Grocery Stores In U.S Set To Install Bitcoin ATM - page 2.

wiss19

sr. member

Activity: 2296

Merit: 348

Quote from: Rikafip on June 25, 2022, 01:09:39 AM

Quote from: Poker Player on June 24, 2022, 09:39:12 AM

I don't know about this case, but from what I've read previously, ATMs in the USA require KYC, and I don't think these are going to be an exception. There are still machines in some countries that do not require KYC below certain transaction levels but the future trend will be fully KYC for everything.

Yep, having KYC for BTC ATM makes it a very bad way to buy/sell bitcoin as no KYC was usually the only advantage that BATM had. Remove that and you get no reason to use it.

I don't know, there is still a good reason to use it. I get that it may not be ideal because KYC is a good reason why we should use BATM and not exchanges, but in that case you could go with P2P as well. The main reason why it makes sense to me is the fact that you could cash out your crypto very quickly from those places when you need it, and that is a very good thing to do.

I know that it's not going to be an easy thing, because if you suddenly need money then you are going to have to face the fact that you need to fill out KYC before you can cash out, and in a sudden need of cash, that is a long term thing that will not be easy to handle right away. But at least, that option is available and there. Plus most of them charge high commissions so it's more about just being forced to use it.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: Poker Player on June 24, 2022, 09:39:12 AM

I don't know about this case, but from what I've read previously, ATMs in the USA require KYC, and I don't think these are going to be an exception. There are still machines in some countries that do not require KYC below certain transaction levels but the future trend will be fully KYC for everything.

Yep, having KYC for BTC ATM makes it a very bad way to buy/sell bitcoin as no KYC was usually the only advantage that BATM had. Remove that and you get no reason to use it.

Quote from: Mauser on June 25, 2022, 01:02:19 AM

Why are they only being installed in Latino grocery stores? It would be nice if all supermarkets get crypto ATMs. I am not so familiar with the landscape of American grocery shopping, but aren't supermarkets for everybody? In my country there isn't really a difference in customers by groups. Would be nice to know if Latinos on average are using crypto currencies more often than the rest of the population for shopping.

This doesn't have anything to do with latinos spending more crypto or something like that. It is simply due fact that Coin Cloud (BATM operator) signed partnership with Cardenas Market which is a big hispanic supermarket chain.

Mauser

hero member

Activity: 1974

Merit: 534

Quote from: Asiska02 on June 23, 2022, 04:26:53 PM

New Bitcoin ATMs are set to be installed in 59 Latino grocery stores around the United States.

Why are they only being installed in Latino grocery stores? It would be nice if all supermarkets get crypto ATMs. I am not so familiar with the landscape of American grocery shopping, but aren't supermarkets for everybody? In my country there isn't really a difference in customers by groups. Would be nice to know if Latinos on average are using crypto currencies more often than the rest of the population for shopping. I expect there to be no real difference between people from Europe, Asia or Latin America. Crypto investors are all around the world and using ATM comes down to if they are actually needed. In my country so far I haven't seen any Bitcoin ATMs, would be nice to have some here at least. Once they start coming to supermarkets I would use them a few times to check them out and see how high the fees are. If it's cheaper than my bank fees I would switch to cryptos to pay for my groceries.

worle1bm

full member

Activity: 1834

Merit: 166

Installation of Bitcoin ATM's are becoming common topics these days and you would see them in most parts of US like gas stations also but the thing is how many people are using them? Some of them are charging high fees along with the identification process which is hard for people so my way is going through P2P ways or other ways for security purposes.

Hold-n-play

member

Activity: 142

Merit: 48

Quote from: Ahli38 on June 24, 2022, 08:07:29 PM

Quote from: Hold-n-play on June 24, 2022, 07:03:06 PM

Is there a concern about the safety of these BTC ATM machines in terms of potential hacks?

"Kraken Security Labs reported the vulnerability to General Bytes on April 20, 2021, they released patches to their backend systems (CAS) and notified their customers, but full fixes for some issues may still require hardware revisions."

This does not sound great to me, more like uncertainty. I would want to see the actual data on safety

Ahli38

hero member

Activity: 952

Merit: 779

Quote from: Hold-n-play on June 24, 2022, 07:03:06 PM

Is there a concern about the safety of these BTC ATM machines in terms of potential hacks?

