Topic: do bitcoin ATMs really suck this much? - page 6. (Read 6500 times)

It actually gave $20 bills?  I thought bitcoin "atms" only took cash and gave you bitcoins?  You can actually sell your bitcoins for cash at ATMs now?

Is this only the genesis ATM?  I know most ATMs only allow you to buy bitcoin.

I had a similar experience.

Whatever you do just don't read the comments below that video. So much stupidity...

Genesis1 i tried did not required anything besides 20$ bills. It gave them and took them. Not issue.

No, this video highlights that a pair of drunk bored idiots, who want to ignore all suggested courses of action, can find a way to screw themselves using any available technology.

The hand scanner does nothing to prevent the situation where mtultiple people collude to bypass the limit. They could also ask whoever they are getting the ID's from to scan their hand as well.

One could borrow multiple IDs to do multiple transactions? I guess

What about those little prepaid visa gift cards in 7/11?



They don't require ID scans or fingerprints to buy. In fact they don't require any personal information at all, they are technically anonymous.

I wonder if regulations allow for someone to make a Bitcoin version, if not, then won't those visa cards be used by "terrorists" to launder money too?

The machine has an ID scanner. Why not just ensure one ID doesn't use the machine too often? Providing fingerprints is too much, I'd have no problem handing over my ID though.

I should've been more clear -- I meant opening an exchange account for their KYC/AML crap. They have other documents you can use, but I remember those are what I had on hand.

I don't think that's the general feeling of people, but I could be wrong. It's definitely "innovative" in pushing the boundary of invasion of privacy, but assuming the scanning works quickly and without error, it should be a quick process which I don't imagine will bother many if it's sold as a way of enhancing their security rather than weakening their privacy, which is how the government tries to sell it. The bigger reason, though, is that it can be difficult to find local buyers in some areas, might end up taking something like an hour to put together and meet someone for maybe $10 in BTC, and some people might just not be comfortable buying bitcoin from someone in the exact same way they'd buy drugs (well, with the exception that they can establish trustworthiness through something like OTC, a forum, or LocalBitcoins). -And with an exchange, the process of opening an account is slow and invasive, requiring scanning in documents and sometimes even a visit to the notary (or Google Images.... *whistles*).

ETA: Actually, Idunno if anyone does BitInstant's model anymore, but going to 7/11 or whatever and filling out a WU-like form might be the better option. I don't remember what all was involved with that, but IIRC, it wasn't very invasive.

the process is way too much painful

the purpose of the palm scanning and the ID checks is simple.
even if they set a daily limit of $500-$1000 for AML risk limitation. there would be nothing stopping someone using the machine multiple times to get around the limit. so they as for palm print to ensure no same hand uses the machine too often.

though that being said, i truly find the process not consumer friendly

Interesting. When I opened up my checking account it wasn't nearly that difficult though I'm not in the US and this was pre-911. All I needed was ID, SSN, and I had to fill out a short form. You could only do it in a branch too and not online, I think thats still the case. I must remember to close that account someday, haven't used it since 2012 - I've been using bitcoin as my bank account since then.


Yep you can bet your ass it will. It's already happening in other parts of the world where the laws/regulations regarding virtual currencies aren't well defined.


Not a hope if they require fingerprint and ID scans. Take a look at the video above of the two lawful customers and the difficulties they had. On top of that there is no way in hell I'd ever give ANYONE my fingerprints for any reason because that is WAY to personal, more personal than a picture of my dick IMO. In fact I'd way prefer to provide pictures of my dick instead of my fingerprints when using a bitcoin ATM and I'm an extremely boring law-abiding citizen which big brother should have no interest in at all.

Because fed gov also says bitcoin is currency, and then there're obviously state governments, most which haven't decided how they want to treat it. They can obviously be in conflict with each other, too, just as guidance from federal agencies has been. A state can legalize marijuana dispensers, but the federal government can still prosecute operators. -Or more likely in our case, a state can still prosecute operators of something the federal government explicitly decriminalized.

everything starts off broken, it will get fixed in the future.

If FedGov says that Bitcoin is property, not currency... then why do they create all the f___ing hassle just to buy some? I can go to Walmart and buy a computer for $520 in cash... so why not a Bitcoin?

I complained about the horrible idea of these scary palm scanners at announcement, but there's not much alternative in the US if you operate something with more than play money, and in many cases, it is still a superior method of exchanging than through traditional routes. For example, you don't have to scan and transmit your birth certificate, house deed, and ID over the Internet, then answer a bunch of invasive questions.

This is a sector I believe will become heavily black market in the US unless the state steps in quickly to issue clear and lenient guidance. Machines are exceptionally cheap (<$1k) and few location owners know jack-shit about what you're doing outside that you're paying them, say, $300/mo to keep a small machine in their store and drive foot traffic. I think sites like Silk Road may also end up having a strong influence on what happens with orders on the back-end. Already, except for "major" traders and margin lenders/lendees, I don't think there's really any legitimate competition to person-to-person BTC<->USD trade in the US. For small "lawful" buyers, I think ATMs are the way to go, while for medium-large buyers, I think they'll still want to stick with exchanges. Either way, if ATMs do become a black market sector in the US, the governments have nobody to blame but themselves. Bitcoin's been around for a long time, now, and on governments' radar -- there's no excuse to take this long.

There are a few ATMs which allow you to sell BTC in the US, but these are likely not "legalized," where they operate in undefined gray territory and have not received proper clarification from state bureaucracies nor even made an effort to contact them, probably because they have no legal resources (or are just betting they can skirt by without heavy-handed punishment). I own a small stake in a company looking to put a one-way "kiosk" (you can only buy BTC, where it's really more like a vending machine) in IL, but the state is still reviewing our arguments and their definitions. They drag their feet. However, a few ATMs sprung up in IL in the meantime, obviously without proper clearance and who operate at significant legal risk.

I've not seen the atm in the video around but its probably made by someone who is stupid and had no idea what Bitcoin is....well judging on how they made it. It defeats all purposes of purchasing from a atm.

Wow that ATM is a fail of epic proportions.  Why in the world would you ever go threw that process for Bitcoin when you don't have to.  Why would you invest your money into something if you don't have a clue what it is really all about.  

Probably not the best time to get into Bitcoin when you at the bar with your friends and when the price went down 30 dollars I would have canceled the traction and started a brand new one.  That way instead of looking at is as a loss you would see it as a deal, but hey that is just me.

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.