do bitcoin ATMs really suck this much? - page 3.

digitalindustry

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‘Try to be nice’

Quote from: ForgottenPassword on August 16, 2014, 08:22:51 PM

Yes it is ridiculous. Thankfully the bitcoin ATM's I use do NOT require any form of identification, but to fully comply with AML requirements in the US you have to jump through all of these hoops.

It's absolutely ridiculous considering you don't even need to provide your fingerprints when opening a bank account, yet they require them everytime you use a bitcoin ATM.

"The Soviets"

cbeast

donator

Activity: 1736

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Let's talk governance, lipstick, and pigs.

Bitcoin ATMs are superlative. They are for people that can't use smartphones. Those idiots in that video didn't seem sober or smart enough to use either.

evanito

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Activity: 83

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Your average Bitcoin/Ethereum enthusiast

That is pretty annoying, bitcoin was meant to be convenient not bothersome to use...

clovex

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Merit: 10

Quote from: Fearless on August 22, 2014, 01:36:00 PM

Why in the world you even require a BTC atm...unless you have all your assets in form of BTC.. Cheesy

How else are you supossed to get FIAT out of BTC when banks are clossed? Roll Eyes

Fearless

member

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Why in the world you even require a BTC atm...unless you have all your assets in form of BTC.. Cheesy

Nagle

legendary

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There's one at Hacker Dojo in Silicon Valley. It's similar to the one in the video, with the hand scanner and license scanner. There's about a 15% spread between the buy and sell price, plus a $5 fee. Nobody uses it.

Wealthy

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Where the video is from? Are BTC atms available to public? Are they legal?

MoonRise

member

Activity: 83

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I fastforwarded the video, got the idea..

They are trying to make btc atms too much secure

onlyu

full member

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Quote from: annoyingorange on August 18, 2014, 02:33:26 AM

This is the fault of government regulation. This is what a bitcoin ATM that ignores regulation looks like.
http://instagram.com/p/oGedybhnQF/

This is a very nice ATM.

Where is it located and is it legal?

RodeoX

legendary

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The revolution will be monetized!

Quote from: CoolBliss on August 18, 2014, 03:16:17 AM

I view it as setting up a bank account because after the initial set up I can return to the ATM and simply buy Bitcoin just like I would withdraw cash from a normal ATM. Also, I had a pleasant experience.

+1
These laws apply to all money. It's not like there was a chance that bitcoin would be magical tax free money. For example, can you use an ATM machine without a bank account?
I know a lot of people here would be fine taking the legal risk of using a non-compliant machine. However you are not going to find someone willing to risk their capitol and their freedom so you can break the law.

MilesJohan

sr. member

Activity: 378

Merit: 250

That sucks really bad, its worse then atm machine just typing password...

CreamyPie

member

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Merit: 10

Giving id, phone number and hand print, that's a sick level of security.

They might remove it in future..

elasticband

legendary

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Nighty Night Don't Let The Trolls Bite Nom Nom Nom

Quote from: Bitbirdhunt on August 22, 2014, 03:41:58 AM

They are being too much cautious. Normal atm machines requires no hand/thumb impressions..haha.

Normal fiat bank run ATM's require the use of a card which has KYC regulations following it around.

Bitbirdhunt

member

Activity: 77

Merit: 10

They are being too much cautious. Normal atm machines requires no hand/thumb impressions..haha.

bornil267645

sr. member

Activity: 406

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AltoCenter.com

They aRE TRYING TO MAKE BITCOIN LOOK BAD...DONT GET INTO IT...BITCOIN RULES... Cool

elasticband

legendary

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Nighty Night Don't Let The Trolls Bite Nom Nom Nom

Bitcoin ATM's are a scam to line the opperator pockets with 6% vommision. More than using a traditional currwncy exchange.

The procedure is hirrible to watch. .... teuat me i watched a man try and buy €10000 from a ATM, the painful process of him inserting all those notes..... atleast €8000 was in €10 notrs. Oh the cringe i got watching thia going on in a public coffee house.

wordman267645

newbie

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The process is too slow..I have not seen such like ATM machine.That is so stupid..

freedomno1

legendary

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Learning the troll avoidance button :)

Quote from: wasserman99 on August 18, 2014, 07:24:05 PM

Quote from: freedomno1 on August 18, 2014, 12:45:58 AM

Quote from: bitkilo on August 17, 2014, 10:21:27 PM

I used a bitcoin ATM for the 1st time yesterday. It was a Lamassu one and it was so easy to use. 3 steps, push start, scan QR code and insert money, done.
No fingerprint, no eye scan just easy bitcoin purchase they way it should be.

The main problem is that the unit makes it easy as heck
But the question is how do they maintain Know Your Client and Anti-Money Laundering compliance on the machine
Government regulations on money service businesses means that it is a giant pain to get it complying or risk getting in trouble with gov.

They do follow these types of rules. That is why you need to give them a scan of your hand, your ID and let them take your picture. All this is for record keeping compliance purposes.

Also regardless of if the ATM operator follows the AML/KYC rules you would generally not get in trouble if you were to the machine unless you were structuring your transactions (doing several transactions that are under the reporting threshold over several days - and the sole purpose of these smaller transactions is to avoid reporting).

What I meant is that it gets expensive quickly
But your right the users aren't the ones who get in trouble its the operators that take the risk as annoyingorange pointed out without all that extra stuff this is what a Bitcoin transaction would look like.

Quote from: annoyingorange on August 18, 2014, 02:33:26 AM

This is the fault of government regulation. This is what a bitcoin ATM that ignores regulation looks like.
http://instagram.com/p/oGedybhnQF/

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: freedomno1 on August 18, 2014, 12:45:58 AM

Quote from: bitkilo on August 17, 2014, 10:21:27 PM

I used a bitcoin ATM for the 1st time yesterday. It was a Lamassu one and it was so easy to use. 3 steps, push start, scan QR code and insert money, done.
No fingerprint, no eye scan just easy bitcoin purchase they way it should be.

The main problem is that the unit makes it easy as heck
But the question is how do they maintain Know Your Client and Anti-Money Laundering compliance on the machine
Government regulations on money service businesses means that it is a giant pain to get it complying or risk getting in trouble with gov.

They do follow these types of rules. That is why you need to give them a scan of your hand, your ID and let them take your picture. All this is for record keeping compliance purposes.

Also regardless of if the ATM operator follows the AML/KYC rules you would generally not get in trouble if you were to the machine unless you were structuring your transactions (doing several transactions that are under the reporting threshold over several days - and the sole purpose of these smaller transactions is to avoid reporting).

romerun

legendary

Activity: 1078

Merit: 1002

Bitcoin is new, makes sense to hodl.

I just got the Circle invite. Very useful. It can use bitcoin to pay credit card bill directly (visa/master with limitation of $500 a week or so), by passing bank.

Topic: do bitcoin ATMs really suck this much? - page 3. (Read 6495 times)