Hearing about Bitcoin ATM machines in advanced countries makes me think it's the best and cheapest way to deposit and send crypto, especially for those who know little about crypto and don't want their identity revealed when buying it.
My cousin over in the U.S. wants to send me a few dollars from the US down here.
I suggested she buy cryptocurrency and send it over because the exchange rate is higher when I receive it in cryptocurrency rather than a direct bank deposit (CBN). She decided to use the ATM to deposit Bitcoin because it was closer to her and easier to use—no identity verification was required.
I just went through the receipts today and realized the machine price rate is far different from the real market price of 30,130 USD per bitcoin.
Out of the $1,000 deposited in cash
BTC worth $7,000 was only deposited to the provided address.
The same thing happened with 1,800 dollars' worth of bitcoin, and only 1377 dollars' worth of bitcoin was received at the address.
People's necks are being cut by these machines.
If this is how it's normally charged.. then I can't advise anyone to use ATMs to deposit bitcoin but rather buy a Bitcoin crypto card from Walmart shops.
Anytime you go to use a BTM there will be a 10-25% for the use of the machine. This is not ideal but if you have no other option then it’s good. Most legit operators are required to verify your identity and have KYC and AML in place. If not then it’s a sketch company who will eventually get shut down by US regulators. Just this week Bitcoin of America got shut down