Bitcoin ATM's fees and their price rates ?

Spaffin

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Quote from: isaac_clarke22 on February 25, 2020, 06:56:20 AM

Hold on, OP.
How would you be able to get into an ATM if Bitcoin is illegal at your country since September 2014? Here's what I read in a Wikipedia page:

Quote

Financial institutions are not allowed to facilitate bitcoin transactions. In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#Bangladesh

You should consider what you're doing, OP. Bank doesn't seem to welcome crypto so better avoid it.

Indeed, there is very little information on the Internet about the state of the issue of cryptocurrency in Bangladesh today. Wikipedia offers very old information for 2014, although I found information in the media for the end of 2018 water, where the Bangladeshi government officially announced the prohibition of any activity related to cryptocurrency and announced the Hunt for cryptocurrency users who would be very severely punished. Until today 2020, I believe the situation has not fundamentally changed.

isaac_clarke22

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Hold on, OP.
How would you be able to get into an ATM if Bitcoin is illegal at your country since September 2014? Here's what I read in a Wikipedia page:

Quote

Financial institutions are not allowed to facilitate bitcoin transactions. In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#Bangladesh

You should consider what you're doing, OP. Bank doesn't seem to welcome crypto so better avoid it.

verita1

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Quote from: sykt62 on February 23, 2020, 04:06:30 PM

I wanna that my cousin buys some BTC from bitcoin ATMs.
can anyone tell me what is the fees for buying 100$ bitcoin.?
and what is their own price for bitcoin?
I searched a lot for fees and rates but couldn't find any good results.

The fees are always a dilemma! Every time I need to exchange Bitcoin and any other crypto I go through the platforms to verify the best rate. I have not yet been able to find paying less than 10% in fees.
This article can be useful to find the best platform to buy Bitcoin in Canada.

https://www.buybitcoinworldwide.com/canada/

darewaller

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Quote from: sykt62 on February 23, 2020, 04:06:30 PM

hi. I am from Bangladesh wanna buy some bitcoin but here the price is too high.I wanna but BTC at a cheap rate.
my cousin lived in Canada.
I wanna that my cousin buys some BTC from bitcoin ATMs.
can anyone tell me what is the fees for buying 100$ bitcoin.?
and what is their own price for bitcoin?
I searched a lot for fees and rates but couldn't find any good results.

I know about these Bitcoin ATMs, you will hardly find them where I live, but I heard that their fees are very high around 5% to 10%. But I’m thinking this has to do with the company that’s running the ATM, they decide how much they want to charge those that uses their ATM to make any purchase or sell, and that’s how they make their money, and I think a percentage of that money goes to the manufacturers of the ATM, I’m yet to know fully well about them.

If you ask me, I will advise you to make use of sites like Coinbase if it’s available in your country. It’s quite easy and the fees are less compared to what those ATM might charge, and there are other platforms that will even charge way more less than them, you should also check out BitPay and Luno. All these platforms are legit, well trusted and are better options. You just install their wallet, create account and set it up and you’re ready.

Lucius

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Quote from: sykt62 on February 24, 2020, 09:02:40 AM

I saw some good offers. but there's one thing an afraid of, buying from forum..most users, who opened offers, they are newbie and have not enough trust merit on profile.
do you know any better users who sell them at a good rate.?

I don't know where you look, but not all of them are newbies and some have a good reputation. Number of merits is no guarantee that someone is fair trader, you mix up merits and trust (check under user's avatar).

Here's an example of a few that are considered trusted :

BUY HERE 🔥 BITCOIN 🔥 WITH Your PAYPAL, ZELLE, BANK Payment
LONG TERM SUPPLIER』Theresa bitcoins buy/sell shop『ba/PP/WU/MG/Wechat/Alipay

Disclaimer : The above is just an example, it is recommended to use escrow in any trade.

sykt62

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Quote from: joniboini on February 23, 2020, 05:26:02 PM

Might as well buy with debit/credit card instead. You can also try P2P trading over the forum. I bet their price would be much cheaper than bitcoin ATMs on the other part of the world.

