Are Bitcoin ATM's reliable? - page 2.

wellfare

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Quote from: BTCgrinders.com on June 07, 2019, 03:40:03 AM

https://www.reddit.com/r/btcgrinders/comments/bxs5l7/bond_street_bitcoin_atm_spitting_out_tons_of_money/

There are issues less severe than the above.

The issue is probably not about bitcoin atm but just atm, people need to stop questioning everything around bitcoin

bitbunnny

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According to my experience yes, they are reliable. Just like any other regular bank ATM. But I guess maybe there could be some issues due to the software or something. So far I haven't heard any complaints by users from any country but on the other hand I think that people don't use so much Bitcoin ATMs anymore.

BeManga

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i dont know if its reliable because i didnt try it even once . but for those people who already use or always using the atm i think it reliable for them

Mike Mayor

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Quote from: Dapper on June 09, 2019, 01:13:57 AM

Just like any other ATM. Best to use one that is located in a shopping center or anywhere you know that there is little chance for it to be tampered with. As for required KYC.... usually it just wants you to insert your ID card or driver license. They do need to have more machines that are able to scan passports as well though, as not everyone has a 'local' ID.

Why can't they just scan your bank credit/debt card? You need it to withdraw the money anyway. I don't see why you need to carry your ID around. I don't even carry my drivers with me, I keep it in the car so I always have it.
I always keep my bank card in my wallet so it makes sense because I think everyone keeps their bank card but not their ID I don't like to carry my ID with me incase I lose it. It is much easier to replace a lost banking card then an ID.

Moshaid

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I believe this will be the first time such thing has happened with bitcoin ATMs, with this I think it's from the manufacturer of the machine there's likely to be an error in the course of migration or an error during the maintenance process either ways bitcoin ATM is reliable from past experiences and it's still reliable.

suprnurd

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I've used the Bitcoin ATMs from https://www.instacoinatm.com/ many times over the past 3 years and they work very well - no issues so far and the process is very simple.

Wingo

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Quote from: BTCgrinders.com on June 07, 2019, 03:40:03 AM

https://www.reddit.com/r/btcgrinders/comments/bxs5l7/bond_street_bitcoin_atm_spitting_out_tons_of_money/

There are issues less severe than the above.

The problem is the machine lol. The manufacturer should be the one to be blamed. I haven't seen anything like that. The mechanism of Bitcoin ATMs for dispensing cash is just like the usual ATMs. I have seen one of those in one street here in my country. There few of those in this country, I hope there's one near my place.

Apes

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in my country it does not allow the use of ATMs for cryptocurrency cash withdrawals, I am sure the use of cryptocurrency ATMs is made as well as possible, it is not possible to create a device that can harm users. many users claim that ATM is safe and reliable.I think the cryptocurrency ATM is as good as a bank ATM.

bitzizzix

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I cannot judge whether a bitcoin ATM is reliable, because in the country where I live I have not found a bitcoin ATM.
with the development of increasingly advanced and popular bitcoin, I hope that bitcoin ATMs will be in my country.

maydna

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Quote from: partysaurus on June 07, 2019, 08:56:36 AM

Quote from: Astvile on June 07, 2019, 03:43:47 AM

Bitcoin ATM's are reliable for sure there are alot of member here who already have experience using it.Regarding with the video im pretty sure its just a common system malfunction that just happen to destroy the machine and spit out money good thing security fast enough to ensure funds not get stolen.Theres an easy fix to that atm machine

yes i have used btc atms 3 times in my life and it worked flaweless, it has to be some malfunction , i know alot of people that used btc atms without a trouble.

How does it feel to use btc atm? Is it different than the other atm? I don't have any experience using btc atm, but I am willing to use the atm if it's available here.

I think it's normal if we see the system was malfunction because no one knows that the machine can always run in every day. The machine needs to maintain so it could run properly. But if the atm spitting out tons of money, then there should be a problem with the machine itself and that needs to be fixed by the company

xWolfx

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Quote from: partysaurus on June 07, 2019, 08:56:36 AM

yes i have used btc atms 3 times in my life and it worked flaweless, it has to be some malfunction , i know alot of people that used btc atms without a trouble.

Of course it is, you're right.

The problem with them is the problem that a lot of atms face, unauthorized usage. Something that is extremely annoying for the people in charge of them to keep at bay. In the case of the Bitcoin ATM's, since Bitcoin itself is growing and developing so can do it the security measurements of them.

jake zyrus

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Bitcoin ATM is still reliable. Just like the traditional ATM, maybe there is just a malfunction. And I think it's normal to have malfunction. Other Bitcoin ATMs are working perfectly fine, and haven't experienced that issue yet. I don't think the reliability of Bitcoin ATM will lose just because of one ATM problem.

fiulpro

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Just like we prefer certain bank ATM's , the same thing applies here too , Bitcoin is something that is always at a risk of getting stolen and stuff.
If Normal atm machine can be taken advantage of by the theives then why not ? Why not they will steal money from Bitcoin ATM's if given a chance to.
It depends on the fact that which company is supporting them ,this way one can easily judge the flaws and advantages.
So it depends on

Company holding It
Place it's set up
Security level of the atm machine

Pursuer

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like any other digital system, bitcoin ATM machines are also having some flaws. and them being new and even sometimes coming from brand new companies, makes them more susceptible to these flaws. but we can't really consider then unreliable just because they have flaws otherwise we can't rely on anything else in the world either.
the important thing to know is to figure out risks and rewards of each tool that we use and try to use those tools in a way that reduces the risk for example you could use a small amount of money with ATMs instead of a big amount so that if something went wrong you don't get wrecked.