Actually I also have the same concern regarding the security of this bitcoin ATM. is it vulnerable to hackers or not. because last year I read about a statement from Kraken Security Labs which said that a large number of Bitcoin (BTC) ATMs are vulnerable to hacking because administrators never change the default admin QR code.

"Kraken Security Labs reported the vulnerability to General Bytes on April 20, 2021, they released patches to their backend systems (CAS) and notified their customers, but full fixes for some issues may still require hardware revisions."

but I think the current bitcoin ATM must have been in the works to fix the vulnerability. However, I still have some reservations about KYC. But I understand that data is needed for security. but I hope in the future there will be a more practical bitcoin atm machine without kyc but still safe.

Hold-n-play

member

Activity: 142

Merit: 48

Quote from: Ahli38 on June 24, 2022, 01:33:48 AM

today I read a lot of good news related to bitcoin and of course it adds to my optimism in holding bitcoin.
I'm one of those people who are curious to try a bitcoin ATM. since i heard in el salvador. I really want to try it and feel the sensation. I'm even looking for ways to use it.
such as the following.

how to buy atm in bitcoin
1. Set up an account with an ATM operator.
at this step you are required to create an ATM operator account before you can use the ATM machine. usually just by opening the id card or sim. quite easy steps.

2. Enter the required wallet information.
at this step you will be asked to enter your wallet information at the ATM, either via a QR code or an alphanumeric key.

3. Enter cash.
you just need to enter the cash you want to convert into bitcoin. The amount of money you enter and the amount of Bitcoin you will receive as an imbalance will be shown on the screen.
Your Bitcoin wallet address and the amount to be sent will also appear.

4. Confirmation of purchase.
Confirm your purchase details and hit the submit button. Once confirmed then the machine will issue the amount of Bitcoin that corresponds to your wallet. and it worked.

these are the steps i read. please correct by people who have tried it. because I haven't tried it myself.

Is there a concern about the safety of these BTC ATM machines in terms of potential hacks?

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: Wiwo on June 23, 2022, 04:31:12 PM

I have been an advocate of Bitcoin ATMs over time but the major recent challenges in using Bitcoin ATMs are the fees charged on transactions and the need for identity verification before usage. This has been a major setback for most Bitcoin enthusiast who does not find it appealing to use Bitcoin ATMs under those conditions.

I think OP could lock the thread after this comment.

I don't know about this case, but from what I've read previously, ATMs in the USA require KYC, and I don't think these are going to be an exception. There are still machines in some countries that do not require KYC below certain transaction levels but the future trend will be fully KYC for everything.

So why do I want to buy (or sell) Bitcoin in a machine paying much more fees, if I also have to provide KYC docs?

I don't see much future for them. I guess that only people who don't have much idea will buy, and while they go to buy groceries they will take $10 in Bitcoin as the one who buys a lottery ticket.

ChrisPop

legendary

Activity: 2310

Merit: 1035

Not your Keys, Not your Bitcoins

That's good news although they should have kept them Bitcoin only. I don't see why anyone else besides gamblers and kids looking to do smth "new" with their money would buy Shiba Inu.
I'm not sure about the rates and fees of these ATMs. At least in my country we have some Bitcoin ATMs in malls and places with high traffic, but afaik you need to pay a serious premium over the market price for the "convenience".

If you are a true Bitcoiner you know that every satoshi counts in the stack Wink

Quote from: Vaskiy on June 24, 2022, 05:46:43 AM

I don't know how effective is the usage of bitcoin ATMs around the world. Years back itself convenience store chain, Circle K, began installing bitcoin ATMs in its stores. Same as that now 59 more bitcoin ATMs by Latino store adds to the number of available ATMs around USA. Based on Google data it looks like $10 on average is taken as fee for withdrawal of $100. On such stance will these many ATMs get to be used.

As long as they increase the number of ATMs, it means they're profitable.

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

I don't know how effective is the usage of bitcoin ATMs around the world. Years back itself convenience store chain, Circle K, began installing bitcoin ATMs in its stores. Same as that now 59 more bitcoin ATMs by Latino store adds to the number of available ATMs around USA. Based on Google data it looks like $10 on average is taken as fee for withdrawal of $100. On such stance will these many ATMs get to be used.

