Bitcoin atms - page 2. | Bitcointalksearch.org

Welsh

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Quote from: isaac_clarke22 on August 05, 2021, 02:51:40 PM

Surely not all ATMs are gonna require you to do KYC, so you don't have to worry about having your information be at risk or anything.
Here in my country, BTC ATMs are quite rare to be honest since not many people still use it and most of it just buy it online with their cards. It is somehow beneficial for convenience of buying your Bitcoins, though I am not sure how fees would go.

The way the world is going, it'll likely be a legal requirement for a ATM to require Know Your Customer (KYC). I know that the UK, and the USA are particularly trying to introduce KYC so everything they can. I've said previously I partly understand why, although I don't agree on the implementation of it.

From what I can gather, and have seen the fees are extremely high almost to the point that any regular Bitcoin user who has access to an exchange or Peer To Peer (P2P) will probably opt to use them instead. At least for regular transactions.

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Quote from: SanahGrat on August 05, 2021, 01:10:31 AM

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Surely not all ATMs are gonna require you to do KYC, so you don't have to worry about having your information be at risk or anything.
Here in my country, BTC ATMs are quite rare to be honest since not many people still use it and most of it just buy it online with their cards. It is somehow beneficial for convenience of buying your Bitcoins, though I am not sure how fees would go.

Welsh

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They probably bring more advantages than disadvantages, and I think a lot of users here are neglecting the fact that the Bitcoin ATMs bring exposure to Bitcoin. If your a member of the public, and you're just strolling through town, and see the ATM your likely to be quite intrigued, and that alone creates positive exposure to Bitcoin. The thing with ATMs, people are so used to using them, they have come inclined to trust them, which by having a Bitcoin ATM we are effectively creating that trust by making Bitcoin appear more legit, because don't forget the average person likely thinks Bitcoin is still "play" money or used by criminals.

Unfortunately, their high fees do quite a lot of damage to the use of them, and the exposure they bring, as soon as people see the fees they aren't as interested.

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Quote from: 2double0 on August 05, 2021, 02:24:18 PM

but if you are much concerned about your privacy then you should avoid using them as kyc may be needed

Some atms do, but for a certain amount only. Mostly ask for phone numbers for verification purposes though still its part of user's privacy. So if you're a private person, bitcoin atm is a no-no.

2double0

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Security is taken care of when giving users access to these atms, but if you are much concerned about your privacy then you should avoid using them as kyc may be needed which will also be accessible to the companies who are in charge of those atms. Bitcoin atms are needed just for those who want to spend their bitcoins anytime anywhere but again, they are withdrawing fiat only so if the cash value would be huge, they may be in trouble if someone (like thief) tracks them down.

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Quote from: huu78 on August 05, 2021, 12:35:16 PM

Needed? yes, .. useful? yes, safe?.. of course.. I think the security of an atm will be disturbed if a third party does it. Such as planting third applications and recording devices, of course this can happen if we as users are not vigilant. This really helps crypto users to earn money without having to open a market right? I imagine this is already happening where I am, it's amazing..

Needed? Not necessarily
Useful? It's kind of taking away the main thought of having digital/virtual currency.
Safe? Since there's no physical money stored in that ATM (IF that atm's main purpose is just to transact from one to another, without the withdrawal function. The physical ATM itself is safe).

But the fact that most of the countries are still not fond of Cryptos. Who will create, facilitate and maintain a Crypto ATM Machine?

Having that said, Let's go back to the Safeness of these machines. Most likely the government will not fund this, and only the private sectors in which has the capacity to create and maintain one can. Thus, the anonymity of the Crypto holder be safe? We are speaking of ATMs right, Since the chance, some will access their wallets (main or the other) in this machine/s will be exposed? Why? All ATMs has it's own Camera and this can be penetrated by Hackers.

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Needed? yes, .. useful? yes, safe?.. of course.. I think the security of an atm will be disturbed if a third party does it. Such as planting third applications and recording devices, of course this can happen if we as users are not vigilant. This really helps crypto users to earn money without having to open a market right? I imagine this is already happening where I am, it's amazing..

Renampun

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Quote from: SanahGrat on August 05, 2021, 01:10:31 AM

What are your opinions on them? Good for crypto? Unneeded? Beneficial? Unsafe? I see many pros of them but I worry about the safety of these machines, although I have to admit I don't fully understand how they operate. Could skimmers be a thing? Could bad actors put in nefarious code to retrieve your information when you use them?

bitcoin atm machine for me is great...

the creation of a bitcoin atm machine, of course, to make it easier for tourists or other workers to exchange their fiat into bitcoin or vice versa. in my city there is no bitcoin atm machine because the government still prohibits it but it would be great if it was available.

Kakmakr

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They can be good and bad.... depending on how they are used and where they are placed. I have seen some of these Bitcoin ATM's that are charging VERY high fees ...and this is killing any potential for adoption... because new people get the shock of their lives when they convert BTC/FIAT or visa versa and they see how much are charged for fees.