Dapper

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Just like any other ATM. Best to use one that is located in a shopping center or anywhere you know that there is little chance for it to be tampered with. As for required KYC.... usually it just wants you to insert your ID card or driver license. They do need to have more machines that are able to scan passports as well though, as not everyone has a 'local' ID.

rosezionjohn

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I can't stop laughing while watching the video Grin

Yeah I concur with what others have said that it's the manufacturer's fault.
Is this the first reported case of btc atm spouting cash??

Quote from: akamit on June 07, 2019, 08:50:20 AM

Happy to see some guys are protecting the money, otherwise nasty minds may have tried to pocket some of the malfunctioned money. Cheesy

From where I am from, those fiats would have been gone in seconds Cheesy

figmentofmyass

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it really depends on the company. some of them were designed horribly.

earlier this year, one ATM company---the police haven't disclosed which one---was targeted by double spending attacks. apparently they were accepting bitcoins in exchange for cash but not requiring transaction confirmations. so a group of thieves hit up 112 ATMs over a 2 week period and netted 200k CAD from the machines.

Ryan Dugan

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Quote from: malevolent on June 07, 2019, 12:18:48 PM

Quote from: buwaytress on June 07, 2019, 06:21:14 AM

Fun, as always. Surprised the guard let someone film it, so it's probably just something normal.

Why would some guard have anything to say to that? It's a place accessible to the public.

Quote from: bittick on June 07, 2019, 06:58:07 AM

Quote from: gentlemand on June 07, 2019, 06:43:43 AM

Quote from: Nadziratel on June 07, 2019, 06:37:27 AM

What I'm most curious about is the commissions. For example, how much commission does it receive for a 1 BTC trade?

More you'll be willing to pay in most cases.

It's not unusual when buying to be charged up to 10%, even more sometimes. The average is often 6-7%

This site - https://coinatmradar.com finds ATMs and often list the costs too.

That's kinda high not to mention whether the transaction fee is included on that 6-7% or not but seeing from the perspective of the business owner, they need to pay rent for place, electricity and maintenance I guess that does make sense. But with the majority of people still have no idea or not using bitcoin this ATM seems a bit impractical and costly for maintenance I guess, I hope it will find more of its users by the time being.

In Poland, Bitcoin ATMs charge ~3% but there's no KYC (just the EU-mandated 15k EUR per transaction limit). In the UK, I think all Bitcoin ATMs now require KYC which is probably not only an extra expense, but it is also discouraging many people from using them.

I don't understand why that is? Why would a bitcoin ATM require your KYC when you give your KYC when you open a bank account. Who in the world would carry their KYC around like that? It just makes no sense to me.
That fee is also really high. I don't think that makes the ATM worth using so it makes the point of it's existance null.

Adriano2010

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I like the Bitcoins ATM and is fast way at least for me to buy bitcoin and if i not buy high amount they not ask KYC but in future i think they will ask documents, but is not a problem.

malevolent

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Quote from: buwaytress on June 07, 2019, 06:21:14 AM

Fun, as always. Surprised the guard let someone film it, so it's probably just something normal.

Why would some guard have anything to say to that? It's a place accessible to the public.

Quote from: bittick on June 07, 2019, 06:58:07 AM

Quote from: gentlemand on June 07, 2019, 06:43:43 AM

Quote from: Nadziratel on June 07, 2019, 06:37:27 AM

What I'm most curious about is the commissions. For example, how much commission does it receive for a 1 BTC trade?

More you'll be willing to pay in most cases.

It's not unusual when buying to be charged up to 10%, even more sometimes. The average is often 6-7%

This site - https://coinatmradar.com finds ATMs and often list the costs too.

That's kinda high not to mention whether the transaction fee is included on that 6-7% or not but seeing from the perspective of the business owner, they need to pay rent for place, electricity and maintenance I guess that does make sense. But with the majority of people still have no idea or not using bitcoin this ATM seems a bit impractical and costly for maintenance I guess, I hope it will find more of its users by the time being.

In Poland, Bitcoin ATMs charge ~3% but there's no KYC (just the EU-mandated 15k EUR per transaction limit). In the UK, I think all Bitcoin ATMs now require KYC which is probably not only an extra expense, but it is also discouraging many people from using them.

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