Henrobakkara

full member

Activity: 1512

Merit: 115

Quote from: Ahli38 on June 24, 2022, 01:33:48 AM

today I read a lot of good news related to bitcoin and of course it adds to my optimism in holding bitcoin.
I'm one of those people who are curious to try a bitcoin ATM. since i heard in el salvador. I really want to try it and feel the sensation. I'm even looking for ways to use it.
such as the following.

how to buy atm in bitcoin
1. Set up an account with an ATM operator.
at this step you are required to create an ATM operator account before you can use the ATM machine. usually just by opening the id card or sim. quite easy steps.

So my concern about this which I also think is a piece of great news for Bitcoin global awareness, however, he issue of the KYC processing with The ATMs has been raised in both post

Quote from: KaliLinux on June 24, 2022, 12:37:00 AM

Quote from: Davidvictorson on June 23, 2022, 05:05:56 PM

Good thing for the stores. A step towards mass adoption. However, I don't think that those who are concerned about privacy would want to use these bitcoin ATMs for purchasing Bitcoin. Because from what I understand, KYC will be required. What is the difference between these bitcoin ATMs and centralized exchanges like Binance and Coinbase. Secondly, how are the fees? I heard it's quite high and that it differs from one bitcoin atm to another.

Quite frankly, I don't know when something like a Bitcoin ATM will surface around my region

but thinking about this issue of KYC before being able to use one of these machines, Does it mean you have to also feed in your Docs. into these ATMs along with other needed info as we would attach DOCs to CEXs before being able to transact? how easy would this be? I mean in terms of the Docs.

So when you said setting up an account with the ATM operator, this means the process of creating an account where you submit all documentation for the account as we would do for CEXs and Banks and if I remember correctly most Bitcoiners seem not like the idea of KYC and if this is the case, how can these ATMs help Bitcoin usage if people don't want to do KYC? I think it is important we look at the process outside the fact that these ATMs can be available and I also read up there that the fees are kinda high too.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: DapanasFruit on June 23, 2022, 11:19:37 PM

This is good news for Bitcoin though I am just hoping that there can be more and more patrons to be using these ATMs because at the end of the day if those machines will never be making some good money for operators then they will slowly be withdrawn from the market. Here in my own country, I still have to see a number of these machines and it can be because there is no market for it right now.

Because exchange apps are mostly better in pricing and far better in terms of convenience. I'm guessing that ATMs are just good for selling crypto for money when you don't have enough cash with you. Other than that, I don't really know.

Rikafip

legendary

Activity: 1722

Merit: 5937

Quote from: stompix on June 23, 2022, 09:14:08 PM

I wonder why a lot of crypto news blogs are focusing on Shiba Inu, the press release says:

Quote

Operating 59 stores in three states, including California, Arizona and Nevada, Cardenas Markets' customers will have access to Coin Cloud's DCMs to buy and sell Bitcoin, Ethereum and over 40 other digital currencies with cash.

so Shiba Inu is in "others". How much are some of those guys getting paid to pump these tokens?

Judging by the amount of comments in this thread that are focused on Shiba INU, many didn't bother reading your post and that article you shared.

Quote from: cheezcarls on June 24, 2022, 01:35:51 AM

It’s simply means that mass adoption of Bitcoin ATMs can’t be stopped.

I've used ATMs in the past, but now with so many different ways to buy and sell Bitcoin, I don't see a bright future for them. Unless they lower the fees significantly.

Quote from: cheezcarls on June 24, 2022, 01:35:51 AM

Unlike in the United Kingdom, they are calling Bitcoit ATM owners to cease operations in their country.

As far as I know, owners of BTC ATM in UK have to own licence to offer financial services and since none of them had that, they had to shut them down.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: GreatArkansas on June 23, 2022, 09:25:16 PM

My mode went down after reading the "Shiba Inu", lol.
It seems an advertisement for this shitcoin, using Bitcoin for their own benefits.

