Topic: Bitcoin atms (Read 377 times)

we hope that with the bitcoin ATM not only to store our assets in the ATM, we also really hope that bitcoin ATMs can cooperate with traditional ATMs, with this collaboration it can make it easier for facenya players to withdraw money in bitcoin in cash, becoin ATMs as well must be made like traditional ATMs with some similarities to traditional ATMs, for example such as pins and also security keys are as similar as possible to traditional ATMs

The working of bitcoin is simple and you can easily buy or sell your bitcoins with these machines anywhere they are located.You simply visit the atm and the machine will ask you to sell or buy bitcoins and if you want to buy Bitcoins click on it and then simply scan the qr code of your wallet which you are using and then it will ask the amount you want to buy for example how much USD worth of bitcoin.Then you add the amount and click confirm and then pass the same amount in bitcoin atm and boom your bitcoins in your wallet.The sell options is similar like you enter your phone number as proof and then enter the amount you want to sell and then you will receive a ticket on which there is qr code which you need to scan on your wallet and then you will receive text message and then simply scan the same qr code on bitcoin atm and you will receive the equivalent amount you have entered to sell.For further information have a look at this video:

Bitcoin ATM working

i dont know the machine work too. i mean, we can search on yt how it work. we have different place, and its far enough. bitcoin atm can be one of the other easy ways to purchase this coin. we know if we need to give our information, but no matter it is, people who want to know and really dont have anything about this thing will do what is asked.

ATM are good and they helping to introduce crypto to people who wouldn't buy it in onther way. After that they might learn about it way more if they want. But it's having a really big fees so i don't think it will attract too many people.

Like anything else, ATMs have two sides, one negative and the other positive. The most important positive points are the ease of use and the ease of obtaining cash instantly from anywhere around the world where these ATMs are located. As for the negative points, liquidity is limited and not available at all times. Also, you need to activate KYC, in addition, these devices are not available in all countries.
As for the possibility of hacking it online, we have not heard of a similar case before, but I can say in general that anything connected on the Internet will not be 100% secure, but so far there are no such cases.

The best thing someone can do before using anything that they have no "xyz" idea is to ask themselves those questions at least ... I have met guys who have seen the machine and run towards them like they were candy machines.

I have gotten this link that can help to complement the information:
https://cointelegraph.com/news/bitcoin-atms-worldwide-hit-new-milestone-surpassing-6-000
Source of that link: VB1001 / OP

A Bitcoin ATM is a machine that lets you buy bitcoin and other cryptocurrencies with a cash or debit card. Some bitcoin ATMs allowing for both the purchase and sale of bitcoin for cash. Bitcoin ATM resembles typical ATM but except connecting to the bank account they connect customer to a bitcoin Wallet or exchange directly.

it is clear that the fee will be adjusted according to the withdrawal at that time, because we know the price of bitcoin is always changing all the time. but maybe there are those who like the existence of a bitcoin ATM because it might make it easier, but for me it is very confusing, it is better to use a fiat ATM which costs only occur at the end of every month through the bank that we use. but if that convenience might be very useful for those who need it, of course it doesn't matter. but there may not be many bitcoin ATMs available in many countries.

Advantage
You don't want to deal with banks, ATM can help us solve this problem.
You can use cryptocurrency without internet
Any cryptocurrency can be traded, not just Bitcoin.

Shortcoming
The fees are high, and ATM will charge higher than ordinary Bitcoin transactions.
There is no anonymity, because ATM requires verification of mobile phone number.
Not easy to find. It may be difficult to find an ATM.

It can be done via Bitcoin and Bitcoin ATM. You can bring your Bitcoin globally and you can cash it out to local fiat with Bitcoin ATM. It is very convenient.

I don't know the fee charge each time you cash it to fiat and I guess it depends on fee in the Bitcoin network. Fee charges by Bitcoin ATM is static and not dynamic.

Do you know limits of each trade with Bitcoin ATM? Like limit with withdrawal from your bank accounts at bank ATM

Skimmers and impersonator are normal when it comes to crypto ATM's because more than anything this mostly not requiring KYC or we don't like providing one so the opportunity of negative effects are there.
but if you knew how to protect your coins and account  i think this will be a best operation in crypto areas.

