Are people still using bitcoin ATMs?

shield132

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Quote from: Plaguedeath on March 09, 2024, 07:53:31 AM

Probably they use it for tax avoidance, that's why even though people are really rare to use ATMs, but the number of Bitcoin ATMs are still high. There are no stupid businessmen, there must be something that they can use it to take advantage or benefit.

Have you ever see small business in your country that have no customer and still survive until now? it's the another example.

It's not a good choice for tax avoidance. In my country, crypto ATMs require you to submit your ID number and confirm that by receiving a message on your phone number and entering that into the ATM. Also, I have heard that in some countries sometimes you have to pass a KYC procedure. It's not a good way for tax avoidance. Besides KYC, ATM fees are so high that it's better to pay taxes.

Quote from: LLCrypto on March 09, 2024, 09:58:16 AM

Never used a Bitcoin ATM but curious about what the fees are.

ATM owners set the fees but from my experience, fees are sometimes up to 25%. I have never seen fees lower than 10%. I include the spread in it.

rodskee

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Quote from: AnnaBayd on March 07, 2024, 11:43:10 AM

Hi guys,

I've been long fascinated with bitcoin ATM machines and love to spot them wherever I go traveling but haven't seen one for a long time in New York – are there any of them left in the city at all?

I keep hearing anecdotal stories of people using them but wonder if they are still considered a good way to buy bitcoin, given the steep fees these machines often charge.

Have you ever used a bitcoin ATM in NYC?

Not in new york but in near office in my city in which back in 2018 when there is existing
bitcoin ATM but now its gone maybe because there are lots of exchange and local wallets that
already offers bitcoin so why a need to expose yourself in public when you can safely buy/sell
silently .

and also there new Vending machine installed in convenience store in the ground floor
but only accepting Bitcoincash in which one of the currency that I will never use meaning I have
no chance trying that machine forever.

Quote from: Troytech on March 10, 2024, 12:00:28 AM

I'm not really leaving in very developed area where I spot Bitcoin ATM at all but I've heard of it before and I heard there have a very high gas fees, so for real who would use them when you can sell lower with centralized exchanges on you device, I wonder why people even use them unless they have have a very urgent issue and wants to sell or maybe buy bitcoin

correct, that is the disadvantage of using ATM in bitcoin because the fee is really disappointing
and this is also the reason why we need to use such when there are exchange that can directly send to our wallers.

Oasisman

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Quote from: AnnaBayd on March 07, 2024, 11:43:10 AM

I keep hearing anecdotal stories of people using them but wonder if they are still considered a good way to buy bitcoin, given the steep fees these machines often charge.

Convenience I guess? well, not the kind of convenience we get behind our computer and mobile screens, but the kind of convenience when you are around the city and you needed to withdraw some bitcoin and you needed cash outright.
To be honest, I haven't seen one yet, since I live in a municipality far from big cities and when I visit big cities I don't have time to find one either. But, just in case I see one, I'd definitely love to try to withdraw at least just for the experience.
I'm just wondering though, how many confirmations does it take for the bitcoin ATM to dispense cash? I've heard bitcoin ATMs has higher transaction fees compared to other options online.

Casdinyard

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Probably not anymore. At best there's probably a handful of ATMs globally, with even less people capable or eager to use them as well. The thing is, and let me be real here, the only reason why ATMs for bitcoin/crypto even came into existence is because of a massive marketing campaign made by the crypto industry to promote just how usable crypto is, by allowing people to use and convert their fiat into crypto and vice versa using familiar machines and affects.

BItcoin's walking on its own feet now and needs no further introduction, even those who don't know about it's got a couple compelling information about bitcoin that could very well drive them into investing or at the least research more about the cryptocurrency titan. ATMs are no longer necessary and just like what happened a few months ago, could even become a security risk to those who use it. Some Bitcoin ATMs keep track of the users who access the machine, complete with all their identifiable information. Hackers and scammers may steal these machines and even though they wouldn't really get that much money from it, they could use the information stored in this machine to further their scamming goals, which is a massive threat.

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Quote from: AnnaBayd on March 07, 2024, 11:43:10 AM

I've been long fascinated with bitcoin ATM machines and love to spot them wherever I go traveling but haven't seen one for a long time in New York – are there any of them left in the city at all?

You can google for bitcoin ATM map and you would get your answer. Look at the links some users posted.

Quote

I keep hearing anecdotal stories of people using them but wonder if they are still considered a good way to buy bitcoin, given the steep fees these machines often charge.

Fees are an issue, you should compare it to selling bitcoin and getting fiat to pay, buying giftcards to pay and directly using bitcoin in the city. Things are not as streamlined as we bitcoiners want them to be, but its getting there slowly. When I first came to this forum, most of these options were also off, except trading.

Quote

Have you ever used a bitcoin ATM in NYC?

I live somewhere else and hence No. Where I live, there no bitcoin ATMs yet, the law enforcement confiscated the previous ones.