I saw some good offers. but there's one thing an afraid of, buying from forum..most users, who opened offers, they are newbie and have not enough trust merit on profile.
do you know any better users who sell them at a good rate.?

NotATether

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Quote from: Darker45 on February 23, 2020, 09:18:37 PM

Second, you have access to this forum. You can actually buy the Bitcoin yourself from here. You have the option to use Paypal or USD or even your country's fiat. I guess there are also other Bangladeshis here. But as a newbie you will either send first or use an escrow. Either way, choose a trusted member of this forum for such transactions.

I second this. I haven't done any P2P transactions here yet, but this forum seems very handy to buy services that would normally be unavailable if you were to deal directly with a company, and don't have a credit card. Particularly if you live in an embargoed country like me.

Quote from: cryptoaddictchie on February 23, 2020, 09:50:53 PM

You got a point. But I dont think creation of Bitcoin's ATM doesnt serve any advantages or purpose. I can site some I think advantages of it.

If there is no available internet connection, you cant use your web/wallets to transact or even cash out right? That's where bitcoin atm can possibly be used.
Save you from trouble registering on Cryptoexchange and fulfill KYC processes (mostly asked for it). In Physical bitcoin machine can easily cash out. I'm not trying it yet but I can say it have some purpose on my part.
Can also save you from peer to peer scam when you are trading something. Probably some atms can have some features of exchanging major coins

Although I haven't used a bitcoin ATM either, how are we to know whether an ATM has been wired by a hacker to steal funds inputted into it? ATMs are just Internet of Things devices and it's been demonstrated hundreds of times in security conferences and by malicious cyberattacks that they are easily compromised. So ATMs might be less safe than other ways of cashing out.

ATMs must be connected to the internet to work and usually they run outdated system software that's never updated which makes it easier for them to get hacked. So if people were to use ATMs more frequently we will see the rise of ATM thefts, just like bugged Electrum clients that send all your bitcoin to the attacker. Unlike wallet software (file hashes, PGP keys) we have no way of verifying whether the ATM has been tampered with.

Quote from: fiulpro on February 24, 2020, 01:00:42 AM

I do think you should try changing your VPN if you are not able to use the online sites , I won't count on the ATM's that much , they are rare and at the same time you do have no idea what you are getting yourself into right now.

I don't see how VPN is going to help OP exchange currency for bitcoin at an exchange because they will just ask for documents anyway.

slaman29

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Quote from: ?? on ??

Quote from: joniboini on February 23, 2020, 05:26:02 PM

Might as well buy with debit/credit card instead. You can also try P2P trading over the forum. I bet their price would be much cheaper than bitcoin ATMs on the other part of the world.

This seems to be a great Idea, there are many ways to buy Bitcoin and I think this will work out. Also I researched few exchanges in Bangladesh these is a exchange named paxful. Which is a P2P Bitcoin market place which will help to connect with others. Also this looks really unique have a try.

Paxful is not Bangladeshi, I really recommend localbitcoins for any first person trying it out for the first time. Everything is in escrow, and you have to upload proof of payment so even if the seller doesn't release, the platform can arbitrate properly for you.

Seriously. Save money. Do p2p and online transfer with Localbitcoins!

mk4

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Quote from: ?? on ??

I think that the fees are too high and should be less in order to attract more potential customers

Yeap, it's really easy to say in a customer's point of view; but remember that ATM costs money to purchase, run, and maintain the ATM itself hence the hefty price premiums.

Assface16678

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Quote from: davis196 on February 24, 2020, 01:35:03 AM

Quote from: sykt62 on February 23, 2020, 04:06:30 PM

hi. I am from Bangladesh wanna buy some bitcoin but here the price is too high.I wanna but BTC at a cheap rate.
my cousin lived in Canada.
I wanna that my cousin buys some BTC from bitcoin ATMs.
can anyone tell me what is the fees for buying 100$ bitcoin.?
and what is their own price for bitcoin?
I searched a lot for fees and rates but couldn't find any good results.

