Topic: Have you, or would you ever use a Bitcoin ATM? (Read 2090 times)

At least in EU the fee depends on operator that serves  given ATM installation and country where ATMs are located. There is always a chance to find the cheapest   service but it is required preliminary research to be made. My job requires frequent travels within EU and before going to flight I  check available ATMs and their fee policy  at the  places where I go.

The first time I have used a Bitcoin machine was in April 2019. It was in Singapore when I have primarily attended the Blockchain Life 2019 conference as well as other side events there.

I remembered a mall named Plaza Singapura where a store that we can buy and sell gold has their own Bitcoin ATM.

I’ve attempted to withdraw my BTCs to SGDs with the help of my close friend. Took me an hour of waiting until it’s finally withdrawn.

But for now I am holding BTCs so no plans to sell or withdraw.

You only think that the fee will high and you have not seen it and you have not used it. How do you know that the fee will be higher? Don't give a conclusion on something you have not used and seen.
Bitcoin_people I believed you use POS machine and Bank ATM machine in your country and these machines have mobile apps that you can use it to make transaction but you still use the bank ATM cards, and I may ask, why do you use the Bank ATM card and not the card. There are different occasions that the bitcoin ATM machine can be used by you.

• When your phone network is down and if there is a bitcoin ATM machine is close by you can make the transaction there and continue your journey
• If you are buying something in a supermarket and you are to pay with bitcoin, and there is bitcoin ATM machine and instead of waiting for the attendant to send you the address why not use the ATM machine

It is only those who has no money always complain of high fee, and those who has money do their transactions and move on. The transaction fee will not pass $2-4  and that fee is used to repair (maintain) the bitcoin ATM machine.

Sure some members here have raised issues about personal security - so then location of the BATM might well be important..  

and thus, the people walking by is one potential attack vector, yet a more obviously relevant attack vector would be if the BATM takes your identification and then what they might do with that information from there.  

If the BATM does not take personal information (or maybe it takes a kind of minimal personal information that might not necessarily be traceable back to you), then if your only concern is that "bad people might be watching," that seems to be a pretty weak concern.. let's say in a mall?  the people walking by what are the odds that they give any shits?  Sure it is possible, but what are the odds?  Maybe it is not a busy mall, and then maybe we consider how often is the BATM being used?  Is it actually attracting people who have an incentive to watch?  Is the BATM in a poor neighborhood or a middle class neighborhood (relative to the standards of the country)?

In terms of practicality, it seems to me that many people are more worried about either the government and/or the BATM owner taking and/or retaining KYC information rather than the scenario that you describe.. even though surely some people have raised the physical security matter. because whether you are depositing or withdrawing there is going to be both cash involved and BTC.. so that is the reason why they would exist to be able to receive or deposit cash potentially 24/7/365... or whatever hours of the venue... but then if the neighborhood is questionable, then surely you would consider the time of day that you go and maybe even whether you "bring a friend."


smartphone wallet and Bitcoin ATM are providing different services, so even if you are not finding a use for BATM, it does not mean that others might not figure out a need (or a preference) for a BATM... and whether fees are high or not is likely to vary a lot.. perhaps vary based on competition and whether there is competition and/or incentives to attract people to BATMs as contrasted with other ways that they might transact or exchange in bitcoin.


Not all BATMs require a BATM card.  If you sell bitcoin, they might issue a paper (and maybe that is not even necessary), and then after the transaction has gone through with the requisite number of transactions then you can claim your cash from the machine.  If you deposit cash, then you will not have to wait.  You merely have to provide a bitcoin address for the BTC to be sent, and there are a variety of ways to provide a BTC address - and sure maybe there are restrictions in terms of the kinds of BTC addresses that would be acceptable.


Why use bolded text for your whole post?

Do you need to make sure that your post is noticed?

I am pretty sure that kind of habit is against the forum rules.. so you might end up getting in trouble for your desire to be noticed in terms of the kind of font that you use.

In regards to your specific question, the fact that you don't see any reason to use a BATM does not mean that others might NOT find a use for a BATM... and surely, if you ever travel, you might even realize more potentials for a BATM.. perhaps? perhaps?