Troytech

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I'm not really leaving in very developed area where I spot Bitcoin ATM at all but I've heard of it before and I heard there have a very high gas fees, so for real who would use them when you can sell lower with centralized exchanges on you device, I wonder why people even use them unless they have have a very urgent issue and wants to sell or maybe buy bitcoin

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Quote from: AmoreJaz on March 09, 2024, 01:33:46 PM

I believe that's the major problem when it comes to bitcoin ATMs, the fees involved are quite unreal when you compare it to the regular online exchange. Hence, traders or crypto users are just using their online local exchanges to withdraw their coins via their local banks or local payment accounts.

The companies offering Bitcoin ATM need to work on their fees, the charges are always too much, it'll be less expensive to use the local currency of the country that you're visiting as a tourist than to use Bitcoin ATM. It's not a good business decision to make a new experience that needs adoption to be more expensive than what is normal and being used more by the society. I won't use a Bitcoin ATM if I have to pay more to use them, it'll be better I use exchanges to trade my Bitcoin or through P2P to the local currency of the country that I'm visiting. I love to travel and would had love to to use Bitcoin ATM when I visit a new country that has one, the experiment alone is worth it but the fees is what will hold me back and many tourists too

dansus021

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I am not from New York and never tried a Bitcoin ATM before but if there any here in Indonesia I am going to definitely using it as my to-go place when i need a cash hahah. but my question is Can the bitcoin Atm turn the Bitcoin into cash and act like P2P because I watched on the internet the bItcoin atm is very small standing PC

EFS

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I don't know about NYC, but in my city there are ATMs like this and they are usually used by tourists. It's easier and cheaper for citizens to withdraw money from centralized exchanges, but for tourists such ATMs are very convenient. When I travel abroad, if such an opportunity is available I would probably use it as well.

GreenInk

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In the UK, Most of the BTC ATM's only paid the crypto to your wallet if it was for an amount <£50.

Anymore and the ATM would take your cash and tell you to phone/email.

Hence they wasn't taken seriously.

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Quote from: dothebeats on March 09, 2024, 11:54:06 AM

There used to be some ATMs in the Philippines but the last time I heard of it was 4 years ago. Never knew if it’s still around or whether it has been utilized as the fees are extremely high. I remember those being the hype in the metros and a lot of news outlets covered it and made some articles. Then again upon the realization of the public that you will not get the value of your coins in there, they have since moved on and just went with exchanges.

Anyway, a lot of people already showed you the link to check whether there’s a nearby bitcoin ATM to you or not, but I doubt that website is still updated unless the operators themselves enter the data in there.

I believe that's the major problem when it comes to bitcoin ATMs, the fees involved are quite unreal when you compare it to the regular online exchange. Hence, traders or crypto users are just using their online local exchanges to withdraw their coins via their local banks or local payment accounts.

Most people who are using physical bitcoin ATM are only for the mere purpose of experiencing it. Afterwards, they go back to what they usually do, which is more on online transactions.

dothebeats

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There used to be some ATMs in the Philippines but the last time I heard of it was 4 years ago. Never knew if it’s still around or whether it has been utilized as the fees are extremely high. I remember those being the hype in the metros and a lot of news outlets covered it and made some articles. Then again upon the realization of the public that you will not get the value of your coins in there, they have since moved on and just went with exchanges.

Anyway, a lot of people already showed you the link to check whether there’s a nearby bitcoin ATM to you or not, but I doubt that website is still updated unless the operators themselves enter the data in there.

Z-tight

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Quote from: LLCrypto on March 09, 2024, 09:58:16 AM

Never used a Bitcoin ATM but curious about what the fees are.

The fee is expensive, when you use a BTC atm you should expect to pay fees as high as from 7%-20%, it all depends on the atm operator and how much they charge, these operators would fix their charges or fees based on their operational cost in the business, so if you are not ready to pay fees as high as this, don't use a BTC atm. However, take note that after buying BTC from an atm, if you want to send the coins to another BTC wallet, what you are going to pay is on-chain tx fees to miners to confirm your tx.

Mate2237

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Yes of course but all depends on the country or the location because not all countries have the bitcoin ATM 🏧 but I believed place like America, El Salvador, UK and Central Africa Republic would have the machine so if you are traveling to these places then you will see them. As for me, I have not even seen the machine physically but seen in internet. If the ATM machine nis not faulty then you can make use of it to buy and make transaction with it.

And for now it is not everyone can use bitcoin ATM machine because not everyone has it in their countries and you also have that experience too.

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Quote from: shield132 on March 09, 2024, 06:38:28 AM

Quote from: AnnaBayd on March 07, 2024, 11:43:10 AM

Hi guys,

I've been long fascinated with bitcoin ATM machines and love to spot them wherever I go traveling but haven't seen one for a long time in New York – are there any of them left in the city at all?

I keep hearing anecdotal stories of people using them but wonder if they are still considered a good way to buy bitcoin, given the steep fees these machines often charge.

Have you ever used a bitcoin ATM in NYC?

