Topic: Bitcoin atm fees (Read 193 times)

It was mentioned on the screen in small print in the bottom right corner. I didn't notice it until stuck 20 dollars in and I had .00175 bitcoin coming to me.  I knew it was 7.9 percent as they said the cost to buy a bitcoin was something like 7550. That's what I was focused on as I've used other machines before I thought that price seemed reasonable.

Very sad... Did you read the TOS? Was the $5 mentioned on their website, on the screen of the ATM, somewhere? If not, i'd probably demand my $5 -$0.14 (the actual fee) = $4.86 back... The way i see it is that they can't just charge whatever they want...
They have to be clear about all the fees they'll charge beforehand...

But that's just my personal opinion


Do you have any proof for this claim? I've met several people that have used ATM's, and none of them did this to convert money from criminal activity or launder money. The people i've met used the ATM's because they're a fast and easy way to invest in BTC... You don't have to learn how exchanges work, you don't have to go trough the process of identifying yourself, you don't have to make a trade,...

These bitcoin atm machines have a purpose and it is not for general trading. They are used either for convenience or totally anonymous trades. Usually these are proceeds from criminal activity looking to either store wealth or covert dirty funds

Sorry to be unclear Mocacinno. Here is the transaction the bitcoin atm sent me for my 120 dollars.  https://www.blockchain.com/btc/tx/159b12e9077182f84045c06b64858eca31a6d60db708952487d1bdca931c5af7

The fee was only 0.00002016 BTC

One thing isn't 100% clear to me tough... In your OP you said "It only cost you pennies to send me the bitcoin (I think 8 cents).".

Do you mean they only added a fee of 0.00001146 (8 cents) , or do you mean they could have gotten away with a 0.00001146 (8 cents) but added a 0.0007165 (500 cents) fee nontheless.

In the first case, i might even think about calling it a case of semi-robbery, unless they clearly stated in their TOS that they always substract $5 to cover the fees, but they'll use a fee that is appropriate at the time of creating the transaction, even if the fee is lower than $5. In this case it's just bad business practices.

In the second case, they're incompetent. Using fixed fees is a thing of the past.

Its crazy that some business owners can be this greedy and careless about the plight of its customers although its his business and he sets the rules which you must follow if you are to patronize him but the good news here is that there are other cheaper options oppen to you to utilize so make good use of them

Exactly jseverson, I don't get it either. I find it hard to believe I'm the first person to ever complain about it like he said.  I agree with everything you said code200. I know I shouldn't use it but it just shocked me this company kept an extra 5 dollar fee due to miner fees that have been lowered to almost nothing for quite some time now. 

I don't quite understand what he's saying. Is he saying that they shouldered a portion of the massive fees from January and are trying to recoup their losses now? So they're basically smoothing the spike? That's kind of ridiculous lmao. I don't think there's a lot we can do about it though.

You should probably write a review of some sort to let people know which ATMs to avoid in the future.

Well, in that scenario probably that is not the advisable way of making transactions because of their giving highest fees. Mostly of us are felt happy when the bitcoin machine was developed but now when it's already operated and that is what the fees of using it well I think it's not recommended to use it because that invention makes people suffered because of the high and unjustified fees and the most people that be much affected to this is those small investors because for sure it will be much lessen the amount of money that they can earn because of that atm machines.

So I use a lot of bitcoin atms to buy and sell. I know the fees are high and it's not smart but sometimes I need money or bitcoin fast. They have around 40 within 20 miles where I live but I used a different company to buy yesterday. They charged 7.9 percent which is about average to buy. Here's why I was upset, they also charged a 5 dollar fee for the transaction. So when I put my first 20 dollars in I only had around 13.50 worth of bitcoin. In total., I bought 120 dollars worth and getting around 105.50 worth of bitcoin. It's only 5 dollars but it's the first machine to charge that. So I message customer support and he said this: 

"The miner fees in January were $40 so in order to allow people to buy at $20 low increments we kept it. Thanks for the feedback"
I then said, yeah when miner fees were high I understand, but that was 7 months ago. It only cost you pennies to send me the bitcoin (I think 8 cents). It's bad business that you didn't change that yet.

He then said:  "It’s a legacy thing and quite frankly your the first to mention it but we will review. It doesn’t add up to much really considering the cost to run the machines for cash purposes but I will bring it up in meetings next week. Thanks again for the feedback and any other questions or comments email me directly."

I'm shocked he said I was the first to mention this and it doesn't add up to much. None of the other machines in town charge a convenience fee or whatever they called it. I'm kind of shocked he didn't offer me 5 dollars back.  Obviously I know these machines are rip off but I do like them for the convenience of it. It's just the principle of being ripped off twice and not once like I expected lol.