that people would use famous exchanges instead for obvious reasons.

I think the fees in bitcoin ATM is much higher than in crypto exchanges. I'm a little excited. I also want to try to use that but there is no Bitcoin ATM machine nearby in my area. But I believe time will come, Bitcoin ATM machine will scatter in different areas in different countries for more accessible and hassle free and fast bitcoin transaction.

Fees are more likely to be considered in this matter. Fees are higher because ATMs are meant to give "convenience" to the users but I'd probably still go for crypto exchanges. If in the future there will be more Bitcoin ATMs, there will still be people who won't especially those who are not into KYC process, and people in areas wherein cryptos are not yet widely accepted as means of payment. Unless they would make developments aiding the problems people are concerned of.

molsewid

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Quote from: Symmetrick on November 08, 2020, 07:50:59 AM

Have you ever used Bitcoin ATM and, if not, would you like to use similar devices in the future?

Not yet, but I would love to try it if the fee of using this Bitcoin ATM is reasonable or if the fee is cheaper compared to the local exchanger in our country.

In our city, there's no Bitcoin ATM yet but hoping to have one in the future. Some people would be curious/interested in bitcoin if they see these Bitcoin ATM Machines.

Becky666

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That's impressive, but am yet to see the candid usage of this Bitcoin ATM machines becasue of their fees which look much bigger than the regular fees from exchanges. Also, most have compulsory KYC before make some purchase in their platform, which is against the ethics of Bitcoin as a technology, although, some have already given up their identities for penurts. We're yet to see one in Abuja FCT Nigeria.

Lucius

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Quote from: mk4 on November 08, 2020, 08:25:51 AM

Nope. Haven't tried using one, and up to today I'm still quite baffled on how Bitcoin ATMs manage to be profitable business(assumingly) knowing how big the fees are.

In the same way that any exchange office operates, they profit on the purchase/sale price. For example, if the current price is $15k, on crypto ATM the purchase price can be 10% higher, while in the case of sales that price can be up to 10% lower. There is a very significant profit in that range, and I remember reading earlier that the ROI for an average crypto ATM is about 3 months if it is in a convenient location.

I personally have never used such a device because I have never found myself near one. Here we come to the fact stated by the OP that almost 90% of all crypto ATMs are located in the USA and Canada, which means that the rest of the world lags far behind. Whether this will change in favor of the rest of the world is hard to say, as some countries seem to have very strict laws when it comes to cryptocurrencies.

DeathAngel

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I’ve never used one & I don’t have the need to. Maybe when bitcoin moons I will sell small bits of my stash on a non KYC ATM to avoid declaring taxes but so far I’ve only ever bought & sold on exchanges. It’s obviously good for adoption that we are seeing more & more ATM’s installed though.

BlackHatCoiner

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On my country there is one. I don't understand why someone should go cash out or buy bitcoins from there, though.

Fees are higher than exchanges.
You'll have to give phone number etc. (Full KYC, no anonymity)
Exchanges are closer to you than the ATM.

If you use bitcoin properly, you'll need nothing physical.

Alert31

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Quote from: mk4 on November 08, 2020, 08:25:51 AM

Nope. Haven't tried using one, and up to today I'm still quite baffled on how Bitcoin ATMs manage to be profitable business(assumingly) knowing how big the fees are. Bitcoin ATM businesses being profitable(and not shutting down), means that they actually have enough customers to keep the ATMs afloat. Idk, I'd think that people would use famous exchanges instead for obvious reasons.

I think the fees in bitcoin ATM is much higher than in crypto exchanges. I'm a little excited. I also want to try to use that but there is no Bitcoin ATM machine nearby in my area. But I believe time will come, Bitcoin ATM machine will scatter in different areas in different countries for more accessible and hassle free and fast bitcoin transaction.

Fundamentals Of

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This is an amazing figure. This could only mean interest over Bitcoin. I am with the assumption that these ATM operators do not just install these machines at their specific locations without even the roughest feasibility study that says there is a potential market which could be tapped for their business. There must be good reasons for this rising number notwithstanding the horrible fees usually attributed to Bitcoin ATMs.

mk4

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Nope. Haven't tried using one, and up to today I'm still quite baffled on how Bitcoin ATMs manage to be profitable business(assumingly) knowing how big the fees are. Bitcoin ATM businesses being profitable(and not shutting down), means that they actually have enough customers to keep the ATMs afloat. Idk, I'd think that people would use famous exchanges instead for obvious reasons.

Upgrade00

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Quote from: Symmetrick on November 08, 2020, 07:50:59 AM

because, in their opinion, Bitcoin ATM is a vulnerability in the privacy of a crypto user, and all these rapid spreads of such devices are made with the aim of collecting data from crypto users, which does not correspond to the concept of anonymity and privacy in crypto.

This is not unique to ATM services. Bitcoin ATMs function as a regular centralized exchange where one can buy or sell Bitcoin directly using a debit/credit card or bank transfers. Such services offer liquidity for the Bitcoin market, as not everyone can or is willing to trade on decentralized exchanges or through OTC trades.
If combined with privacy practices, like use of non custodial wallets and coin mixing/joining services, it could be done right with little effect to anonymity or privacy.

Quote from: Symmetrick on November 08, 2020, 07:50:59 AM

Have you ever used Bitcoin ATM and, if not, would you like to use similar devices in the future?

I am yet to use one as it is not quite popular in my country.
If I'm to use one in the future, I'll likely trade below the KYC limit as some ATMs allow one to buy or sell cryptocurrencies below certain amounts without needing to register on their platform and input personal details.

Csmiami

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Quote from: Symmetrick on November 08, 2020, 07:50:59 AM

Have you ever used Bitcoin ATM and, if not, would you like to use similar devices in the future?

Yep; there's one really close to my house, and of fcourse, I had to try whether it worked or not!

What's actually funny about this specific ATM is that it's owned by shitcoins.club and it's not really the fanciest and trust inspiring name a company could have...
Apart from bitcoin, they also sell ETH; BCH, DASH and I'm not sure whether there was some other "stablished" altcoin they did sell.

I mean sell, but they do also buy (altough I haven't tried that one yet). What I find odd about the selling feature, is that the current limit is close to 12.000€; and the ATM is in the middle of a shopping mall; so I can't actually imagine someone withdrawing 12k in bills from a mall....

Some pics I took back in the day I did the test....

Also, they have a rather high comission, but I guess that's what it's to be expected when they offer one of the least KYC friendly service I've ever seen.

bL4nkcode

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Quote

Have you ever used Bitcoin ATM and, if not, would you like to use similar devices in the future?

Not yet, there's nothing here in my place, but I would like to experience if there is, even just once regardless the amount and the fees. But expect fees is so damn high.

Anyway, it's a great progress for a 1 new atm an hour.

Symmetrick

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