In my country bitcoin is still illegal as a means of payment, but legal as an investment asset. Bitcoin ATMs are available in several places such as the Mol shopping center, but very few people use bitcoin ATM services and so far I personally have never tried using a bitcoin ATM. There are a number of things that might need to be considered when someone uses a bitcoin ATM, namely regarding security and I'm sure there will be lots of bad people monitoring anyone who uses bitcoin ATM services, so that it can affect the level of security for those who use it widely.

Perhaps this is the reason why people in my country don't use bitcoin ATMs widely, even though overall there are a few bitcoin ATMs available at the moment. I myself am also still comfortable using bitcoin transactions with my personal wallet, whether it is buying or selling the bitcoins that I have.

Bitcoin ATM will be cool but not necessary because I have my hot wallet for daily transactions, also Where I am from I won't dare go near an ATM because there are always some people waiting to see the set of people that will use such machine, they could think I am well made of money that's why I can use it, I will probably wait till Bitcoin ATM is not even scare anymore and many people are using it, why I describe it this way is because of the illiteracy of my people, which have made them do stupid things that you can only see in the hands of the Barbarians.

Why use Bitcoin ATM anyway? I don't see any reason why, normal address transactions and barcode scanning for payment are enough, for me.

Well, from your comment, its clear you don't understand the whole concept and use of bitcoin ATMs, first understand that to even use a bitcoin ATM, you need to own a Bitcoin ATM card, there are several crypto companies that issue this cards to qualified users, though its not always for free, for some the companies , you have own and lock and certain amount of their shitcoins to gain access to their bitcoin ATM, for some other companies, you have to buy the card.

After owing a Bitcoin ATM card, you have to fund the card with Bitcoins, and lf you live in a area where there is a functioning bitcoin ATM machine, and for some reasons, you need cash and want to sell some of your bitcoin for the cash, instead of first of all, going through the exchange, selling bitcoin there, maybe through p2p, instead of having to wait for minutes, ,maybe hours in some instances, for your trade partner to send you your cash to your bank account, you could simply go to the bitcoin ATM machine, slot in your bitcoin card, type in how much cash you want to withdraw, then the machine will pay you that cash directly like your bank ATM machines normally do, then the machine will minus or deduct the equivalent amount from your bitcoin balance, based on the exchange rate of bitcoin to your local currency at the time of the transaction.\

I hope this is understandable.

There are no bitcoin ATM machines because bitcoin is illegal in the country I live in. But if I get a chance to use a Bitcoin ATM machine I will never do it because I think the charges here will be expensive. But it is convenient if we use a bitcoin wallet on mobile or computer as compared to using bitcoin ATM. Transactions from Bitcoin wallets are fast and much easier and convenient than Bitcoin ATMs. So if I ever get a chance to use a Bitcoin ATM I will do it instead I will do the transactions by Bitcoin wallet on my smartphone it is cheaper and convenient all round.

So far, I have never used a bitcoin ATM machine, never even seen it in person. Even though in my country bitcoin ATMs already exist at three points(that I know). But because from where I live, the ATM is very far away, so I never tried it or saw it up close. Plus, right now I don't really need the bitcoin ATM machine. Because in my opinion, it's simpler and more practical to buy bitcoin through an exchange. In terms of security too, I think it could be more secure. Because people will never know when I buy bitcoin. But if you use a bitcoin ATM machine, at least there will definitely be lots of people passing by and passing by, while using the ATM machine. So in terms of privacy, I think this ATM machine is very vulnerable.

Because indirectly, if for example I use the bitcoin ATM machine and people see it. Automatically these people must have thought that I was a user or a bitcoin investor. It's better if, for example, the people who see me making transactions at the bitcoin ATM are good people. But what if the people who see me are bad people, I'm afraid I will be targeted by these people. So I think if you use a bitcoin ATM for now, you can say it's still not efficient. Because there are many considerations and what I read, transaction fees at bitcoin ATMs are quite expensive.

So for people who have used those bitcoin ATMs, are the transaction fees really that expensive?

It's similar to the difference between a convenience store and a supermarket.

Sure, most supermarkets will probably be cheaper, larger, etc, but sometimes they close earlier, or might be far away.

