Topic: A question about withdrawing BTC - page 2. (Read 384 times)

I think the methods and the level of anonymity while withdrawing Bitcoin depends a lot on your local currency (so the country you live in, basically). I don't like the KYC stuff because I feel a bit embarrassed and unsafe making photos of myself and my ID... But it's not like I am obsessed with anonymity, so I don't mind that I usually use local exchanges that allow to sell BTC and receive fiat on my bank account which is, of course, tied to my identity.
My main concern with ATM is that people can rob you on the street, there can be a malfunction causing problems and the fees are ridiculously higher (usually) than when you use an exchange.

But have you ever made a withdrawal at a bitcoin ATM?
Yeah maybe it's the same as fiat ATMs which are all monitored so this is not anonymous at all so I want to know if that ATM is actually used a lot?

In my country there is still no bitcoin ATM as expected, withdrawing BTC then cashing it.

You're converting to a regulated currency, and it's not surprising that there won't be such anonymity. Bitcoin wasn't made for that kind of thing, although it might seem like it because people aren't required to show their identification, unless they like utilize an online service.
I never withdrawn fiat money from Bitcoin using an ATM, but if there's gonna be at least a minimum of what privacy are you willing to show and that would be your presence as you withdraw, because I believe that 99% of ATMs had that whether it would be your local currency or not.

btc_love, conversion of BTC to fiat in an anonymous way is something that is increasingly difficult to achieve. Countries around the world are introducing anti-money laundering and so-called terrorist financing measures, which also applies to crypto transactions to a large extent. If you bought crypto legally and made KYC, then it doesn't really make sense to sell it anonymously.

On the other hand, if you want to remain completely anonymous you can use the direct buy/sell method on decentralized crypto exchanges, or to find persons for face to face transactions, which of course has risks to which you must be prepared.

Big Brother is always watching, and he has bigger eyes every day

There was a bit of hope that anonymous ATMs might exist. Well, it seems that all this will remain only in dreams.

Well, BTC ATM is one of the easy ways where you can withdraw your BTC to cash. If talking about anonymous or not, it will depend on the legality or not the ATM is installed in the country.
However, mostly, the Bitcoin ATM is not anonymous at all. You are still watched. The transaction is recorded, there are cameras, and also other things that you will find.

In my opinion, if it relates to withdrawal process, it will not be anonymous at all. Even you sell the BTC in the decentralized exchanges, then you will cash out through banks.

Crypto ATMs specifically in the US always ask for KYC when you try to withdraw I think more than $100. Remember US regulations have a strong chokehold on crypto going in and around the US, ATMs being financial kyosks physically in the US, MUST have some sort of regulations.

Where are you located that you thought it is anonymous?

ATMs were never made for anonymous purposes. It has camera and there is always a log of every transactions that is always done on it. Inventing and making use of crypto ATMs will also be same as normal ATMs. It's better not to use them for crypto transactions.

Bitcoin isn't anonymous, and it wasn't designed to be. The level of privacy you can achieve with it depends entirely on how you use it. All your transactions are recorded on a publicly viewable ledger and can be linked to each other unless you take steps to break this link (such as mixers or CoinJoin). Most people broadcast their transactions from their own IP address or use custodial wallets from their own IP address. Lots of people have completed KYC procedures at various exchanges or third party services. Lots of people reuse addresses. The "standard" user who completes KYC at some big exchange to buy their bitcoin, and either spends directly from the exchange or withdraws directly to their own wallet, has less anonymity than if they were using fiat. If you want to use bitcoin truly anonymously, then you have to take active steps to do so. Have a look here for more information: https://en.bitcoin.it/wiki/Privacy

As stated above, bitcoin ATMs are not anonymous by any means. Even the ones which don't ask for KYC documents prior to use will still have cameras in them or near them recording your activity. A much more private way to buy and sell bitcoin for fiat is to trade peer to peer on a platform such as BISQ. For maximum privacy you can use untraceable fiat methods, such as cash in person or an anonymous money order.

An ATM isn't anonymous, unless its in a place where you can use it while disguised/masked. Regardless of the ATM requiring you KYC or not (which can only make things worse) the fact that is a physical thing means it can have surveillance (and should, since vandals love breaking the things apart).

Some people find them convenient, i find them cumbersome (and horribly expensive). Your best chance for "anonymity" is online, perhaps even mining, but that option is rapidly disappearing.

If you're willing to withdraw your BTC in an anonymous way, ATMs are imo not the way to go. Let me explain why:

1. Most ATMs have cameras installed in order to identify QR codes. Some of the ATMs I've used took pictures of me while using them, hence my identity is already at risk. This happened only at one ATM I've used (it was the first and only time I've ever used that one), but it was enough to make me pretty angry for some time.

2. You'll risk being requested KYC at any point. I usually go for an in-depth reading of the Terms & Conditions of an ATM before using it, but most of them have updated their terms in the past few years to include KYC too. If you exceed a limit they've imposed or if your transaction is considered suspicious, you'll be required to offer identity before you receive your money in return.

3. ATM withdrawal fees are pretty high and inconvenient. You're risking to get identified by the ATM anyway at some point and they'll take a pretty high percentage of your money. Doesn't make any sense and in the end it may not be worth it imo.

4. Don't you think using ATMs are the anonymous way to go. You're going to sit in front of a camera and the funds you are going to receive will be trackable. There are most likely also security cameras around you, so if authorities want to know who you are, they'll find out.

Therefore, be careful if anonymity is the way you want to go. I would also like my identity to be preserved as anonymous for as long as it can be, but lately it's kinda hard to do it without it also being inconvenient one way or another. If you're going to go for the ATM withdrawal method, make sure you at least check out their T&C and/or contact them beforehand to know whether there are going to be taken any pictures/if KYC is required. Better be informed than unpleasantly surprised.

It really completely depends on the ATM. Some ATMs require identification(mostly depending on how much you're buying as far as I know), some have cameras on them, and some, both. If a certain bitcoin ATM doesn't have both, then the price premium might(?) be worth it depending on how strict you are in terms of personal privacy. Buying(or selling) BTC on Bitcoin ATMs can get really really costly though; and I'm personally really not a fan of paying price premiums.

I mean, it's different from person to person. Some people are fine with buying/selling through KYC exchanges like Coinbase, and some prefer doing it through more anonymous platforms like Bisq. It just depends on you honestly.

Recently I became interested in the feasibility to withdraw btc through the atm. I read a lot of information about this, here, for example, this article on changelly.
If you guys have a similar experience, please share it. I'm worried about the anonymity of such a method. And all in all, aren't such things contrary to the idea of cryptocurrency on the whole if you have as much anonymity when working with it as you do with fiat?