I don't see how it can be used massively when a bitcoiner could just use an exchange so
Topic: Bitcoin ATM question (Read 133 times)
Thank you @stompix
I don't see how it can be used massively when a bitcoiner could just use an exchange so
I don't see how it can be used massively when a bitcoiner could just use an exchange so
I have used ATMs both for selling and buying, although for small sums, and more out of curiosity because ...6.5% fees?
But the steps were different.
When buying I just had to select the sum and insert the money like any normal paypoint. No id required.
But when I tried to sell some I had to put my ID in a place where the ATM camera could take a high res picture and type my telephone number.
And if you think that was all, no it wasn't. After all the confirmation the ATM dropped a QR code and when the tx was confirmed I would get a message on my phone, go back to the ATM scan that QR code and finally get my money.
A real pain in the ass, and you're going to have your ID scanned and all your actions videotaped, including your face.
A friend tried to cover his face when doing the transactions and the guy running the ATM told him that he will have to comply and get a full mug shot and they went all the way asking him to show them the ID to make sure he isn't using a fake one.
So, when buying, no problem. Nobody gives a damn.
When selling, you give them the ID, a mug shot and a phone number.
Oh, and there was a limit on how much you can withdraw, this to answer your question about avoiding banks.
Only 500 euros /day.
But the steps were different.
When buying I just had to select the sum and insert the money like any normal paypoint. No id required.
But when I tried to sell some I had to put my ID in a place where the ATM camera could take a high res picture and type my telephone number.
And if you think that was all, no it wasn't. After all the confirmation the ATM dropped a QR code and when the tx was confirmed I would get a message on my phone, go back to the ATM scan that QR code and finally get my money.
A real pain in the ass, and you're going to have your ID scanned and all your actions videotaped, including your face.
A friend tried to cover his face when doing the transactions and the guy running the ATM told him that he will have to comply and get a full mug shot and they went all the way asking him to show them the ID to make sure he isn't using a fake one.
So, when buying, no problem. Nobody gives a damn.
When selling, you give them the ID, a mug shot and a phone number.
Oh, and there was a limit on how much you can withdraw, this to answer your question about avoiding banks.
Only 500 euros /day.
Is there someone here who used it at least once? I am looking to know if there is any procedure related to KYC/AML while selling with Bitcoin ATM (and buying while I am at it)
I have not found anything about this except this post which is about 4 years old here
I find strange if there isn't any. All exchanges, etc involved with bank transactions need to abide by the rules (KYC/AML). So if someone needs to avoid a verification or a bank trace he can just use a Bitcoin ATM and to be fine.
Why bother people with KYC/AML if it can't be applied everywhere.
I have not found anything about this except this post which is about 4 years old here
I find strange if there isn't any. All exchanges, etc involved with bank transactions need to abide by the rules (KYC/AML). So if someone needs to avoid a verification or a bank trace he can just use a Bitcoin ATM and to be fine.
Why bother people with KYC/AML if it can't be applied everywhere.
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