Can't talk about New York City but everywhere I have ever been and seen Bitcoin ATMs, they all have been very terrible. I don't know why Bitcoin ATM owners think it's a good way to manage business with extraordinarily high fees but besides Bitcoin enthusiasts no one uses ATM. People only use Bitcoin ATMs just once to test it and experience what it looks like, just like a fan thing. A friend of mine has Bitcoin ATM in his restaurant since 2016 and rarely one or two tourists a month come to use it and take pictures of it, that's all.
Don't use Bitcoin ATMs. It's better to buy Coinbase card if you live in the USA or get a XAPO card if you travel often. You'll get better fees compared to Bitcoin ATMs and these cards offer good ATM withdrawal fees.

Never used a Bitcoin ATM but curious about what the fees are.

Plaguedeath

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Quote from: shield132 on March 09, 2024, 06:38:28 AM

Can't talk about New York City but everywhere I have ever been and seen Bitcoin ATMs, they all have been very terrible. I don't know why Bitcoin ATM owners think it's a good way to manage business with extraordinarily high fees but besides Bitcoin enthusiasts no one uses ATM. People only use Bitcoin ATMs just once to test it and experience what it looks like, just like a fan thing. A friend of mine has Bitcoin ATM in his restaurant since 2016 and rarely one or two tourists a month come to use it and take pictures of it, that's all.
Don't use Bitcoin ATMs. It's better to buy Coinbase card if you live in the USA or get a XAPO card if you travel often. You'll get better fees compared to Bitcoin ATMs and these cards offer good ATM withdrawal fees.

Probably they use it for tax avoidance, that's why even though people are really rare to use ATMs, but the number of Bitcoin ATMs are still high. There are no stupid businessmen, there must be something that they can use it to take advantage or benefit.

Have you ever see small business in your country that have no customer and still survive until now? it's the another example.

TheVeteranAngel

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Quote from: AnnaBayd on March 07, 2024, 11:43:10 AM

Hi guys,

I've been long fascinated with bitcoin ATM machines and love to spot them wherever I go traveling but haven't seen one for a long time in New York – are there any of them left in the city at all?

I keep hearing anecdotal stories of people using them but wonder if they are still considered a good way to buy bitcoin, given the steep fees these machines often charge.

Have you ever used a bitcoin ATM in NYC?

I haven't been to NYC before but i was in Thailand few weeks ago for vacation and i saw a couple of people using it.

shield132

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Quote from: AnnaBayd on March 07, 2024, 11:43:10 AM

Hi guys,

I've been long fascinated with bitcoin ATM machines and love to spot them wherever I go traveling but haven't seen one for a long time in New York – are there any of them left in the city at all?

I keep hearing anecdotal stories of people using them but wonder if they are still considered a good way to buy bitcoin, given the steep fees these machines often charge.

Have you ever used a bitcoin ATM in NYC?

Can't talk about New York City but everywhere I have ever been and seen Bitcoin ATMs, they all have been very terrible. I don't know why Bitcoin ATM owners think it's a good way to manage business with extraordinarily high fees but besides Bitcoin enthusiasts no one uses ATM. People only use Bitcoin ATMs just once to test it and experience what it looks like, just like a fan thing. A friend of mine has Bitcoin ATM in his restaurant since 2016 and rarely one or two tourists a month come to use it and take pictures of it, that's all.
Don't use Bitcoin ATMs. It's better to buy Coinbase card if you live in the USA or get a XAPO card if you travel often. You'll get better fees compared to Bitcoin ATMs and these cards offer good ATM withdrawal fees.

kryptqnick

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I just don't see any reasons to use them. I hate regular ATMs. They're simple to use, but I don't feel comfortable dealing with money like that in a public space. Bitcoin ATMs can attract even more attention because some think that all people who have cryptos are rich or whatever. Plus, a lot of people are saying that Bitcoin ATM fees are the worst.
Also, while there are a lot of Bitcoin ATMs, it's important to note that they're not widely distributed around the world. More than 90% of Bitcoin ATMs are in North America (just the US and Canada), while many countries in other regions have just a few of those machines.

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Quote from: adaseb on March 09, 2024, 12:35:49 AM

In Canada people stopped using them years ago because you need to KYC. And if you need to KYC you might as well just using an exchange. Instead of using the atm and paying 10% fees.

Perhaps you can get away without KYC if you buy $100 worth however even that needs some phone verification at least, so it always will have some form of KYC either way.

I did not even know that bitcoin ATM is available in my country. I don't think people will make use of it even if it is available. P2p have made everything easy. One you don't need to leave the house. But if you want to make use of the ATM you need to leave your house. And having to do with kyc. For does people that love privacy it should be avoided. If bank ATMs i don't have talk more oh having a bitcoin ATM card. That 10% fee would annoy me. And from the explanation your given there is no way you can escape kyc if you want to make use of that service. There are people that will gladly enjoy using such service but as for me is a no.

Topic: Are people still using bitcoin ATMs? (Read 615 times)