Buying Bitcoin at a fee that's lower than 7% is almost impossible.It's doesn't matter if you are buying from localbitcoins,paxful or an ATM.The only advantage of ATMs is that you are not required by the seller to provide ID verification.The high fees for buying BTC+the ID verifications are two big issues that are stopping millions to people to enter the world of cryptocurrencies.Good luck with finding affordable BTC buying rates,but I highly doubt that you will have success finding such sellers.

Today there are a lot of people today are requesting about the cryptocurrency that support by the banks and some of the country today are granted that supports the cryptocurrency to make a withdrawal. Still, there is some problems because they do not know the transaction fee of the payment atm support crypto. Still, we are looking forward it does not have too much fee unlike the fiat because we all know it is profitable than the fiat. Even it is adopted by the other still we are hoping to will accept by the other country too because there are a lot of privacy and terms to be accepted by the country to make sure the security of the users.

taufik123

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Why did you choose a Bitcoin ATM to buy $ 100 worth of Bitcoin?
Why don't you choose a large exchange like Binance to buy and manage your assets there.
Are Binace and other crypto exchanges blocked in your country? Bitcoin ATMs have a large fee of around 7% -10%.

In addition, there are many other alternatives that can be chosen to buy bitcoin, can use credit and debit cards or you can buy through this forum with other members using Paypal payments or other payments in accordance with the agreement.
See this thread Currency exchange

davis196

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Quote from: sykt62 on February 23, 2020, 04:06:30 PM

hi. I am from Bangladesh wanna buy some bitcoin but here the price is too high.I wanna but BTC at a cheap rate.
my cousin lived in Canada.
I wanna that my cousin buys some BTC from bitcoin ATMs.
can anyone tell me what is the fees for buying 100$ bitcoin.?
and what is their own price for bitcoin?
I searched a lot for fees and rates but couldn't find any good results.

Buying Bitcoin at a fee that's lower than 7% is almost impossible.It's doesn't matter if you are buying from localbitcoins,paxful or an ATM.The only advantage of ATMs is that you are not required by the seller to provide ID verification.The high fees for buying BTC+the ID verifications are two big issues that are stopping millions to people to enter the world of cryptocurrencies.Good luck with finding affordable BTC buying rates,but I highly doubt that you will have success finding such sellers.

fiulpro

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I do think you should try changing your VPN if you are not able to use the online sites , I won't count on the ATM's that much , they are rare and at the same time you do have no idea what you are getting yourself into right now.
Try buying from localbitcoins , if that is not working in Bangladesh , ask your friend to buy it from Canada , it is really easy and I have used it , you will pay a little more as compared to 5$ but , at least you will be able to have your bitcoins safely.

Kakmakr

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You should note the following article : https://www.thedailystar.net/law-our-rights/law-analysis/bitcoin-legality-in-bangladesh-bank-1602583 ... it says :

The Foreign Exchange Regulation Act and Money Laundering Prevention Act contain provisions for punishment and criminal liability, for trading, importing, and exporting currencies without authorisation of the Bangladesh or if not performed through an authorised dealer, and for illegally laundering proceeds of crime or foreign currency. The definition of currency is given in section 2(b) of the Foreign Exchange Regulation Act, which includes:

(i) all coins, currency notes, bank notes, postal notes, money orders, cheques, drafts, traveler's cheques, letters of credit, bills of exchange and promissory notes; and

(ii) such other similar physical or non-physical instruments, or both as may be notified by the Bangladesh Bank from time to time;”

Paxful had a guide on how to buy and sell bitcoins in Bangladesh and it was removed for some reason : https://paxful.com/buy/bitcoin/bangladesh/dhaka/cash-deposit-to-bank

So, it is clear that there are quite a lot of hostility against Bitcoin from the government and the Banks in your country. Do you know what the laws in your country says about Bitcoin now?