I think the fees charged should be high, so be careful. I haven't used them personally because they are not available in my country, but they seem to be safe and comply with government regulations, so I don't think safety will be your problem.

Bitcoin ATMs are conducive to the spread and promotion of Bitcoin. Using them to withdraw cash abroad is cheaper than local ATMs. No permission from the government is required to transfer cash. Therefore, cryptocurrencies can be used without tax incidents.
But some of the apps you download require KYC, and some are just robbery at high fees and BTC prices, usually transaction fees are several times higher than the actual price.

I'm seeking this option to withdraw since my wallet provider gives us only few withdrawal monthly limits and anonymity is not a problem regarding on this discussion towards bitcoin ATM since in the first place I didn't do something illegal and my earnings in legal things here in crypto space. But I make sure that no one's watching while I'm processing my transaction and also I'm sure that no one will come next to you and watch what you are doing on ATM unless you do something suspicious by using it.

I've created several threads related to BTCATMs, here, here, and here, so I guess you could say I'm a bit of a fan of them.

Do I think they're necessary?  Not at all at the moment, especially when most merchants don't accept bitcoin and people are far more comfortable spending fiat than they are bitcoin. 

Are they convenient?  Yes, definitely.  But the drawback is that you pay dearly for that convenience, because most BTCATMs have huge markups (though it varies based on what type of machine it is).  Frankly you'd be much better off buying bitcoin or any of the other cryptos the ATMs offer through an exchange or any other means, because you would probably get a much better price.  And let's face it: nobody needs bitcoin so urgently that they need to buy it at their local gas station (though I'm sure there are exceptions).

Are they safe?  That one I'm not completely sure about.  There are a number of different manufacturers and owners of these machines, and I don't think any of them have an established track record of being above-board operations.  On the other hand, I haven't heard any horror stories about people getting ripped off using any of them.  What I don't like is that for all of the ones I've seen, you have to provide at least a phone number in order to make a purchase, and if you buy large amounts you have to basically take a selfie with your ID.  Who knows what they do with that information?  I barely trust exchanges with KYC info; BTCATM owners are to be trusted even less, IMO.

But in the end, I still remain a fan of these ATMs and they are popping up all over the US, so my guess is that they're probably profitable for the owners of them.  I just wonder how long they're going to exist with all of these new regulations that seem to be in the pipeline.  For all I know, they could be outlawed in the next couple of years.

Safety is a major concern for me. There’s a high chance of being attacked while using ATMs overall and there’s even a higher chance with Bitcoin ATMs. Also, ATMs aren’t a priority for one caring for anonymity: people around can see you, plus there are cameras. We don’t have such in our city, but even if there were I doubt that many would use it.

Prior this bitcoin ATM has been established and installed to become accessible for public, every possible circumstances that might exist in future use was already intercepted. Given a chance that it might happen unexpectedly, I don't think all those errors mentioned here would radically burst out. Technical guys won't put things worst because of negligence, so let's trust the process that it will run smoothly along the way.

Bitcoin ATMs may be similar to the fiat ATM as usual in the world.d They are beneficial enough for they can help the users or Bitcoiners to use them at certain times, depositing money to buy BTC easily, cashing out, and others.
Moreover today, we can find out many more Bitcoin ATN in the world in which many more companies set their Bitcoin ATMs in certain public areas in order to reach many more users.
And about the security, I am sure that they have been completed and set up with high security. However, like other types of ATM, every technology may have weaknesses and it may also have a weakness in securit. But so far, there are no bad issues with them.

I do P2P face to face most of the times or go for Binance P2P, I know it asks for kyc too but I am more comfortable giving my documents to Binance than to an atm based third party whom I know nothing about, and it also increases doubts in my mind that how will they use my kyc documents. Getting doxxed has now become mandatory on most exchanges and I hate it, but to exchange our coins to fiat, we are bound by these exchanges to give out our personal data.

that's the development of the times, it's time for Bitcoin ATMs to circulate so that Bitcoin users can easily take, send and exchange Bitcoins into real money.
Everything will be easy after Bitcoin ATMs can be used in all countries, maybe this is the brightest point in the future because bitcoin is increasingly popular.