Bingo.
It is a clear advertisement for that shitcoin which I'm sure they are currently bag holding otherwise there were many much bigger shitcoins available that they could have considered here instead of this weak small one to advertise in their tweet.
I would also argue that usage of altcoins in ATMs is not enough to warrant installing them in first place, considering higher fees and existing better options.

lornadane

full member

Activity: 529

Merit: 101

Quote from: Yaunfitda on June 24, 2022, 03:08:18 AM

Click bait for Shiba

and then doing #Bitcoin, Lol.

Anyhow, as others have said, this could be closer to adoption if we will see a boom of Bitcoin ATM across the globe. Actually the numbers are really increasing but it seems though that people are not aware of it. And then the downside, it's pretty expensive, the fees with you do transaction and this is the only reason why even bitcoin enthusiast are not using it that much.

When people see the heavy side of the transaction fee, of course they will think again about using it, right?
But this is something new that is surprising if it is true that there is an explosion of bitcoin ATMs around the world, of course, there will be even more stringent regulations in using bitcoin in the future.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Click bait for Shiba

and then doing #Bitcoin, Lol.

Anyhow, as others have said, this could be closer to adoption if we will see a boom of Bitcoin ATM across the globe. Actually the numbers are really increasing but it seems though that people are not aware of it. And then the downside, it's pretty expensive, the fees with you do transaction and this is the only reason why even bitcoin enthusiast are not using it that much.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

It’s simply means that mass adoption of Bitcoin ATMs can’t be stopped. Although that US is one of the strictest in regulating and taxing cryptocurrency transactions, but I’m just glad that they are allowing Bitcoin ATMs to be installed. Unlike in the United Kingdom, they are calling Bitcoit ATM owners to cease operations in their country. Right here in the Philippines, although that there’s not much Bitcoin ATMs here, but I bet that one day I envisioned that there will be many of them in the coming years.

Ahli38

hero member

Activity: 952

Merit: 779

today I read a lot of good news related to bitcoin and of course it adds to my optimism in holding bitcoin.
I'm one of those people who are curious to try a bitcoin ATM. since i heard in el salvador. I really want to try it and feel the sensation. I'm even looking for ways to use it.
such as the following.

how to buy atm in bitcoin
1. Set up an account with an ATM operator.
at this step you are required to create an ATM operator account before you can use the ATM machine. usually just by opening the id card or sim. quite easy steps.

2. Enter the required wallet information.
at this step you will be asked to enter your wallet information at the ATM, either via a QR code or an alphanumeric key.

3. Enter cash.
you just need to enter the cash you want to convert into bitcoin. The amount of money you enter and the amount of Bitcoin you will receive as an imbalance will be shown on the screen.
Your Bitcoin wallet address and the amount to be sent will also appear.

4. Confirmation of purchase.
Confirm your purchase details and hit the submit button. Once confirmed then the machine will issue the amount of Bitcoin that corresponds to your wallet. and it worked.

these are the steps i read. please correct by people who have tried it. because I haven't tried it myself.

hZti

hero member

Activity: 1022

Merit: 642

Magic

It is very good that there is more and more adoption not only in the US but all over the world with Bitcoin ATMs, since only the visibility in the public space brings a lot of new bitcoin holders in the future. To me the most important part is on how many % of fee the ATM charge. The ATM I know charge 8-10% and thats simply to much for a larger investment. Also there is many times a lot of KYC involved so you could for the same effort simply use an exchange.

Why they include shiba inu is something that only they can understand Huh

KaliLinux

hero member

Activity: 1344

Merit: 565

Quote from: Davidvictorson on June 23, 2022, 05:05:56 PM

Good thing for the stores. A step towards mass adoption. However, I don't think that those who are concerned about privacy would want to use these bitcoin ATMs for purchasing Bitcoin. Because from what I understand, KYC will be required. What is the difference between these bitcoin ATMs and centralized exchanges like Binance and Coinbase. Secondly, how are the fees? I heard it's quite high and that it differs from one bitcoin atm to another.

Quite frankly, I don't know when something like a Bitcoin ATM will surface around my region

but thinking about this issue of KYC before being able to use one of these machines, Does it mean you have to also feed in your Docs. into these ATMs along with other needed info as we would attach DOCs to CEXs before being able to transact? how easy would this be? I mean in terms of the Docs.

Topic: Grocery Stores In U.S Set To Install Bitcoin ATM - page 2. (Read 632 times)