LUCKMCFLY

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Quote from: sykt62 on February 23, 2020, 04:06:30 PM

~snip~

Haven't you tried buying Bitcoin through the point of sale? At those points of sale, they generally perform operations using Ligthning Network, and if that is the way the rates are very low, even lower than the rates that Bitcoin ATMs exercise. To do this, you must visit the sites where they offer that service and verify the rate of the day, but from what I understand, it is cheaper to buy this way.

btc_angela

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You can checked the information here, https://coinatmradar.com/country/38/bitcoin-atm-canada/. Canada almost has 800 ATM's spread across, you didn't mentioned where your cousins lived, but to give you an example on how to check:

1. go to https://coinatmradar.com/country/38/bitcoin-atm-canada/
2. select your cousins location
3. example, Calgary
4. then select "Buy"
5. then sorted by "best fee"
6. then enter 100 CAD on "Transaction size (CAD)"
7. click apply

Hope this helps. Just be reminded of the huge fees though.

cryptoaddictchie

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Quote from: sykt62 on February 23, 2020, 04:06:30 PM

my cousin lived in Canada.
I wanna that my cousin buys some BTC from bitcoin ATMs.

Quote from: logfiles on February 23, 2020, 06:58:27 PM

Is it just me or Bitcoin ATMs are something unnecessary. Bitcoin is an electronic currency and doesn't require a physical ATM Grin

You got a point. But I dont think creation of Bitcoin's ATM doesnt serve any advantages or purpose. I can site some I think advantages of it.

If there is no available internet connection, you cant use your web/wallets to transact or even cash out right? That's where bitcoin atm can possibly be used.
Save you from trouble registering on Cryptoexchange and fulfill KYC processes (mostly asked for it). In Physical bitcoin machine can easily cash out. I'm not trying it yet but I can say it have some purpose on my part.
Can also save you from peer to peer scam when you are trading something. Probably some atms can have some features of exchanging major coins

Darker45

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Quote from: sykt62 on February 23, 2020, 04:06:30 PM

hi. I am from Bangladesh wanna buy some bitcoin but here the price is too high.I wanna but BTC at a cheap rate.
my cousin lived in Canada.
I wanna that my cousin buys some BTC from bitcoin ATMs.
can anyone tell me what is the fees for buying 100$ bitcoin.?
and what is their own price for bitcoin?
I searched a lot for fees and rates but couldn't find any good results.

Your cousin in Canada must have a lot of access to different Bitcoin buying options. You may actually dismiss asking your friend to buy Bitcoin particularly using Bitcoin ATMs. I suggest you may ask him/her to buy Bitcoin where it is cheapest.

Second, you have access to this forum. You can actually buy the Bitcoin yourself from here. You have the option to use Paypal or USD or even your country's fiat. I guess there are also other Bangladeshis here. But as a newbie you will either send first or use an escrow. Either way, choose a trusted member of this forum for such transactions.

Or, if you want, you may drop by the site of BestChange. They have a list of exchanges with their respective rates. You may browse through them and find the cheapest access. They also allow credit cards for Bitcoin purchases. My signature gives you a little idea.

logfiles

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Is it just me or Bitcoin ATMs are something unnecessary. Bitcoin is an electronic currency and doesn't require a physical ATM Grin

Anyway OP one of the best options at the moment would probably be trying out P2P marketplaces and one of them is localbitcoins.

There are more platforms in this thread: https://bitcointalksearch.org/topic/help-a-list-of-localbitcoin-alternatives-p2p-marketplaces-5224711
You can check and compare the rates

bL4nkcode

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Well, its really too hard for you to buy bitcoin in bangladesh your government banned the use of them, you might see some website selling them but at too high price because of that. I'm sure your cousin can freely buy btc, but once it sent to your wallet address, make sure you know the risk of receiving it while you're on your country.

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