The fees for ATM's cannot be the same for 3rd world countries and 1st world countries. Also, if you place a ATM in a area where there are almost nobody that accepts Bitcoin as a payment option, then it will fail. Angry

worldofcoins

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Quote from: ChiBitCTy on August 05, 2021, 08:56:10 AM

I have a good buddy who runs a few bitcoin ATMs and he normally has nothing but great things to say about them. I think overall , and this is just my opinion, but I think overall that they are good for bitcoin and cryptocurrency as a whole. The last time I saw a bitcoin ATM in a connivance store I asked the owner if he was used very much and he stated "all of the time'. So overall I think it's great for adoption purposes.

"Most of the time" which makes it easy to understand.
I was thinking if there will be Local Bitcoin Banks and all their address will be monitored by the government for verification of the payments.

However, money laundering will be very easy.

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Quote from: dkbit98 on August 05, 2021, 09:47:28 AM

Bitcoin ATMs are certainly a good thing especially for those areas and businesses that don't accept Bitcoin directly, you can always pick up some cash even without verification and partially keep your privacy.

As far as I know, Bitcoin ATM needs to verify user before you can use it for transaction, the verification can just be when your phone number is require during transaction below certain amount, it can be to the extent users that want to transact high amount will even need to provide ID card. Or, maybe the ATM works differently, is there no phone number required at any point during transaction with the Bitcoin ATMs in your location?

Quote from: dkbit98 on August 05, 2021, 09:47:28 AM

I personally know some people who are totally living like this, they don't have regular bank accounts or cards, so for paying their bills and buying food they use money from Bitcoin and other crypto ATMs.

What I do not yet like crypto ATMs is that the transaction fee is too high, about 10% or more of what you want to transact is the transaction fee.

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Bitcoin ATMs are certainly a good thing especially for those areas and businesses that don't accept Bitcoin directly, you can always pick up some cash even without verification and partially keep your privacy.
I personally know some people who are totally living like this, they don't have regular bank accounts or cards, so for paying their bills and buying food they use money from Bitcoin and other crypto ATMs.
There are some limitations for how much money you can withdraw without verification (up to $900 in one transaction) but it is still enough for this guy to live like this.
Good website to find Bitcoin crypto ATM near you:
https://coinatmradar.com/

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i have long heard about bitcoin atm before i read on news bitcoin atm is already in big city in america new york and they have made cash withdrawals with bitcoin atm i hope bitcoin atm is also present where i live.

Kittygalore

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Bitcoin ATM is not bad, and it certainly attracts some number of new investors.

The problem is that it's unregulated and FBI I think have already confirmed that these ATMs have been used for money laundering, a bit of regulation on these and I think that we are good to go with these ATMs.

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I believe there is at least one BTC ATM in my city, but I've never used it, even though I've been using Bitcoin for 6 years or so. I feel much safer making buy/sell orders online using local crypto exchanges than going somewhere to use an ATM. Maybe at some point I will, but I've never needed it before, and I've heard of crazy fees and sometimes of KYC requirements for BTC ATMs, so I don't think it's convenient or useful for me. But I guess the fact that they're out there makes Bitcoin more visible, and perhaps there are some people who prefer a good old ATM to websites. So my attitude to them is neutral: I don't think we need them for the crypto market to thrive, but they don't hurt either.

ChiBitCTy

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I have a good buddy who runs a few bitcoin ATMs and he normally has nothing but great things to say about them. I think overall , and this is just my opinion, but I think overall that they are good for bitcoin and cryptocurrency as a whole. The last time I saw a bitcoin ATM in a connivance store I asked the owner if he was used very much and he stated "all of the time'. So overall I think it's great for adoption purposes.

Cling18

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It would be an advantage in the crypto industry because it could attract more users and investors since it would be more convenient to use. As we all know, some investors are having a hard time withdrawing their funds so I guess it would be an easier way for them to cash out. I just hope that there would be more Bitcoin ATMs that would exist.

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Quote from: SanahGrat on August 05, 2021, 01:10:31 AM

What are your opinions on them? Good for crypto? Unneeded? Beneficial? Unsafe? I see many pros of them but I worry about the safety of these machines, although I have to admit I don't fully understand how they operate. Could skimmers be a thing? Could bad actors put in nefarious code to retrieve your information when you use them?

Bitcoin ATMs are somewhat beneficial on the adoption part of bitcoin.

On the other side, it's expensive buying and using it, fees are high. Though its still the same on common ATM where it can be stolen, atm skimming and other frauds made bad actors.

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Quote from: SanahGrat on August 05, 2021, 01:10:31 AM

Could bad actors put in nefarious code to retrieve your information when you use them?

Ever since Bitcoin ATMs were issued, that's when it happened: The Pros & Cons of Using a Bitcoin ATM to Buy & Sell Bitcoin, but in some countries that have Bitcoin ATMs, especially Bitcoin users, they welcome it positively and become the best alternative for some Bitcoin users in making transactions.

For the OP, I have: A Complete Guide to Bitcoin ATMs, so that you can learn now and in the future, to find out the true meaning and use of Bitcoin ATMs.

DapanasFruit

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In most cases, ATM skimming is already a thing of the past based on what I know as the technology has improved a lot though we could not be sure if hackers can still do their business with ATM machines. Now, with that scenario, in my own view, ATM machines serves a lot of convenience to people who desire access to their coins anytime anywhere so this is a good option that should be available in the market...and another thing is that these ATMs are actually serving also as a great and attention-getting advertising mediums for Bitcoin.

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