That's when a convenience store would make sense. In specific cases where you need to go there sporadically.

With a Bitcoin ATM, imagine traveling the world and going anywhere, and you only need your Bitcoin wallet to get local cash, without using any banks. Quite convenient.

I have never used a Bitcoin ATM, because I don't see the point in it. You can buy and sell crypto on the exchange or even in a wallet.

The steady growth in technology have really made it possible for everybody to just use their Mobile phone to carryout some transaction either bank transaction or Blockchain transaction,   so, it depends on the situation that am faced with, that's what can make me use the Bitcoin ATM, if  am in a situation where I can not use just my phone to carry out my Bitcoin transaction, that's only when I will use the Bitcoin ATM. There is an article I read about fees for Bitcoin ATM and it seems very expensive than the normal P2P transaction of Bitcoin.

The usage of Bitcoin ATM is a expensive process compared to that of the exchanges. This makes people prioritise exchange services over ATM usage. Large number of ATMs were installed in specific countries and this makes the accessibility good in specific region. The widespread of bitcoin ATMs need to take place, and this will help with better usage amidst the high transaction fee. Most people are interested in setting bitcoin ATM as it gives good revenue based on the company that installs it. With time the installation of bitcoin ATMs were found high, but this isn't installed all around the world.

The world is seriously Changing towards digital where assets will be more holding in digital with a help of Blockchain technology, Bitcoin ATM is not a surprise, if our local currency can be used ATM machine, Bitcoin can do more better than our local currency as the world upgrade have to follow the trend.

Bitcoin actually isn't ban in the general public in Nigeria it's just the CBN that stated a restriction of transaction with btc and commercial bank and other than that people are quite enjoying their business that involves the use of Bitcoin and moreover maybe it's the locality where you are situated in that prompt you to say you haven't actually seen a BATM in Nigeria, well to shock you they are a couple of them up in Lagos Nigeria and even the Central capital being Abuja.

I imagine if I had a huge salary, I would partner with a BTC ATM and they could film me dumping my first month's salary into the ATM for BTC. Then social media could argue about how stupid that was, while we do a followup video in a year to see how wise the choice was.

Yes that's a good idea, I don't think I will be using Bitcoin 🏧 ATM anytime soon because in my country our government do not approve the idea of adopting Bitcoin, so for me using Bitcoin ATM, that will be if I live the state or the government has approved it.
I will love to use it so I can be well familiar with it, I don't think Bitcoin ATM can be completely different from Fiats ATM, based on the photos I have seen I believe anyone who is familiar with Fiats ATM can as well use Bitcoin ATM.

Not all countries supported and have Bitcoin ATM and difficult get experienced using Bitcoin ATM service, I live in country not really supported Bitcoin as legal payment currency transaction and difficult for local exchange currencies give us service for using Bitcoin ATM. Actually we have use directly ATM trough Bank supported and withdrawing bitcoin fund to bank account before getting cash trough Bank ATM.
I heard with Bitcoin ATM take higher fees each time transaction for getting cash money, based on several countries have been supported with Bitcoin ATM deduct 8% until 12% fees for cashing out our bitcoin fund trough Bitcoin ATM.

I want to try how excited using Bitcoin ATM as my first experienced but which in Asian have supported with Bitcoin ATM as my country is in the continent of Asia? Any one know and could recommended about Bitcoin ATM available in Asian countries?

Nowadays people are starting to rarely hold large amounts of cash. I also include people who don't hold much cash except just preparing for urgent conditions.

Using a Bitcoin ATM I think many people who have been investing and trading in bitcoins for a long time want to try but have not had the opportunity to use a Bitcoin ATM machine. Me too. I want to try it if it's available in my country. unfortunately in my country it is no longer available. only in 2014 did bitcoin ATM machines ever exist in my country. But for now it seems that it is no longer there. I just wanted to try to buy a few and make it a fun experience.

I think you can make card transaction at some of the Bitcoin ATMs.

There is usually a small limit for those transactions because they could in theory cancel the transaction from the bank and keep the bitcoin, but I remember reading at some point that you could buy a small amount with card.